SciQuest Expands its Spend Management Solutions with an Event-Based Reverse Auction Offering

Business Wire, Feb 8, 2005

RESEARCH TRIANGLE PARK, N.C. -- New on-demand event offering allows organizations to leverage a strategic procurement tool providing real-time competition

SciQuest, Inc. today announced the availability of event-based reverse auctions to organizations seeking to capitalize on larger procurements, while assessing the ROI of online sourcing tools. As part of the offering, users can take advantage of a single event or a package of several events for a one time flat fee and a capped supplier transaction fee. For early users of the event-based service, SciQuest is offering an introductory offer, waiving the transaction fee through June 30, 2005.

"This offering is part of our ongoing initiative to help organizations gain greater control over their spend," said Stephen Wiehe, president & CEO at SciQuest. "We understand the need for organizations to have access to a pay-per-use model to realize the immediate and compelling savings that reverse auction tools can provide. This new offering also allows organizations the ability to assess the use of a reverse auction tool before moving to a fully licensed product."

The event-based reverse auctions will be fully managed by SciQuest professional services, including event selection and preparation, event creation, supplier management, event monitoring, and event reporting. The event-based packages offered by SciQuest include:

--One or Three single-stage auction events, fully managed by SciQuest

--Event Scope Services

--Reverse Auction tool branding and configuration

--Event Strategy Determination

--Pricing Controls

--Competitive Environment Controls

--Auto-Extend Controls

--Establishment of Savings Metrics

--Rapid event execution

--Flat fee plus capped supplier transaction fee

About SciQuest

SciQuest's on-demand solutions help organizations gain greater control over their spend through content-driven spend management solutions. By providing spend management on-demand, customers are able to deploy solutions more rapidly and at a dramatically reduced cost.

Through their open supplier network, SciQuest aggregates access to detailed supplier content and enables supplier connectivity, allowing customers to increase contract compliance and user adoption to reduce costs. By outsourcing content management and automating procurement processes, customers can improve efficiency and bring more spend under management.

Many of the world's leading organizations rely on SciQuest solutions such as Biogen Idec, GlaxoSmithKline, Pfizer, Roche, Schering-Plough, Arizona State University, Indiana University, University of Michigan, University of Nevada, Reno and University of Pennsylvania. SciQuest is headquartered in Research Triangle Park, NC. For more information about SciQuest, please visit www.sciquest.com or call +1-919-659-2100.