SciQuest Acquires Analytical Chemistry Data Management Platform to Extend Software Solutions for Research Enterprises
Established Customers, Proven Technologies, and Attractive Financial Terms Lead to Purchase of Software Assets From Groton NeoChem, LLC
RESEARCH TRIANGLE PARK, N.C., Mar 20, 2002 - SciQuest, Inc., a software, information and services company that provides solutions to enhance research operations for pharmaceutical, biotechnology and other research-based organizations, announced today that it acquired the enterprise software assets of Groton NeoChem ("NeoChem") in an all cash transaction.
All customer contracts, software, and key people are being transitioned to SciQuest. NeoChem has installed enterprise solutions at several large pharmaceutical and biotechnology companies, including Amgen, Aventis, Boehringer, and Bristol-Myers Squibb. NeoChem's revenues over the past twelve months were approximately six hundred thousand dollars.
The software acquired from NeoChem complements SciQuest's existing solutions for substance and reagent management by capturing, storing, and analyzing chemistry data about those reagents and substances directly from scientific instrumentation. Seamlessly integrating analytical data from instruments with reagent and substance management is an important part of meeting the workflow requirements of modern drug discovery.
"The NeoChem acquisition is an additional step in our focused product strategy of building out a comprehensive set of enterprise solutions for high-throughput research," said Peyton C. Anderson, Vice President of Business Development for SciQuest. "SciQuest is receiving great value for the acquired assets. We believe that our sales infrastructure, management skills, and resources will create measurable value on top of NeoChem's core technology and sales opportunities. A major strategic goal in 2002 is to expand our software offerings through acquisitions and select reseller deals, while creating increased revenue potential for our existing products. This announcement is another step in executing that goal."
"SciQuest is pleased to add this solid technology with satisfied customer installations to our portfolio," said Stephen J. Wiehe, CEO of SciQuest. "The addition of several key NeoChem employees to our team will enhance our domain expertise and allow us to rapidly take this technology to market through our sales infrastructure. We anticipate continued development of the current offering and will be supporting it through our product management group and professional services team."
The need for end-to-end research operations solutions has become increasingly important as R&D organizations invest in new technologies to remain competitive in today's market. High-throughput technology has dramatically increased research volumes, generating an unprecedented amount of chemical entities to be managed. Managing this growing volume of chemicals and its associated data by traditional means has become a great expense to organizations and a burden for researchers, taking away time that could be better spent on research and development. Research asset management solutions like the software developed by SciQuest provide organizations with tools that improve the flow of materials and information, thereby accelerating the research process.
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