SciQuest Expands its Supplier Relationship Management Solutions

08-Mar-2004

RESEARCH TRIANGLE PARK, N.C. -- SciQuest, Inc. today announced the launch of Sourcing Manager, the latest in the company's suite of on-demand supplier relationship management (SRM) modules to help organizations achieve enterprise-wide spend visibility. Leveraging technology from Ion Wave Technologies, this latest module allows procurement professionals to quickly create, issue, monitor, and award informal quotes and formal bid requests.

"Sourcing Manager is a key component of our overall SRM strategy and we are pleased to partner with Ion Wave Technologies to bring it to market," said Jamie Duke, chief operating officer at SciQuest. "Our customers rely on our solutions to help manage spend across their organizations. With Sourcing Manager, they are able to work more efficiently to capture and manage a significantly larger portion of that spend, and use new bidding techniques to drive significant savings to the organization."

Sourcing Manager allows procurement professionals to immediately gain cost savings by enabling them to quickly create, issue, monitor, and award informal quotes and formal bid requests. Vendors can easily access the system to view and respond to bid opportunities. The traditional time consuming processes of bid tabulation and inviting vendors are automated, freeing procurement professionals to focus on procurement instead of paperwork. Vendor registration and profile management functions are provided to ease the administrative burden on purchasing staff. Key features and benefits include:

- Interactive bid release and supplier response reduces process time from weeks to days increasing the fulfillment speed for internal customers. - Attribute based bidding for complex RFP's increases supplier response accuracy and easily captures complex award criteria in addition to price. - Sealed Bid response encryption and complete audit trails ensures a high level of security throughout the bid process. - Supplier self-registration, commodity classification, and profile management eases the administrative burden of supplier management. - Automated bid tabulation and response comparison functions eliminate time consuming redundant data entry by purchase agents. - Fully featured addendum functionality eliminates confusion by presenting suppliers the current amended version of a bid request. - Reverse auction capabilities provide procurement organizations with the right tools to meet a comprehensive strategic sourcing strategy.

"We are very excited to join SciQuest as part of their SRM vision," said Darren Henderson, CEO at Ion Wave Technologies. "By joining together our technologies and expertise, we have created a powerful solution to help customers address the need for more comprehensive spend management."

About Ion Wave Technologies Ion Wave Technologies, Inc. (IWT) is a software development company providing web-based software applications for education, government, and the private sector. IWT's founders have been providing Internet based procurement automation solutions since 1996. IWT's corporate offices are located in Springfield, Missouri. For more information about IWT, please visit www.ionwave.net or call +1-417-799-0128.

About SciQuest SciQuest's on-demand solutions integrate organizations with their suppliers to enable comprehensive spend management for the life sciences and higher education markets.

SciQuest's complete suite of modular applications helps to automate the source-to-settle process. When used with the SciQuest Supplier Network, these solutions reduce redundant tasks and maintain data integrity throughout the cycle of finding, acquiring and managing goods to increase efficiency, reduce cost and provide total spend visibility.

Many of the world's leading pharmaceutical, biotechnology, chemical and academic organizations rely on SciQuest solutions such as Biogen Idec, GlaxoSmithKline, Pfizer, Roche, Schering-Plough, Arizona State University, Indiana University, University of Michigan 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.

Statements in this press release that are not historical facts are forward-looking statements that involve risks and uncertainties, including all statements regarding the Company's customer momentum and sales execution, future revenues, opportunities for future growth, position for future success and future rewards for stockholders. For such statements, the Company claims the protection of the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995. The potential risks and uncertainties associated with these forward-looking statements could cause actual results to differ materially from those presented herein, and the reported results should not be considered as an indication of future performance. Factors that could cause actual results to differ from those contained in the forward-looking statements are discussed in the Company's Quarterly Report on Form 10-Q for the period ended December 31, 2003, filed with the Securities and Exchange Commission, under the caption "Factors That May Affect Future Results", and include the risk that forecasting future performance may be difficult, that the Company may not experience revenue growth or control expenses, that the Company is investing in new products and services with no guarantee of success, that the Company relies on a limited number of larger customers for a significant portion of its revenues, that the Company's business will suffer if it does not successfully market the SciQuest brand, that the Company's revenue growth may be adversely affected by spending reductions in the life sciences and higher education markets, and that the Company may not achieve profitability.

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