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News Breaks | | | | September 28, 2012 | | 06:02 EDT |  | SQI | SciQuest acquires assets of Spend Radar for $8M in cash, $2M in stock
SciQuest has signed a definitive agreement to acquire Spend Radar LLC, a provider of fast, easy and flexible spend analysis software. SciQuest purchased Spend Radar's assets for total consideration of approximately $8M in cash and $2M of common stock. SciQuest may also make additional payments of up to $7.5M consisting of cash and stock if Spend Radar achieves certain revenue performance targets over the next 5 quarters. SciQuest expects the acquisition to close on or about October 1. SciQuest expects the newly acquired operations to add approximately $0.5M of non-GAAP revenue in the fourth quarter of 2012 and grow by approximately mid-twenties percent in full year 2013. The Company also anticipates that the newly acquired operations will be slightly dilutive to neutral to non-GAAP net income in the fourth quarter of 2012 and neutral to slightly accretive in 2013. | |
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