SciQuest snaps up AECsoft

SciQuest snaps up AECsoft    SciQuest, a provider of procurement and supplier software, on Tuesday said it will acquire AECsoft USA and its affiliate AEC Global (Shanghai) Co., Ltd., which together provide supplier management and sourcing technology.
   SciQuest will spend about $13 million on the acquisition, consisting of about $9 million in cash and stock at a current value of $4 million. SciQuest may also pay additional shares of stock having a current value of up to $4 million based on meeting certain performance targets over the next three fiscal years.
   “We are confident that this addition will improve our technology offering for our existing customers and will enhance our growth prospects by offering a more compelling solution to potential customers in the markets we currently serve and expands our opportunities into markets currently served by AECsoft,” said Stephen Wiehe, SciQuest's president and chief executive officer, in a statement.
      SciQuest anticipates closing the transaction in the next two to three weeks and expects the acquisition to add about $5 million to GAAP (generally accepted accounting principles) revenue and to be neutral to slightly accretive to non-GAAP earnings per share on a full-year basis in 2011.