CARY, N.C., -- SciQuest, Inc., a leading provider of on-demand strategic procurement and supplier enablement solutions, recently announced that it has signed a definitive agreement to acquire AECsoft USA, Inc. and its affiliate AEC Global (Shanghai) Co.
AECsoft and AEC Global, which together are a leading provider of supplier management and sourcing technology, have been acquired for a total consideration of approximately $13 million, consisting of approximately $9 million in cash and stock having a current value of approximately $4 million. SciQuest may also pay additional shares of stock having a current value of up to approximately $4 million based on successful achievement of certain performance targets over the next three fiscal years.
"We are excited about our acquisition of AECsoft, as it increases the robustness of our eProcurement solution by strengthening our supplier management and sourcing components with the industry's highest user-rated Supplier Information Management solution, according to Gartner," said Stephen Wiehe, President and Chief Executive Officer of SciQuest. "I'm especially pleased to welcome AECsoft co-founder, Chairman and Chief Technology Officer, Tom Ren, to the SciQuest executive team. Tom brings significant expertise in total supplier management technology development and delivery.
"We believe this combination will provide customers with comprehensive, industry-leading solutions for strategic source-to-settle procurement technology from a single, trusted resource. 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."
SciQuest anticipates closing the transaction within two to three weeks and expects the acquisition to add approximately $5 million to GAAP revenue.