EDMONTON – SciQuest Inc. paid $22 million US in cash for Edmonton-based Upside Software in a deal announced late Tuesday.
The deal is expected to close inside two weeks. SciQuest, a Nasdaq-listed cloud computing supply-chain management company based in a suburb of Raleigh, North Carolina, expects Upside to generate $15 million in revenue in 2013.
“We’ve heard in the last nine months a very specific need from our clients for this type of technology,” said SciQuest CEO Stephen Wiehe. “That moved it to the top of our priority list.
“We think it’s a great business, and we think we paid a very fair and appropriate price.”
Upside makes contract management software, including software-as-a-service. Past customers include Deutsche Bank, WorleyParsons and John Deere.
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