2007 Growth Company of the Year

Founded in 1995, SciQuest began as a virtual distributor of scientific products, completing a successful IPO during the go-go “Internet dot.com” days in 1999. However, when the economy slowed significantly, the Cary-based company faced an uncertain road ahead. Responding to the dramatic downturn in the dot.com market, SciQuest went private and changed its business to a Software-as-a-Service, subscription-based revenue model. Between 2004 and 2006, the company’s revenue grew from $5.6 million to $16.2 million. SciQuest enjoyed an 88% year-over-year increase in revenue in 2006, with approximately $100 million in contracted backlog revenue.