SciQuest Finalizes Acquisition by Trinity Ventures
Privatization Allows Company to Better Pursue Growth Opportunities
SciQuest, Inc. yesterday announced completion of its acquisition by Trinity Ventures. As previously announced, SciQuest stockholders approved the acquisition on July 15, 2004. The transaction results in a final price per share merger consideration of $6.3346. With the close of this transaction, the company has completed its transformation to a private company, and its common stock has been delisted from trading on the NASDAQ National Market.
"The closing of this transaction marks a new beginning for SciQuest," said Stephen J. Wiehe, president and CEO of SciQuest. "As a privately-held company, we are better positioned to serve our customers and continue to build on the significant momentum that we have accomplished over the last year."
Each share of SciQuest common stock outstanding at the effective time of the acquisition was converted into the right to receive $6.3346 per share in cash. SciQuest's common stockholders will shortly be receiving instructions for redeeming their common stock in the form of a letter of transmittal from the paying agent for this transaction. Those stockholders who hold their shares with brokers will have their shares automatically surrendered electronically for redemption by their brokers.
"We are pleased to welcome SciQuest into the Trinity family," said Noel Fenton, general partner of Trinity Ventures. "With the rapid consolidation of capabilities in the Supplier Relationship Management space, we view SciQuest as a company that is well poised to rise to the top and we are looking forward to helping them realize their full potential in this growing space."
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