SciQuest revenues increase 25 percent in third quarter

SciQuest reported Thursday that revenues increased 25 percent in the third quarter as the Cary company signed up 19 new customers.

SciQuest reported revenues of $17.2 million, slightly below the $17.6 million forecast by Wall Street analysts. Diluted earnings per share was 6 cents, compared to 8 cents during the third quarter of 2011. That equaled Wall Street estimates.

SciQuest's technology allows customers to buy goods and services more efficiently online. Its more than 300 customers include casinos, universities, drug makers and state and local governments.

The company made two acquisitions in the third quarter. In early August SciQuest paid $22 million for Upside Software, a Canadian company that makes software that can track and manage the language in contracts. Two months later SciQuest acquired the software firm Spend Radar for $8 million in cash and $2 million in stock.

SciQuest expects revenues for the year to be between $66.1 million and $66.5 million.

The company's shares closed Thursday at $13.16, down 36 cents. The stock is down 8 percent this year.