SciQuest reported another quarter of solid sales growth, as the Cary company signs up more customers for its eprocurement technology.
Revenue for the second quarter was $12.9 million, up 22 percent from a year earlier.
The company, which made its Wall Street debut in September, recently signed a major contract with the state of Colorado. Analysts expect that could lead to other lucrative state contracts.
"We're not killing it, we're not missing it, but as we told investors when we did the IPO, we're going to keep churning out good growth," CEO Stephen Wiehe said in a phone interview.
Net income was flat at $600,000. SciQuest is spending more to win customers and hire new workers.
SciQuest's technology allows customers to buy goods and services more efficiently online. Its customers also include casinos, universities, drug makers and more.
SciQuest now employs more than 240 people after adding 30 this year. The company has more than two dozen open positions and expects to add another 20 or 30 more by the end of this year.
"Hiring people is getting harder," Wiehe said. "In the tech sector, a lot of people are working. We're not seeing as many people applying. If you can write Java, there is a lot of work in this area."
The company's shares began trading at $9.50 each in its September initial public offering. On Thursday, they closed at $15.93, down 74 cents.
Wiehe and other executives discussed the latest quarterly results in a conference call with Wall Street analysts. Listen to a replay here.