SciQuest announced Tuesday that it has acquired CombineNet, a Pittsburgh-based software company, in a cash and stock deal worth $43 million.
Executives at Cary-based SciQuest said during a conference call with analysts that the acquisition of the privately held business delivers complementary technology and creates a great opening for cross-selling.
CombineNet’s software, which is protected by 22 patents, is touted as saving business customers time and money by evaluating complicated bids and proposals from vendors. Among its 100 customers, according to CombineNet’s website, are industry giants such as Procter & Gamble, Johnson & Johnson, Coca-Cola and Hershey’s.
The 80-employee business generated about $12 million in revenue last year.