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.

SciQuest announced Friday that it is acquiring the software firm Spend Radar for $8 million in cash and $2 million in stock.

SciQuest may also make payments in cash of stock of up to $7.5 million if Chicago-based Spend Radar meets performance targets over the next 5 quarters. The deal is expected to close Oct. 1.

Spend Radar makes software that allows businesses to analyze their spending habits in order to negotiate better deals with suppliers.

Cary-based SciQuest makes procurement software that 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.

Spend Radar is the second acquisition SciQuest has made in recent months.

Last month the company completed its $22 million acquisition of Upside Software, which makes software that can track and manage the language in contracts.

Spend Radar has 25 employees and will bring SciQuest's total workforce to 475 people, including roughly 200 in Cary.