SciQuest's revenues grew by 28 percent in the third quarter, as the Cary company continued to see growing demand for its e-procurement technology in a number of industries.
Revenue for the third quarter was $13.8 million, just below the consensus of analysts who cover the company. Net income was $800,000, or 3 cents per share, compared to a loss of $3.2 million, or 22 cents per share, a year ago.
SciQuest, which made its Wall Street debut in September 2010, ended the quarter with 325 customers, up from 177 a year ago.
"Overall activity levels continue to be robust and we are seeing strong demand in the higher education market," CEO Stephen Wiehe said in a release.