Alta Communications sells stake in CombineNet to SciQuest
Sep 04, 2013 (MarketLine Financial Deals Tracker via COMTEX) --
SciQuest, Inc., a provider of cloud-based business automation solutions for spend management, has acquired 100% of the outstanding stock of CombineNet, Inc., a provider of e-sourcing software solutions, for a total consideration of approximately $43 million comprised of approximately $26 million in cash and approximately 0.82 million shares of SciQuest's common stock.
As part of the transaction, Alta Communications, a private equity firm, has sold its stake in CombineNet to SciQuest. All the entities involved in the transaction are based in the US.
Earlier in June 2010, CombineNet had secured majority capital investment from Alta Communications.
SciQuest expects CombineNet to generate approximately $1 million of revenue per month during the remainder of 2013.
Deal Type Private Equity
Deal Status Completed: 2013-09-03
Target (Company) CombineNet, Inc.
Acquirer (Company) SciQuest, Inc.
The acquisition will expand and complement SciQuest's existing sourcing software suite.
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