SciQuest Acquires Sourcing Software Vendor CombineNet

SciQuest Inc., a provider of cloud-based applications for spend management, has acquired CombineNet, a vendor of sourcing and procurement software.

According to SciQuest, the deal gives it “an advanced, cloud-based tool that improves procurement decisions for spend categories that are typically beyond the capabilities of traditional e-sourcing software.” CombineNet’s product is aimed primarily at Forbes Global 2000 companies and others with complex sourcing events. The tool evaluates vendor bids and proposals. Users can create customizable online requests for proposals and run scenarios that balance multiple factors, including cost, risk, timing and value. CombineNet has approximately 100 customers worldwide, including companies in the retail, consumer packaged goods, restaurant, and food and beverage manufacturing industries. SciQuest purchased 100 percent of the outstanding stock of CombineNet, in a deal valued at approximately $43m, $26m of which was in cash.