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Published Sat, Jun 04, 2011 04:08 AM
Modified Fri, Jun 03, 2011 10:19 PM

Colorado hires Cary's SciQuest

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STAFF WRITER ALAN M. WOLF

SciQuest has won a key contract with the state of Colorado, which could open the doors for similar deals with other states.

The deal represents a big breakthrough for Cary-based SciQuest, which sells e-procurement technology and services to universities, pharmaceutical companies and other customers. It has had a contract with Georgia, but officials have been pushing hard to add more business with other state and local governments.

Final terms of the Colorado contract are still being negotiated, but it could be worth nearly $5 million over five years. SciQuest CEO Stephen Wiehe declined to comment until all of the agreements with Colorado are signed.

The contract is a "highly visible win in the state and local market, which we believe may act as a catalyst for additional government opportunities for SciQuest," JMP Securities analyst Patrick Walravens wrote in a report to investors.

Walravens also raised his price target on SciQuest stock to $20 from $16. SciQuest shares, which began trading in September at $9.50, fell 33 cents Friday to close at $15.28.

Lawyers with SciQuest and the Colorado state purchasing office are in discussions and expect to have a final agreement this month, said Tom Spiker, a Colorado spokesman. "Our intent is to move it through as fast as possible," he said.

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