Adds Best-in-Class Software for Authoring and Managing
       Contracts to Its Comprehensive Source-to-Settle Suite

CARY, N.C., July 24, 2012 (GLOBE NEWSWIRE) -- SciQuest, Inc.,
(Nasdaq:SQI) a leading provider of cloud-based source-to-settle
solutions, today announced that it has signed a definitive agreement to
acquire Upside Software, Inc., a worldwide leader in contract lifecycle
management (CLM) solutions in an asset purchase for total consideration
of approximately $22 million in cash, net of cash acquired.

Upside's award winning product suite offers a fully automated contract
lifecycle management solution, which includes collaborative contract
creation and negotiation technology. It also includes performance,
compliance and deliverables management as well as on-going event
monitoring and management. The entire suite is overlaid with extensive
security and business intelligence features.

"We are excited to build on our strategy to provide a comprehensive
source-to-settle solution suite with the addition of Upside's
industry-leading technology platform," said Stephen Wiehe, president
and CEO of SciQuest. "This acquisition deepens our offerings in
contract lifecycle management, which is an important aspect of a
complete source-to-settle solution. With over one hundred customers
that include many marquee companies, Upside is recognized as a CLM
leader by industry analysts. For example, Upside cites a Forrester
Research report stating that their solution is 'the leading option for
large companies with complex requirements.'

"We look forward to welcoming and continuing to support existing Upside
customers while we also integrate their CLM solution into our
best-in-class source-to-settle software suite. This acquisition will
augment our long-term growth strategy by bringing Upside's CLM solution
to SciQuest's customers and building on Upside's relationships,"
continued Wiehe.

SciQuest anticipates that the transaction will close within two weeks,
subject to customary closing conditions. SciQuest expects that Upside
Software will contribute approximately $5 million to non-GAAP revenue
for the remainder of 2012 and approximately $15 million to non-GAAP
revenue for the full year 2013. The transaction is expected to decrease
non-GAAP net income by approximately $0.04 to $0.05 per share in 2012
and to be neutral to slightly accretive to non-GAAP net income in 2013.
The financial impact of the acquisition on a GAAP basis cannot be
estimated until the allocation of the purchase price is made following
the closing of the acquisition.

For more information about SciQuest, Upside and this transaction,
please visit http://www.sciquest.com/sciquest-acquires-upside

Conference Call

SciQuest management will further discuss this acquisition in a
conference call to be held today at 5:00pm ET. A replay of this webcast
will be available two hours after the call and accessible at
http://investor.sciquest.com.


  What: Conference call to discuss acquisition of assets from Upside    
   Software, Inc.                                                       
  When: Tuesday, July 24, 2012                                          
  Time: 5:00 p.m. ET                                                    
  Webcast: http://investor.sciquest.com (live and replay)               
  Live Call: (877) 430-3736, domestic (760) 298-5046, international     
  Replay: (855) 859-2056, domestic   (404) 537-3406, international      
                                                                        
  Live and replay conference ID code: 13571157                          



Non-GAAP Financial Measures

When possible, SciQuest provides all information required in accordance
with GAAP, but believes evaluating its ongoing operating results may
not be as useful if an investor is limited to reviewing only GAAP
financial measures. Accordingly, SciQuest presents non-GAAP financial
measures in reporting its financial results to provide investors with
additional tools to evaluate SciQuest's operating results in a manner
that focuses on what SciQuest believes to be its ongoing business
operations and what SciQuest uses to evaluate its ongoing operations
and for internal planning and forecasting purposes. SciQuest's
management does not itself, nor does it suggest that investors should,
consider such non-GAAP financial measures in isolation from, or as a
substitute for, financial information prepared in accordance with GAAP.
SciQuest's management believes it is useful for itself and investors to
review, as applicable, both GAAP information that includes: (i) the
amortization of acquired intangible assets; (ii) the impact of
stock-based compensation; (iii) the income tax effect of non-GAAP
pre-tax adjustments from the provision for income taxes; and the
non-GAAP measures that exclude such information in order to assess the
performance of SciQuest's business and for planning and forecasting in
subsequent periods. Whenever SciQuest uses such a non-GAAP financial
measure, it provides a reconciliation of the non-GAAP financial measure
to the most closely applicable GAAP financial measure, when possible.

About SciQuest

SciQuest (Nasdaq:SQI) provides organizations with a comprehensive suite
of on-demand source-to-settle software solutions, driving cost and
efficiency savings across the supply chain. By improving supplier
management, negotiating more strategic contracts, generating an online
marketplace for purchasing goods and services, and streamlining the
accounts payable process, SciQuest customers turn spending into a
source of savings.

With unmatched visibility into spending, combined with the Power of Q
-- the Company's unique combination of products and support -- SciQuest
provides organizations with a strategic approach to procurement,
improving bottom-line results.

To join the conversation, please visit our blog, The Open
Kitchen--http://www.sciquest.com/blog or follow us on Twitter
@SciQuest.

Cautionary Note Regarding Forward-Looking Statements

Any statements in this release that are not historical or current facts
are forward-looking statements. These forward-looking statements
include references to the integration of Upside's CLM solution, our
long-term strategy and the impact of the acquisition on non-GAAP
revenue and non-GAAP net income for 2012 and 2013. All forward-looking
statements in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements are not guarantees of future performance and involve
known and unknown risks, uncertainties and other factors that may cause
our actual results, performance or achievements to be materially
different from any future results, performances or achievements
expressed or implied by the forward-looking statements. Certain of
these risks and uncertainties are described in the "Risk Factors"
section of our Annual Report on Form 10-K and other required reports,
as filed with the SEC, which are available free of charge on the SEC's
website at www.sec.gov or on our website at www.sciquest.com. Given
these risks and uncertainties, investors should not place undue
reliance on forward-looking statements as a prediction of actual
results. These forward-looking statements speak only as of the date
hereof, and we undertake no obligation to update, amend or clarify any
forward-looking statement for any reason.

SQI-F


CONTACT: SciQuest Media contact:
         SciQuest, Inc.
         Michelle Perkins, 919-659-2228
         mperkins@sciquest.com
         
         SciQuest Investor contact:
         ICR
         Garo Toomajanian, 1-800-550-6380
         investorrelations@sciquest.com