Press Releases
February 3, 2000 |
Contact: Jennifer
Bersch |
SciQuest.com and CED Celebrate IPO Success
SciQuest.com Stock Pledge to CED's Endowment Fund is First to Become Liquid
SciQuest.com went public on November 19 with an offering of 7,500,000 shares of common stock at $16.00 per share. Its founders -- Peyton Anderson, Scott Andrews, Bobby Feigler and Keith Gunter - each pledged portions of their founders' stock to CED in March 1999 shortly after CED announced the creation of an endowment fund. At close of business day on February 2, 2000 SciQuest.com stock was trading at $64 3/8 per share.
"CED provided us with a lot of valuable information and contacts when we were starting out," recalls SciQuest.com co-founder and vice president for business development, Peyton Anderson. "We wrote our business plan there, met our early investors at CED events, and had our first showcases at CED's InfoTech and Venture Conferences.
"We're excited to be able to share our success with CED - and through CED to be able to help entrepreneurs who will be facing the same challenges that we've met," Anderson continued.
The event was attended by several other investors in the endowment, including: Tim Huntley of Ganymede Software, Inc; Paul Jones of Eno River Capital; Donovan Moxey of LIPSinc; and Steve Walsh of BOPS (Billions of Operations per Second). Among those attending, in addition to SciQuest.com founders, were CEO's and founders of well known Triangle technology companies such as Red Hat Inc., OpenSite Technologies, XS Chem.com, AuctionRover.com, and Cogent Neurosciences, up and coming start-ups like Saffron Technology, DataFlux, TaskPoint.com, Awaymed.com and Sicel Medical, as well as many of the area's angel investors and venture capitalists.
When asked about SciQuest.com's support of CED, CED Executive Director Monica Doss commented, "The SciQuest founders' support of CED's endowment is important both financially and symbolically. Their donation is an investment for future entrepreneurs who will benefit from CED programs. Like the other start-ups whose founders have pledged stock to the endowment, SciQuest's founders recognized that their success has been helped along by the programs and network that CED provides. They are great role models as entrepreneurs and philanthropists."
About SciQuest.com
SciQuest.com is a leading business-to-business e-marketplace for scientific
products used by pharmaceutical, chemical, biotechnology, industrial and educational
organizations worldwide. By leveraging its extensive laboratory products and
supply chain management expertise with its exclusive product listings and robust
portfolio of e-procurement solutions, SciQuest.com has the ability to reduce
customers' procurement costs and increase researchers' productivity. Additionally,
SciQuest.com provides suppliers a cost-effective sales and marketing channel.
The company's e-marketplace is distributor-neutral and can be customized and
seamlessly integrated with its customers' enterprise systems. SciQuest.com is
headquartered in Research Triangle Park, N.C. with offices in Mountain View,
Calif., and Plainview, N.Y. For more information about SciQuest.com, please
visit www.sciquest.com or call 919-659-2100.
About the CED's Entrepreneurial Stock Endowment Program
CED's Entrepreneurial Stock Endowment Program is the first of its kind in the
United States. An individual entrepreneur or investor pledges pre-liquid stock
holdings to CED's endowment fund which are transferred to the endowment at the
time of the company's IPO or sale. Such pledges have tax and other advantages
for contributors, and represent a generous philanthropic gift to CED's endowment
fund. Earnings from the corpus of the endowment will enable the 15 year-old
private non profit organization to continue to stimulate high-growth entrepreneurship
in North Carolina's Research Triangle region. To date, more than 45 individuals
have pledged pre-liquid stock to CED's endowment fund. The endowment will also
include cash and other assets.
About CED
The Council for Entrepreneurial Development, located at the CED Entrepreneurship Center in Research Triangle Park, NC, was formed in 1984 to stimulate the creation and growth of high-impact companies in the greater Research Triangle region. CED provides education, mentoring and capital formation resources to new and existing high-growth entrepreneurs. CED sponsors annual conferences, seminars, workshops and monthly programs on entrepreneurial management and finance. CED also offers the FastTrac entrepreneurial training program, youth programs and other outreach programs.
CED is a private, non-profit organization and is the largest entrepreneurial support organization in the nation with more than 3,000 members representing 1000 entrepreneurial companies, financiers and professional firms.