SciQuest Acquires Textco, Inc., a Leading Provider of Software Solutions for Molecular Biologists
Nearly 20,000 molecular biology researchers and dozens of large research enterprises join SciQuest customer ranks Product portfolio will include software for gene cloning projects, sequence analyses, and experiment tracking via electronic notebooks
Textco has software solutions installed at leading commercial and academic research organizations including, 12 of the top 20 global pharmaceutical research organizations, 6 of the top 10 biotechnology companies and many of the top research universities.
SciQuest's software product portfolio now includes the award-winning Gene Construction Kit and Gene Inspector solutions. These products will continue to be sold under their current names due to strong brand awareness with customers. The transaction was paid for with a mixture of cash and SciQuest common stock and is expected to be accretive to SciQuest's earnings in 2002. Textco's revenues over the past twelve months were approximately five hundred thousand dollars. Key members of the Textco team will continue to work closely with SciQuest after the closing.
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