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Sciquest (SQI) Agrees to be Acquired by Accel-KKR for $17.75/Share

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SciQuest, Inc. (Nasdaq: SQI ) announced that it has entered into a definitive agreement to be acquired by affiliates of Accel-KKR, a leading technology-focused private equity firm, for $17.75 per share in cash, representing a total equity value of approximately $509 million.

The offer represents a 34% premium over the Company’s closing pricing on May 27, 2016. Upon closing, AKKR will own 100% of the outstanding shares of SciQuest common stock. AKKR, which has been a stockholder since 2014, currently owns 4.9% of SciQuest’s outstanding shares.

“This transaction provides SciQuest’s stockholders with a significant premium over the pre-announcement market price and we believe it will allow us to increase our focus on long-term success that will benefit customers, employees, partners and suppliers. As a private company, we expect to continue to accelerate innovation, increase efficiency and expand our solution suite,” said Stephen Wiehe, Chief Executive Officer of SciQuest.

Accel-KKR Acquires Smart Communications, Seeks Further Add-On Opportunities

Accel-KKR , a technology-focused private equity firm with U.S. offices in Menlo Park, California and Atlanta, has reached a deal with Thunderhead to acquire its Smart Communications division for an undisclosed amount.

Smart Communications is a cloud provider for “companies who need to communicate with their customers through multiple channels in a fully compliant way,” according to Accel-KKR managing director Jason Klein. The newly formed company is ushered by its existing senior management and is led by chief executive officer George Wright, former SVP and general manager of the Smart Communications division while under Thunderhead.

As part of the company’s strategy going forward, Smart Communications will focus on “growth in new and existing markets, broadening its industry reach, and accelerating innovation and product development.”Smart Communications has more than 300 customers, including businesses in the banking, insurance, healthcare, telecommunications and retail industries. The new company is headquartered in London, with additional operations across North America, Europe, and Asia Pacific.