Sunoco to Implement SciQuest Suite to Streamline Spend Management

February 10, 2016

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MORRISVILLE, N.C.–(BUSINESS WIRE)–SciQuest, Inc. (Nasdaq: SQI), a leading provider of cloud-based business automation solutions for spend management, today announced an agreement with Sunoco LP (NYSE: SUN), a convenience retail and fuel distribution company. Sunoco will deploy SciQuest’s entire source-to-settle suite to replace its current procurement tools and redefine its sourcing process.

Sunoco, which has recently completed a series of acquisitions, recognized the need to evaluate its source-to-settle process to reduce spend and gain efficiency throughout the organization. During this evaluation, it was determined that there is opportunity to standardize onboard, buy, pay and source functions under a single platform to help gain efficiencies in the organization. SciQuest was selected as Sunoco’s partner after a formal strategic sourcing process.

Sunoco will deploy the full SciQuest suite of solutions, including:

  • Spend Radar, to conduct the comprehensive, accurate analysis necessary to drive and measure cost saving
  • Sourcing Director, to expand control and management of the sourcing process
  • Total Supplier Manager, to achieve a reduction in risk exposure brought by suppliers, a greater depth of and visibility into supplier data, and consistent and accurate supplier data for supporting sourcing and procurement strategies
  • Total Contract Manager, to enable optimization and visibility of the entire contract lifecycle, using a single repository for all vendor contracts
  • Spend Director, to transform a manual and labor-intensive procurement process into a center of excellence, delivering significant cost savings and efficiencies and automate the procure-to-pay process
  • Accounts Payable Director, to eliminate tedious and error-prone manual processes, free up valuable resources and present an opportunity to make a significant impact on the organization’s bottom line

“Sunoco is at the cutting-edge of many companies today because it views procurement as a strategic imperative that will help the organization grow in the coming years,” said Stephen Wiehe, president and CEO of SciQuest. “The company will not only gain greater insight into the impact of its current spend, but it will also be able to use this detailed information to help make strategic decisions about how to grow and expand.”

About Sunoco LP

Sunoco LP (NYSE: SUN) is a master limited partnership that operates more than 850 convenience stores and retail fuel sites and distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors located in 30 states at approximately 6,800 sites, both directly as well as through its 31.58 percent interest in Sunoco, LLC, in partnership with an affiliate of Energy Transfer Partners, L.P. (NYSE: ETP). SUN’s general partner is owned by Energy Transfer Equity, L.P. (NYSE: ETE). For more information, visit the Sunoco LP website at www.SunocoLP.com.

About SciQuest

SciQuest (Nasdaq: SQI) is the leading public provider of spend management solutions delivering value beyond savings. Through the continued release of key innovative technology and a fanatical drive toward making our customers successful, we deliver exceptional value in user experience, productivity and operational efficiency. Our cloud-based, mobile-enabled, source-to-settle platform addresses all stages of procurement from the automation of core processes to enabling sophisticated, strategic and multifaceted sourcing solutions. We specialize in handling simple procurement needs to the most advanced supplier and supply chain requirements. SciQuest serves a wide range of industries and organizations including many of the Global Fortune 500. For more information visit http://www.sciquest.com.

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Cautionary Note Regarding Forward-Looking Statements

Any statements in this release that are not historical or current facts are forward-looking statements. 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 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 are discussed in “Part I, Item 1A, Risk Factors” and elsewhere in SciQuest’s most recent Annual Report on Form 10-K and other reports, as filed with the United States Securities and Exchange Commission (“SEC”). The company’s SEC reports are available free of charge on the SEC’s website at http://www.sec.gov or on the company’s website at http://www.sciquest.com. These forward-looking statements speak only as of the date hereof, and SciQuest undertakes no obligation to update, amend or clarify any forward-looking statement for any reason. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Category: Oil & Gas