JAGGAER Celebrates 25 Years of Technological Innovation, Customer Focus and Global Expansion
- Press Release
RESEARCH TRIANGLE PARK, NC – OCTOBER 28, 2020 – JAGGAER has launched a refreshed brand identity and website to mark its Silver Jubilee. Over its 25-year history the company, originally named SciQuest, has grown from a North Carolina start-up to a global leader in spend management and procurement software through a combination of customer focus, mergers and acquisitions and technological excellence.
“We have refreshed our corporate identity and website to reflect JAGGAER’s core values of passion, humility, empathy, transparency and accountability, and our 25-year tradition of customer-centric innovation and excellence in service delivery,” commented JAGGAER CEO Jim Bureau. “The new look reflects the fact that JAGGAER is a friendly, open and approachable company with a diverse employee base. We are one of the largest companies in North Carolina, with international reach and significance,” added Roger Blumberg, Vice President, Corporate & Product Marketing.
The company is celebrating with customers and employees while reflecting on an extraordinary history. It was founded in 1995 by four friends: Scott Andrews, Bobby Feigler, Peyton Anderson and Keith Gunter. Andrews and Feigler were working for one of the major laboratory supplies distributors, servicing pharmaceutical companies such as Glaxo Wellcome and academic institutions including University of North Carolina and Duke. Their jobs involved leafing through enormous product catalogs to source the items demanded by scientists from a network of thousands of manufacturers around the world. With the advent of the internet, they realized that everything would move online, and they were determined to be the first to market.
The four got together in a local Subway restaurant and sketched business plans on napkins. They raised initial investment from friends and family, mostly in their hometown of Farmland, Virginia. One investor was so enthusiastic that he turned up for a meeting with a down payment of $ 40,000 in cash behind the seat of his pickup truck towards a total investment of $100,000. “It was a clearly risky investment decision, taken in less than five minutes, but we turned his $100,000 into $6.5 million in about four years,” recalled Scott Andrews.
Nevertheless, as SciQuest’s customers increasingly placed orders directly with suppliers, the commission-based business model did not have a future. Especially after the dotcom bubble burst.
A couple of acquisitions set the company on a new path. First, the purchase of EMAX with its ERM (Enterprise Reagent Manager) software product early in 2000 delivered immediate value to the company’s existing pharmaceutical clients while establishing SciQuest as a software vendor. Second, SciQuest acquired HigherMarkets in 2002, which opened up the universities market, still a large part of JAGGAER’s recurring revenue stream.
Around the same time there was also a change of personnel. Steve Wiehe, previously with SAS Institute, took over as CEO and recruited a team of software developers. The company continued to grow organically and through acquisitions. Then, in 2017, SciQuest rebranded as JAGGAER and acquired Pool4Tool, a Vienna-based provider of direct sourcing and supply chain management software. JAGGAER entered a joint venture with Tejari Solutions in the United Arab Emirates. In December of the same year it acquired BravoSolution, a vendor of spend management solutions with a strong presence in the United Kingdom and Italy. JAGGAER had become a truly global force in the procurement software as a service (SaaS) market.
Two further developments round out the story to date. In 2019 JAGGAER launched its end-to-end sourcing and procurement platform, JAGGAER ONE and in the same year the UK-based private equity firm Cinven made a major investment in the company to support its future growth and development.
About JAGGAER: Procurement Simplified
JAGGAER is the world’s largest independent spend management company, connecting customers to a network of 4 million suppliers in 70 countries, served by offices located in the Americas, APAC, Asia and EMEA. JAGGAER offers end-to-end SaaS-based procurement solutions, including advanced Spend Analytics, Category Management, Supplier Management, Sourcing, Contracts, eProcurement, Invoicing, Supply Chain Management and Inventory Management. These all reside on a single platform, JAGGAER ONE. JAGGAER has pioneered spend solutions for more than two decades and continues to lead the innovation curve by listening to customers and stakeholders in all industry sectors, public services and academia. JAGGAER holds 37 patents – more than any other spend management company.
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