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at 1:41 PM 0 comments

Veeva Soars on Earnings Release

California-based Veeva Systems (NYSE: VEEV), the Life Sciences Cloud company with east coast operations based in Radnor, announced 1st quarter 2020 results on May 29 . it was a blowout quarter in which revenue reached a billion dollar annual run rate at $245 million, up 25% year over year. First quarter operating income was $71.2 million, compared to $44.0 million one year ago, an increase of 62% year-over-year. Net Income grew 66% year-over-year.

Veeva also has offices in Fort Washington and Princeton.

Veeva highlighted the continued success of ongoing product development, including the release of Veeva Andi, an AI application that delivers
insights and suggestions from within Veeva CRM, and the adoption of its relatively new Veeva Vault CDMS offering by a Top Twenty Pharma. Also, Veeva recently introduced Veeva Claims, for non-pharma clients to help them with end-to-end claims management.

Veeva raised its revenue guidance for FY2020 to revenues between $1,045 and $1,050 million, a $20 million upward adjustment. Its shares broke through to a new high after the earnings release and now trade at $162.20, giving Veeva a market value of just under $24 billion, and a remarkable price to sales (not price to earnings) ratio of 24.

The intense pressure resulting from being a "momentum stock" now plagues Veeva, a nice problem to have. Investor expectations become more and more demanding, and even a slight negative surprise could cause a dramatic decline in the share price.




at 12:33 AM 0 comments

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at 7:36 PM 0 comments

Philly EnterpriseTech Highlights 3/7: New Philly buyout firm; Digital Pharma data companies get bigger; LLR sells cybersecurity firm to Comcast


New PE firm Seminal Capital Partners, led by former Actua execs, seeking to raise up to $150million







Digital Pharma data companies get bigger












LLR sells cybersecurity firm to Comcast





This is why huge software firms struggle with growth






A visionary?




































at 10:18 PM 0 comments

IntegriChain and daVIZta Merge, Creating Best-in-Class Payer Data and Analytics Solutions for the Life Sciences Industry

Philly pharmaceutical supply chain tracker Integrichain is merging with daVIZta, an NJ and India-based company that appears to supplement what Integrichain does.




March 6, 2019


IntegriChain and daVIZta Merge, Creating Best-in-Class Payer Data and Analytics Solutions for the Life Sciences Industry
Addresses the Industry’s Gross-to-Net Rationalization and Predictability Challenges

Strengthens IntegriChain’s Comprehensive Life Sciences Commercial Data and Analytics Platform for Payer, Patient, and Distribution

Expands IntegriChain’s Team of World-Class Data Science and Life Science Experts to 220

Philadelphia, PA, March 6, 2019 – IntegriChain, a leading life sciences commercial data and analytics company that helps patients start therapy faster and stay on therapy longer, today announced that it will merge with daVIZta Inc. daVIZta is a leading provider of revenue analytics software, including gross-to-net (G2N) automation and government pricing solutions — key challenges for commercial-stage life sciences companies to ensure access to new and existing therapies — and serves as a trusted partner to large, mid-tier, and emerging life sciences manufacturers. IntegriChain will integrate daVIZta’s G2N and government pricing offerings into its ICyte Platform, strengthening its best-in-class Payer solutions.
“This strategic merger solidifies our position as an access data and analytics leader through the expansion of our solutions platform and our team of data scientists and industry experts,” said IntegriChain Co-Founder and CEO Kevin Leininger. “Gross-to-net is a key industry obstacle for life sciences, with continuous headlines and regulatory uncertainty placing immense pressure on financial modeling and forecasting. We consider G2N a challenge on par with pharma’s patient initiation and adherence challenges, and we are serious about investing in and solving all three. The addition of daVIZta’s payer technology and expertise uniquely positions us to partner with industry to solve the G2N and pricing challenges of today and tomorrow.”
“We are excited to join forces with IntegriChain to overcome the access barriers that manufacturers face in today’s increasingly complex and evolving regulatory environment,” said Shekhar Yerramilli, Chairman and CEO of daVIZta. “IntegriChain offers our customers an extensive access solution platform, delivering unrivaled reporting, analytics, and on-demand data accessibility for all of the data inputs that are central to the G2N challenges we are passionate about solving. On behalf of my Co-Founder Krishnan Padmanabhan and myself, we look forward to working with IntegriChain’s customers on their G2N accrual management, forecasting, and government pricing requirements.”
This transaction is IntegriChain’s third expansion since entering its strategic partnership with Accel-KKR, a leading technology-focused private equity firm, in 2016. This merger creates a team of more than 220 data scientists and life sciences experts, including more than 20 government pricing, commercial contracting, and G2N domain experts focused on the critical dimensions of market access launch readiness, as well as government pricing compliance and G2N execution post-launch.
About IntegriChain
IntegriChain is a life sciences commercial data and analytics company that helps innovative bio/pharma manufacturers identify and remove barriers to patient therapy initiation and adherence. Our mission is to help all stakeholders in pharmaceutical access save as many patient days of therapy as possible. Our ICyte Platform and solutions uniquely focus on access challenges after the patient and provider commit to therapy. More than 160 life science manufacturers rely on insights delivered from IntegriChain’s data, analytics, and managed services to drive strategic decision-making and on-going business management across their payers, specialty pharmacies, patient services, and distribution channel partners. IntegriChain is backed by Accel-KKR, a leading Silicon Valley technology private equity firm. The company is headquartered in Philadelphia, PA, and the company’s Access Management Operations center is in Ambler, PA. For more information, visit www.integrichain.com and our blog, or follow us on Twitter @IntegriChain and LinkedIn.
About daVIZta
daVIZta is a provider of Enterprise Revenue Analytics solutions and services to the life sciences industry. Our d-Rive suite of software applications caters to all aspects of the commercial continuum from Deal Modeling and Claims Processing to Government Pricing and G2N automation. Our subject matter experts in these areas provide managed services and advisory services to help our life sciences customers address their critical needs by relying on our deep domain knowledge. daVIZta sponsors the Revenue Analytics Collaborative, a unique and powerful community of industry insiders who share best practices and address each other’s concerns and day-to-day challenges. More information on daVIZta is available on www.davizta.com.
About Accel-KKR
Accel-KKR is a technology-focused investment firm with over $5 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for top line and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.
Contact
Jennifer Guinan | Sage Strategic Marketing | 610.410.8111 | Jennifer@sagestrat.com


at 9:13 PM 0 comments

Seminal Capital Partners: Lets get the band back together again

Tom Paine




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Seminal Capital Partners is raising up to $150 million for its first fund, according to a regulatory filing. The Radnor-based buyout firm will focus on lower and mid-market cloud software and services companies, and is led by former Actua execs Walter Buckley, John Loftus and Vince Menichelli.

Actua, originally Internet Capital Group (ICG), became defunct last year after disposing of all assets. It had a market capitalization of more than $50 billion before the Internet bubble collapsed. Verticalnet was a major holding. It was a part of an interrelated group of companies ("keiretsu" model ) related to Safeguard Scientifics. Comcast was also an investor. But it slimmed down in the 2000s to a small group of niche Cloud companies, some of which were quite successful.

One important distinction between Actua and Seminal: Actua ((NASDAQ: ACTA) was publicly traded, while Seminal is starting life as a privately held company.



From Seminal's website:

WHAT DO WE LOOK FOR IN OUR INVESTMENTS
TARGET TRANSACTION TYPES

Majority investments with capital for liquidity and/or growth including recapitalizations, buyouts, spin-offs and divestitures

Initial equity investment size of $10 - $50 million


TARGET COMPANY CHARACTERISTICS


Business Type: Cloud-based software and services businesses with highly recurring revenue models

Management: Experienced management team with a desire to continue to build the business over the long-term
​
Revenue Size: Approaching or exceeding $7 million of revenue
​
Company Growth: Double-digit growth rate
​
Profitability: Cash flow breakeven or better

Competitive Moat: Differentiated business with significant barriers to entry


at 12:05 AM 0 comments

Tabula Rasa HealthCare Announces Acquisition of PrescribeWellness Expanding its Medication Risk Mitigation Offering



Tabula Rasa HealthCare Announces Acquisition of PrescribeWellness Expanding its Medication Risk Mitigation Offering


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March 05, 2019 16:05 ET | Source: Tabula Rasa HealthCare, Inc.
MOORESTOWN, N.J., March 05, 2019 (GLOBE NEWSWIRE) -- Tabula Rasa HealthCare, Inc. (“TRHC”) (NASDAQ: TRHC), a healthcare technology company advancing the field of medication safety, today announced that it has acquired PrescribeWellness (“PW”), a leading cloud-based patient relationship management solutions company that facilitates collaboration between more than 10,000 pharmacies with patients, payers, providers and pharmaceutical companies.

This acquisition supports TRHC’s goals of expanding medication risk mitigation programs in community pharmacies and providing community pharmacists with clinical revenue opportunities beyond dispensing. It also enables TRHC to further participate in Medicare Part D Medication Therapy Management programs, and other similar programs, which require or can benefit from the involvement of community pharmacies. Participation in these programs will allow TRHC to generate revenue from channels that were not previously accessible to TRHC. PW generated revenue of $29.0 million in 2018 and ended the year with annual recurring revenue of $32.0 million.

“The mission of PrescribeWellness, to deliver technology-enabled services solutions to help community pharmacies improve patient care and thrive economically, is very much aligned with TRHC’s mission. We welcome the PrescribeWellness team of over 150 employees and congratulate them on what they have accomplished,” said TRHC Chairman and CEO, Calvin H. Knowlton, PhD. “TRHC has successfully initiated our MedWise™ Medication Risk Identification and Mitigation platform with 400 pharmacists in 300 pharmacies through our participation in Center for Medicare and Medicaid Innovation’s Enhanced Medication Therapy Management Model Test. PrescribeWellness now catapults our reach to an additional 10,000 pharmacies and more than 15,000 pharmacists. We are excited to begin integrating PrescribeWellness’ talented team, proprietary platform, and network of community pharmacies as part of TRHC’s comprehensive suite of client offerings.”

PW CEO, Al Babbington, who will continue to lead PW following the acquisition noted, “PrescribeWellness was founded in 2010 with the goal to inspire collaboration for better health. We built a nationwide network of pharmacies that are expanding their role to provide preventive healthcare services. The network is within 5 miles of approximately 275 million people, which represents approximately 85% of the United States population. We believe that the opportunity to bring the PrescribeWellness pharmacies the clinical insights and tools that TRHC has created will accelerate the improvement of health in America and drive significantly reduced costs for government programs, health plans and consumers. I am immensely pleased to be a part of TRHC and to continue to expand the footprint and service offerings of PrescribeWellness in concert with TRHC.”

Piper Jaffray & Co. served as exclusive financial advisor to TRHC in connection with the transaction. Morgan, Lewis & Bockius LLP served as legal counsel to TRHC. First Analysis Securities Corporation served as exclusive financial advisor to PW in connection with the transaction. Cooley LLP served as legal counsel to PW.

Management Conference Call

TRHC’s management will provide additional details on the PW acquisition during a conference call today, March 5, 2019 at 5:00 p.m. Eastern Time. Stockholders and interested participants may listen to a live broadcast of the conference call by dialing 844-413-0947 or 216-562-0423 for international callers, and referencing participant code 7069577 approximately 15 minutes prior to the call. A live webcast of the conference call will be available on the investor relations section of TRHC’s website (ir.trhc.com) and an audio file of the call will also be archived and available for replay approximately two hours after the live event for a period of 90 days thereafter at ir.trhc.com. After the conference call, a replay will be available until March 13, 2019 and can be accessed by dialing 855-859-2056 or 404-537-3406 for international callers, and referencing participant code 7069577.

About Tabula Rasa HealthCare

TRHC (NASDAQ:TRHC) is a leader in providing patient-specific, data-driven technology and solutions that enable healthcare organizations to optimize medication regimens to improve patient outcomes, reduce hospitalizations, lower healthcare costs and manage risk. TRHC provides solutions for a range of payers, providers and other healthcare organizations. For more information, visit TRHC.com.

Forward-Looking Statement

This press release includes forward-looking statements that we believe to be reasonable as of today’s date. Such statements are identified by use of the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “should,” and similar expressions. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release. These forward-looking statements include, among other things, our goals and expectations regarding the combined company and the integration of PW into TRHC, the expected synergies from the combined company and the expected financial and operating performance of TRHC following the completion of the acquisition. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: the risk that we may not be able to achieve our expectations for the combined companies due to challenges in integration and inability to retain key employees; fluctuations in our financial results; the acceptance and use of our products and services by PACE organizations and pharmacies; the need to innovate and provide useful products and services; risks related to changing healthcare and other applicable regulations; our ability to maintain relationships with a specified drug wholesaler; increasing consolidation in the healthcare industry; managing our growth effectively; our ability to adequately protect our intellectual property; the requirements of being a public company; our ability to recognize the expected benefits from acquisitions on a timely basis or at all; and the other risk factors set forth from time to time in our filings with the Securities and Exchange Commission (“SEC”), including those factors discussed under the caption “Risk Factors” in our most recent annual report on Form 10-K, filed with the SEC on March 1, 2019, and in subsequent reports filed with or furnished to the SEC, copies of which are available free of charge within the Investor Relations section of the TRHC website http://ir.trhc.com or upon request from our Investor Relations Department. TRHC assumes no obligation and does not intend to update these forward-looking statements, except as required by law, to reflect events or circumstances occurring after today’s date.

Media Contact
Dianne Semingson
dsemingson@trhc.com
T: (415) 547-7099 Investors


at 4:42 PM 0 comments

Philly EnterpriseTech Highlights 3/5: eMoney Advisor, ERT, ACG Philly, J&J

Much of the creation of Fidelity Go was done at its Radnor-based eMoney Advisor unit




ERT, which collects cardiology data, could sell for $2.5 billion, one source said.




This conference is trying to establish itself as a leader in its field on the east coast.






J&J developed the new drug




MuleSoft, a Dell Boomi competitor






Wallach, an area native, has been instrumental in Veeva's success






























at 10:23 PM 0 comments

Philly ACG SaaS & Tech Enabled Services Conference on March 12 in Philly

Tom Paine




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ACG Boston, ACG New York and ACG Philadelphia are teaming up for the 2nd Annual ACG (Association for Corporate Growth) Northeast Industry Tour.

Philly is hosting the first leg, the SaaS & Tech Enabled Services Conference at the Union League on March 12.

Stephanie P. McAlaine, Executive Director of ACG Philadelphia, explained to me in a phone interview that ACG, long a generalist organization, was seeing increased demand among its membership for specialty programs, in this case SaaS and the huge increase in non-tech companies that have come to rely on technology, because that's where many deals are coming from.

Last year the inaugural event drew more than 250 people.


McAlaine sees the opportunity to establish the ACG Philly Conference as the most prominent of its kind on the east coast, where no event dominates. That would have many benefits for the Philly private equity and SaaS communities.

Christian Bullit of Raymond James New York, formerly of LLR Partners, is a lead organizer of the event along with Dan Ryan of Milestone Partners & Peak Equity Partners. Bullett emphasized that the event will draw not only from up and down the east coast, but nationwide. He also made it clear that this is a PE event, not a VC event.

Although this conference has more bankers than company operators, leaders of three exceptional SaaS companies will present: Anaplan, with a recent IPO success, represented by Philly native Paul Melchiorre; Exton's iPipeline, and iCIMS, a big NJ-based SaaS HR venture back originally by Susquehana Growth Equity. Not to omit Malvern's Frontline Education.




Speakers named to date include:


David Badler, Portfolio Operations & Growth, Susquehanna Growth Equity
Robert L. Berstein, Managing Director - Technology Investment Banking, Piper Jaffray & Co.
Christian Bullitt, Managing Director, Raymond James
Jim Catalino, Chief Client Success Officer, Frontline Education
Tony Diodato, AVP, iPipeline
Pete Elkes, CFO, Occasion Brands
Adam Feigenbaum, Chief Customer Officer, iCIMS
Ryan Hays, Director, Lazard
Jerry Huskins, CEO, Fonteva
Reid Jackson, President & CEO, Unison
Paul Melchiorre, Global Customer Officer, Anaplan
Justin Nadile, Vice President, NewSpring
Ian O'Neal, Managing Director, Raymond James
Ken Wasick, Managing Director, Stephens
Don Yount, CEO, Critical Mention

There will also be five roundtable discussion panels, on subjects ranging from eCommerce platform evolution to scaling inside sales groups.

The Conference will take place on Tuesday, March 12 from 10am to 6pm, at the Union League. Members (any ACG Chapter): $195
Non-members: $275


at 5:00 AM 0 comments

Veeva beats guidance; Announces President Matt Wallach will retire



Tom Paine




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Veeva Systems, the California-based life sciences cloud company with significant roots in the Philly area, ended another quarter and fiscal year by beating guidance. Fiscal Year 2019 (ending 1/31) total revenues were $862.2M, up 25% Year-over-year; Q4 total revenues was $232.3M, up 25% Year-over-year.

For FY 2019, fully diluted net income per share was $1.47, compared to $0.98 one year ago, while non-GAAP fully diluted net income per share was $1.63, compared to $0.96 one year ago.

Looking to expand beyond life sciences, Veeva says it nearly doubled the base of Veeva QualityOne customers, deepened relationships with early adopters and expanded within its enterprise accounts. So that appears to be a go to market for Veeva.

Veeva (NYSE: VEEV) now has a $17.5 billion market cap. That means its Price / Revenue ratio is about 20x current earnings, which is rather high. (. See how Veeva compares to others in the Bessemer Emerging Cloud Index.)

Saying one is a fan of a company is one thing; saying one is a fan of its stock at any price is another. At this price, I would probably lay off for a while (but I do not have or ever had any holdings in VEEV). Of course, if a serious acquirer came along, It would probably pay more. And to an extent, Veeva's current share price may reflect some acquisition expectations.

Founder and CEO Peter Gassner says Veeva is an anomaly that's never had a "natural acquirer." But there are others who aim to get in the digital health care game in a big way. Mega vendors Google, Apple, Amazon and Microsoft are possibilities. A life sciences giantor major insurer / heath plan combination could also have interest. Oracle (a Veeva competitor in certain areas) and Salesforce would be long shots. A major motivation for launching Veeva was to build something that wasn't Oracle. Gassner was with People Soft (now Oracle) and Salesforce prior to Veeva.

While Veeva has to do what's best for itself, its shareholders and customers, it would be great to see the Veeva story continue to develop under one roof.


Matt Wallach

Another Veeva announcement also made on Friday was the planned retirement of its President and co-founder, Matt Wallach . Walllach will stay on till mid-year and return in 2020 as a board member.

From what I could tell, while Gassner is a visionary leader and database technology expert, Wallach was the guy who made sure Veeva's product / market fit was properly aligned. Wallach, who grew up in the Swarthmore area before attending Yale and Harvard Business School, was able to do much of his work for Veeva from an east coast office in Radnor. I think the story that Wallach, after 12 years, is going to shift gears in life while returning soon to Veeva's board, makes sense.

Gassner said in a release, "Matt has built a very strong leadership team, who will assume his day-to-day responsibilities".



at 11:01 PM 0 comments

Veeva Announces Transition of Its President Matt Wallach to transition from President to Board of Directors

24.178.145.127 ­
Veeva Announces Transition of Its President
Matt Wallach to transition from President to Board of Directors

February 26, 2019 04:05 PM Eastern Standard Time
PLEASANTON, Calif.--(BUSINESS WIRE)--Veeva Systems (NYSE:VEEV) today announced that Matt Wallach will retire from his role as president as of June 2019 and join the company’s board of directors effective January 2020.

“I’m honored to join the Veeva board which will allow me to further contribute to Veeva and the industry while spending additional time with my family.”
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“The opportunity to work with the incredible Veeva team and our customers has been the highlight of my career. Together, we're building the industry cloud for life sciences,” said Matt Wallach, Veeva president. “I’m honored to join the Veeva board which will allow me to further contribute to Veeva and the industry while spending additional time with my family."

“I am grateful for Matt’s leadership over the past 12 years. He has been a great partner to the life sciences industry and to me personally,” said Veeva CEO, Peter Gassner. “I look forward to his continued leadership as a member of the Veeva board.”

As a Veeva board member, Wallach will advise on corporate strategy and remain active in the life sciences industry. Wallach’s operational responsibilities will be assumed by his senior leadership team.

About Veeva Systems

Veeva Systems Inc. is a leader in cloud-based software for the global life sciences industry. Committed to innovation, product excellence, and customer success, Veeva has more than 700 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. Veeva is headquartered in the San Francisco Bay Area, with offices throughout North America, Europe, Asia, and Latin America. For more information, visit veeva.com.

Forward-looking Statements

This release contains forward-looking statements, including the quotations from management and other statements regarding Mr. Wallach’s transition from President to a member of Veeva’s Board of Directors. Any forward-looking statements contained in this press release are based upon Veeva’s current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Veeva’s expectations as of the date of this press announcement. Subsequent events may cause these expectations to change, and Veeva disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including unexpected events related to Mr. Wallach’s transition from President to a member of Veeva’s Board of Directors, including the timing of such transition.

Additional risks and uncertainties that could affect Veeva’s forward-looking statements are included under the captions, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s filing on Form 10-Q for the period ended October 31, 2018. This is available on the company’s website at veeva.com under the Investors section and on the SEC’s website at sec.gov. Further information on potential risks that could affect actual results will be included in other filings Veeva makes with the SEC from time to time.

Contacts
Media Contact:
Lisa Barbadora
Veeva Systems Inc.
610-420-3413
pr@veeva.com











at 4:53 PM 0 comments

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