Reuters: Veeva Systems, with significant Radnor presence, taking more steps towards IPO

Tom Paine

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Reuters reports that Life Sciences CRM & CMS vendor Veeva Systems is taking more steps towards an IPO that could occur as soon as the third quarter of this year, and has hired Morgan Stanley and Deutsche Bank AG to lead the deal, according to its sources.

Based in Pleasanton, CA and founded in 2007, Veeva Systems has much of its US sales and customer service personnel based out of Radnor. Veeva built its SaaS CRM system on Salesforce's Force.com platform; it developed its content management system (Vault) from scratch.

I first reported on speculation about a possible Veeva IPO in March, speaking with Veeva Chief Strategy Officer Matt Wallach, who is based in Radnor.

Wallach said Veeva had 50 to 60 employees in the Philadelphia area. The company had around $120 million in annual revenue last year and is quite profitable, according to reports. It accomplished this with only $7 million in venture capital - $4 million of it institutional
(from Emergence Capital) and $3 million in angel funding.




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