Life sciences SaaS vendor Veeva Systems, with significant Philly area presence, files for IPO of up to $150 million

Tom Paine

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Veeva Systems, the Pleasanton, CA-based life sciences software firm with a significant presence in the Philadelphia area, has filed for an IPO to raise up to $150 million.

Veeva, which competes with Oracle and others in providing SaaS solutions to pharmaceutical and life sciences sales & marketing functions, has its US sales, marketing and customer service functions based out of Radnor. In June, it acquired Fort Washington-based healthcare provider data firm AdvantageMS. Veeva co-founder and Chief Strategy Officer Matt Wallach, a Wallingford native, is based here. (Update: Wallach was named President of
Veeva Systems last month, reporting to CEO Peter Gassner.)

Veeva reported revenue of $129.5 million for the fiscal year ending January 31, 2012, more than double the previous year. Income was $18.8 million.

Looking at the recent Bessemer Ventures Partners data on the valuations of publicly traded SaaS companies relative to their revenues, one can speculate at what Veeva's market capitalization could be, particularly considering that Veeva has been profitable while many listed in the BVP data are still not.

Veeva, founded in 2007, has reached this point with only $4 million in venture funding from Emergence Capital Partners and $3 million in angel funding. Emergence Capital has a stake of more than 30%.

I first wrote about Veeva's possible IPO plans in March.

Veeva would list its common stock on the New York Stock Exchange under the symbol "VEEV".