Rapidly growing Veeva Systems buying new CA HQ, updates current PA presence

Tom Paine

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Pleasanton, CA-based Veeva Systems, which provides cloud-based solutions for the life sciences industry, is buying a 141,250 square-foot office building on 7.9 acres in Pleasanton for $24.1 million. It will house its new headquarters. Veeva's present
headquarters are nearby in Pleasanton, but the company has rapidly outgrown them.

The property was owned by a foundation, Maddie's Fund, endowed by Workday and PeopleSoft founder Dave Duffield and his wife Cheryl. The foundation, which aims to end euthanasia of dogs and cats, originally intended to use the facility for its work, but decided there were more cost efficient ways to do that.

The late & beloved Maddie, namesake of Maddie's Fund /Maddie's Fund

The company currently has about 250 employees working in about 40,000 square feet in Pleasanton, a tight fit from my experience. Veeva says its new facility could be partitioned and partially leased out if it chooses.

As for its US eastern headquarters, Veeva says 40 employees are tied to its Ft. Washington office and 39 employees are tied to its Radnor office. In total, it has about 93 employees
in Pennsylvania.

Veeva, which did its IPO last fall (NYSE: VEEV) reported revenue of $210.2 million for the year ended Jan. 31, up 62 percent from the prior year, and net income of $23.6 million, up 26 percent. It has a market capitalization of about $3.2 billion, and has several of the major life sciences companies in the NJ/PA area among its customers.