Veeva Systems, at Philadelphia Summit, launches new offerings
Tom Paine
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Cloud life sciences vendor Veeva Systems is holding its annual Commercial Summit in Philadelphia this week (May 20-21), as it usually does. Although it is based in Pleasanton, CA, Veeva has its US marketing and customer functions in Radnor, and of course many of its large Pharma clients are located in the area. The Summit, held at the Philadelphia Marriott Downtown, has about 850 attendees this year, according to Veeva.
Veeva had one of the most successful of recent IPOs last October, ending its first day of trading with a share price of $37.16 and a market capitalization of $4.5 billion. Its shares have leveled off from that frothy start to $19.66 (and a $2.5 billion market cap), probably more due to the pounding the SaaS/Cloud sector has taken than any significant changes in its fundementals.
At its summit today, Veeva announced the Veeva Commercial Cloud for life sciences. Commercial Cloud appears to build upon Veeva's principle product platforms, Veeva CRM, Veeva Network, and Veeva Vault, integrating software, interactions, data and content.
Commercial Cloud also adds several new features, including Veeva Align (resource allocation and alignment across customers and territories), Veeva CRM Meetings (for meeting planning and coordination), Veeva CRM Engage (a social communications tool), and Veeva CRM Co-broswe (a screen sharing app).
Also today, Veeva and Horsham-based Symphony Health Solutions announced plans to integrate their data sources on life sciences vendors' customers. Veeva Systems and Symphony Health Solutions are pre-aligning Veeva Network’s customer master and Symphony Health Solutions’ prescriber datasets. Unique identifiers from each company will be embedded in both datasets to provide a seamless, efficient, and accurate match, the companies said in a release.
In building out its "industry cloud", Veeva has partnered with several other healthcare IT firms and data suppliers, including a few from the Philadelphia area.
In Veeva's most recent quarter ended in January, revenue was $62.8 million and net income
was $6.25 million, up from revenue of $39.8 million and net income of $5.7 million a year
ago.
