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.
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| 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.
Philly Tech People News 7/6/2014
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InterDigital Names Doug Hutcheson to Board of Directors (Globe Newswire)
Gallop Solutions Expands Operations in US; Announces New VP-Sales
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SCTE taps Dean Stoneback as senior director of engineering (FierceCable)
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The Archer Group appoints Adam Siers, Steve Cleff and Scott Boggs
(Philly Ad Club News)
Penn Mezzanine, TL Ventures and their ties to Safeguard Scientifics
Tom Paine
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I found it curious that both the local (Philadelphia) and national press, in reporting on donations by a principal of VC firm TL Ventures to Mayor Nutter and Governor Corbett that the SEC said violated "pay to play" regulations (a settlement was reached with the SEC late last month), did not mention those firms' past and present ties to Wayne-based Safeguard Scientifics (NYSE: SFE).
I'm not implying wrongdoing on any one's part. In my own mind I'm not sure this isn't a
nitpicking application of an overbearing regulation. I just wanted to point out the connections.
TL Ventures, founded in 1988, grew out of the extended Safeguard Scientifics family when it was nearing its zenith; Pete Musser and Ira Lubert were cofounders. TL Ventures has been called a "zombie VC firm" in recent years, meaning it is no longer actively raising new funds, but is simply managing and winding down its existing portfolio (although it has made a few new investments). TL Ventures raised a fourth fund for $259 million in 1999, and a fifth fund for $685 million a year later. That was pretty much the end of major fundraising.
According to the SEC, TL Ventures and an affiliate, Penn Mezzanine Partners Management, separately claimed exemption from registration (for reporting donations) in 2012, for different reasons. Penn Mezzanine said it was below the minimum asset level required for filing, and TL Ventures said it was exempt since it was only advising VC firms, which were exempt from those reporting requirements.
One fairly recent financing that TL Ventures led (in 2011) was a $1.3 million round in StreetWise Media, the Boston-based publisher of BostInno and some other east coast websites focused on local cultural and tech news. It wasn't very similar to its past investments. In 2012, American City Business Journals, publisher of the Philadelphia Business Journal and other similar business publications, acquired Streetwise Media.
In July 2011, Safeguard Scientifics announced it had acquired a 36% stake in Penn Mezzanine.
State and City records show TL founder Robert Keith Jr. gave $2,000 to Pennsylvania Gov. Tom Corbett that fall, and $2,500 to Philadelphia Mayor Michael Nutter during the spring primary campaign of that year, the same amounts and dates cited by the SEC. TL Ventures violated so-called "pay-to-play" rules by collecting fund-related fees from the city and state within two years of the political donations. Those pay to play prohibitions were put into law as part of the Dodd-Frank legislation of 2010.
The SEC, in its investigation of Penn Mezzanine and TL Ventures, found the two were to a large extent "overlapping entities without any policies or procedures designed to keep the two separate." (pdf)
TL Ventures agreed to a settlement in which the firm would disgorge $256,697, pay prejudgement interest of $3,197 and a penalty of $35,000. The firm has neither admitted or denied the SEC’s findings, the agency said.
Corbett plans to give his donation to charity, a Corbett spokesperson said, and Nutter plans to return his donation to Mr Keith, according to a Nutter spokesperson.
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Gartner cuts 2014 IT spending growth forecast (Computerworld)
Links 7/3/2014: Salesforce announces strategic partnership with Deutsche Telekom in Germany; Zayo Group files for IPO
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Fiber network company Zayo Group files for IPO (Reuters)
Zayo Group Acquires AtlantaNAP Data Center (Light Reading)
Salesforce.com Announces Strategic Partnership with Deutsche Telekom and Invests for Growth in Germany (PR Newswire)
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SAP HANA gets some Spark from Databricks (Diginomica)
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Echo Therapeutics management shake-up follows proxy fight (Philadelphia Business Journal)
Links 7/2/2014: Oracle's $10 billion debt raise leaves some leftover after Micos purchase; PA after Uber & Lyft
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Oracle selling $10 billion in bonds, giving hint to buying spree (PC World)
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QTS Acquires New Jersey Data Center from McGraw Hill Financial and forms Strategic Partnership with Atos (PR Newswire)
Links 7/1/2014: Aereo asks users to fight back against Supreme Court ruling; Longview Solutions acquired by Marlin Equity
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Aereo asks users to fight back against Supreme Court ruling (Engadget)
DirecTV Was In Talks With Competitor Prior to AT&T Deal (Multichannel News)
Longview Solutions Acquired by Marlin Equity Partners
(MarketWatch)
Longview Solutions, a provider of corporate performance management ("CPM") and tax provisioning software, has its US headquarters in Radnor.
Future-Proofing The Smart Home: Staples Thinks It Has The Answer (ReadWrite)
eBay Confirms Shutdown of Small-Business E-Commerce Software Products (Re/code)
Twitter Said to Agree to Buy TapCommerce for $100 Million (Bloomberg)
Twitter buys 29-yr-old Philly guy's mobile ad firm for $100M (Philly.com: Philly Deals)
MapR raises $110M to fuel its enterprise Hadoop push (Gigaom)
Amazon Launches Its Most Affordable EC2 Instances Yet, But There’s A Caveat) (TechCrunch)
Links 6/30/2014: Comcast raises your electric bill by turning router into a public hotspot, Speedify CEO says; Comcast asks for retest
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Comcast raises your electric bill by turning router into a public hotspot (Ars Technica)
Alex Gizis, CEO of Philly-based Connectify (of which Speedify is a crowd-funded service), who conducted the testing, says Comcast has requested they conduct another test using the equipment most like what is actually in subscribers homes now.
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J&J patent exec (coincidentally named Johnson).
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Philly Tech People News 6/29/2014: New eBay Enterprise chief; ValueVision CEO Stewart replaced
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eBay Inc. Names Craig Hayman as Head of eBay Enterprise (Business Wire)
ValueVision shakeup complete, CEO Stewart resigns (Twin Cities Pioneer Press)
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NextGen Healthcare Chief Medical Officer Elected HIMSS EHR Association Vice Chair (Business Wire)
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