SaaS Life Sciences vendor Veeva Systems, with significant Radnor (& now Ft Washington) presence, annnounces IPO plans

Tom Paine

 Subscribe in a reader
Subscribe to Philadelphia Tech News by Email

Veeva Systems announced this morning it was planning to conduct an initial public offering of its common stock after the SEC completes the review process initiated by Veeva Systems' confidential submission on June 26, 2013 of its draft registration statement, subject to market and other conditions.

Headquartered in Pleasonton, CA, Veeva serves the life sciences vertical with an increasingly broad array of SaaS-based solutions. Veeva has much of its US sales, marketing and client services based in Radnor, with at least 50 to 60 employees located in the area, the company told me in March.

Veeva's CRM offering for Life Sciences sales reps was built on Salesforce's platform. It built its own content management platform, Veeva Vault, which was introduced last year. Just this week, at the DIA annual meeting, it introduced its cloud-based Veeva Vault Investigator Portal, appearing to move more deeply into the clinical trial document management space, and acquired AdvantageMS, a Fort Washington-based provider of data on healthcare providers.

I first wrote about Veeva's potential IPO plans after Bloomberg reported on them in March, speaking at the time with Veeva co-founder and Chief Strategy Officer Matt Wallach, a Wallingford native who is based here. Veeva is unusually profitable for an early-stage SaaS company, with Bloomberg citing sources as saying that Veeva posted a profit of $30 million on revenue of $120 million in 2012. Oracle is probably Veeva's biggest overall competitor, and Oracles' partnerships with Salesforce, NetSuite and Microsoft announced this week were seen by many analysts as a recognition of its weaknesses in SaaS and cloud computing.

Veeva Systems was founded in 2007 and reached this point with only $7 million in outside capital. Peter Gassner is its President & CEO.


Daily Links 6/27/2013: Reports suggest Malone may try to make move for Time Warner Cable sooner rather than later

Why First Round Capital invested in a satellite company (Rob Hayes/First Round Capital Blog)

Inside John Malone's Strategy to Corner Broadband (Analysis) (Hollywood Reporter)

Malone Said to Explore Scenarios for Time Warner Cable Deal (Bloomberg)

Dish Gives Up on Clearwire (Multichannel News)

A week of Oracle announcements (so far) and what
it means to software buyers
(Brian Sommer/Enterprise Irregulars)

Oracle, CEOs team up to discuss new cloud deal

Looking for a job? Safeguard Scientifics is hiring after reorganization leads to Executive VP exit (Med City News)

What do you after making it big in online advertising? Try to cure cancer, of course (Gigaom)
On Invite Media co-founders Zach Weinberg and Nat Turner and their new startup Flatiron

Oracle, SAP To Benefit From Analytics Software Growth (Investor's Business Daily)

Cloud upstart Host Analytics is a ‘cloud piranha’ taking big bites out of Oracle’s enterprise sales (VentureBeat)