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