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Here is a followup to my post from a few days ago on Veeva Systems' IPO filing, taking a more detailed look at the company's
Revenue for the fiscal year ended January 31, 2013 was $129.5 million, more than double the prior year. Revenue for the 6 months ending July 31, 2013 was $92.4 million, up from $54 million for the same period in 2012, for growth of 71%.
Net Income was $18.8 million for the fiscal year ended 1/31/2013 and $10.8 million for the six months ended 7/31/2013. Veeva had $53 million in cash as of 7/31.
Veeva had 593 employees as of July 31, of which 190 were located outside of North America. The company says international revenue constituted one-third of total revenue in its last fiscal year.
Hard to tell how many employees are located in the Philadelphia area. President Matt Wallach told me back in March that at least 50 were located around here, and that number may have grown by now. I'm not sure how many employees the acquisition of Fort Washington- based AdvantageMS in June added; its Linkedin Page says it has 51-200 employees, and some of those are based elsewhere. The purchase price for AdvantageMS was $12.3 million, according to the S-1.
Veeva's second major product line, Veeva Vault, was launched last year, but Veeva CRM has generated more than 95% of the revenue in its history, the company says.
Veeva clearly states its intent to go beyond the sales and marketing functions and reach an "expanded set of customers" within the R&D departments of life sciences organizations using Veeva Vault.
Veeva CRM runs on the Force.com platform out of a Salesforce data center. The company does not reveal the third-party host of its Vault product, which Veeva built on its own platform. Veeva's agreement with Salesforce expires in September 2015 and does not renew automatically; furthermore, Veeva's license agreement with Salesforce allows it to sell products based on that platform only to pharma and biotech drugmakers - not to medical device makers or non-drug departments of pharma or biotech companies.
Emergence Capital Partners (Gordon Ritter), which holds a stake of more than 30% resulting from its $4 million investment in Veeva, stands to make a remarkable return on its investment if the offering goes as hoped.
Co-founder Matt Wallach, who had been Chief Strategy Officer, became President in August. Wallach, who has been based in Philly area, is a native of Wallingford and also served as Chief Marketing Officer of King of Prussia-based Health Market Science. Co-founder Peter Gassner is CEO.