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Veeva Systems, the life sciences cloud software company with its Eastern US offices in Radnor, announced today it had extended its global partnership with Salesforce for another ten years through 2025.
Veeva will continue to use the Salesforce1 platform for its CRM product, and Veeva will continue as Salesforce’s preferred worldwide partner for the pharmaceutical and biotech industry. The agreement includes minimum payment commitments from Veeva over the term of the extension. Otherwise, the commercial terms of the agreement remain largely unchanged, the company says.
Meanwhile, for the fiscal year ended January 31, 2014 Veeva reported today total revenue of $210.2 million, up 62% from the prior year, while net income was $23.6 million, a 26% increase.
Quarterly results were slightly ahead of Wall Street expectations, and Veeva's guidance for the next fiscal year was mostly in line with expectations.