Veeva: From the Garage to the NYSE in 6 Years Flat
Veeva (Pleasanton, CA, USA) files for IPO of up to $150 million.
Veeva is a global provider of industry-specific, cloud-based software solutions for the life sciences industry. The Veeva solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance. The Veeva customer relationship management solutions enable customers to increase the productivity and compliance of their sales and marketing functions. The regulated content management and collaboration solutions enable customers to more efficiently manage a range of highly regulated, content-centric processes across the enterprise. The customer master solution enables the customers to more effectively manage complex healthcare provider and healthcare organization data.
The company was founded in 2007 on the premise that industry-specific business problems would best be addressed by industry-specific, cloud-based solutions, an approach referred to as Industry Cloud. Veeva believes Industry Cloud solutions are particularly relevant to global, complex and heavily regulated industries, such as the life sciences industry. Although there are some basic functions within life sciences companies that horizontal cloud-based solutions have been able to address, such as payroll and expense management, the industry has largely continued to rely on legacy, on-premise information technology (IT) systems to meet industry-specific needs in critical business functions such as new drug submissions, quality management, sales and marketing. As a result, prior to Veeva, life sciences companies were largely unable to implement cloud-based solutions for many of their most critical business functions.
The Veeva Industry Cloud for life sciences consists of cloud-based solutions that were designed from the ground up to address the specific business and regulatory requirements of this global industry. Veeva CRM, the customer relationship management solution for sales representatives, enables a broad range of industry-specific functions such as drug sample tracking with electronic signature capture, healthcare affiliations management, and the ability to conduct interactive, rich media demonstrations with physicians on a mobile device, with or without an internet connection. Veeva Vault, the regulated content management and collaboration solution, enables the management of complex, content-centric processes, such as the collection, management and organization of thousands of documents during clinical trials and managing the complex versioning, workflows and approvals for promotional materials, in compliance with stringent government regulations. Veeva Network, the recently announced customer master solution that will be generally available in late 2013, enables the creation and maintenance of the healthcare provider and organization master data that drives life sciences companies’ sales and marketing operations.
Peter Gassner, Founder and CEO of Veeva
We have achieved rapid customer growth and strong customer retention, which we believe is largely due to our acute focus on customer success. As of January 31, 2011, 2012 and 2013, we served 51, 95 and 134 life sciences customers, respectively. As of August 31, 2013, we served approximately 170 life sciences customers, including 33 of the 50 largest global pharmaceutical companies. Our solutions have been implemented in over 75 countries, ranging from deployments within a single division or geography to major deployments at some of the largest global pharmaceutical companies, including Bayer Healthcare AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck & Co., Inc. and Novartis International AG, as well as projects at smaller life sciences companies.
The Veeva solutions utilize multi-tenant architectures, allowing to rapidly deliver new functionality to all customers simultaneously and enabling the customers to benefit from the innovations and to comply with frequently changing regulations more quickly because all customers are using the same version of our solutions. A multi-tenant architecture is one that allows multiple customers to use the same hardware and software infrastructure while keeping each customer’s data logically separated.
Veeva P&L Statement from the IPO file
