Business

Veeva Systems Inc (NYSE:VEEV) Makes its Case

Veeva Systems Inc (NYSE:VEEV) recently announced that there are now more than 100 Veeva OpenData partners available to help biopharma and pharmaceutical companies extend the value of quality customer data across their organizations.

“Veeva is committed to making it easier for companies to use and integrate customer data faster for improved execution,” said Rebecca Silver, vice president of Veeva OpenData. “Our open partner approach gives customers flexibility to leverage Veeva OpenData with a broad range of data, technology, and service providers to drive greater commercial success.”

Veeva Systems Inc (NYSE:VEEV) bills itself as a company that provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally.

The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, data solutions, and master data management solutions; and Veeva Vault, a cloud-based enterprise content management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.

It also provides professional and support services in the areas of implementation and deployment planning and project management; requirements analysis, solution design, and configuration; systems environment management and deployment services; services focused on advancing or transforming business and operating processes related to Veeva solutions; technical consulting services related to data migration and systems integrations; training on its solutions; and ongoing managed services that include outsourced systems administration.

The company was formerly known as Verticals onDemand, Inc. and changed its name to Veeva Systems Inc. in April 2009. Veeva Systems Inc. was founded in 2007 and is headquartered in Pleasanton, California.

In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($1B against $294.7M).

 

From the Other Side

We started off by noting that VEEV recently hit the wires with the announcement that there are now more than 100 Veeva OpenData partners available to help biopharma and pharmaceutical companies extend the value of quality customer data across their organizations.

The stock has suffered a bit of late, with shares of VEEV taking a hit in recent action, down about -4% over the past week.

According to the release, Veeva’s extensive partnerships with leading data, technology, and service providers also eliminate the hassles and delays of multiple third-party agreements. Veeva has one data agreement in place with each partner to reduce the time and cost of data implementations for all mutual customers. This allows life sciences companies to leverage accurate data faster and more efficiently.

“Veeva OpenData provides accurate, complete HCP information so organizations can enhance sales force effectiveness,” said James Barone, CEO of BusinessOne Technologies, Inc. “Mapping BusinessOne market access insights with Veeva OpenData reduces the payer challenges that physicians face on a day-to-day basis and helps deliver better patient outcomes because treatment can be initiated more quickly.”

Veeva Systems Inc (NYSE:VEEV) managed to rope in revenues totaling $209.6M in overall sales during the company’s most recently reported quarterly financial data — a figure that represents a rate of top line growth of 25.8%, as compared to year-ago data in comparable terms.

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