AGB 2021.7 - Veeva Systems (VEEV)

Best in Class Efficiency and Net Retention

Subscribe to AGB - One analysis of a good business every two weeks.

Veeva Systems

“Life sciences companies will have three major technology partners, one for ERP, one for development systems, and one for commercial, and we're trying to become two of them.” – Co-founder, Matthew Wallach at JPMorgan Conference, January 2018

Veeva Systems is the leading software vendor to life sciences companies. While Peter Gassner, co-founder and current CEO, was working at Salesforce.com he came up with the idea to develop a verticalized cloud solution solely focused on the life sciences industry. Because Salesforce.com didn’t want to specialize in this vertical, Veeva was founded. Veeva’s core CRM product was built on top of Salesforce.com’s platform and this commercial partnership still remains.

Veeva was able to quickly build CRM product specialized for the life sciences vertical by leveraging the platform. In exchange for the technology, Veeva pays a per seat licensing fee to Salesforce.com with mini…