Veeva Systems (VEEV) Grows In Digital Asset Management Space

In a bid to expand digital asset management capabilities, Veeva Systems (NYSE:VEEV) announced a new platform on the same that simplifies the process of creating portals plus organizing and showcasing content within Veeva Vault PromoMats, which are expected to hit the markets this December.

Marketing teams can share digital assets and campaigns at one go using the Veeva Vault PromoMats Brand Portal. Per management, Vault PromoMats Brand Portalis the only application that unifies digital asset management with medical, legal and regulatory review to eliminate the need to move, duplicate and manage content across numerous systems.

Developments in Veeva Vault Platform

The company’s Vault portfolio includes Veeva CRM (customer relationship management), Veeva Vault (content and information management), Veeva Network (customer master and product data management) and Veeva data services (Veeva OpenData and Veeva KOL data). Veeva Systems has been consistently putting efforts to enhance the Vault portfolio. Notably, the company’s bookings in the Vault platform accounted for more than half the total in the last quarter.

In the cloud platform, Veeva Systems gained significant market traction, aided by its Zinc Ahead platform.

Meanwhile, the adoption of Vault QualityDocs and Vault QMS is also growing by the day. The company gained considerable footing in the market with eight of the top 20 pharmaceuticals companies being standardized on the Vault eTMF platform. In fact, Veeva Systems announced its recent entry into the clinical data management space with two solutions, Veeva Vault EDC and Veeva Vault eSource, respectively.

Significantly, Veeva Systems has of late announced that it will partner with interactive response technology vendors to provide advanced randomization and trial supply management capabilities with Veeva Vault EDC. The company has announced a strategic tie-up with Accenture to provide Veeva Vault RIM solutions to life sciences and pharma companies. Such deals are expected to strengthen Veeva Systems customer base and drive revenues (read more: Accenture, Veeva Inks Deal, Boosts Life Sciences Industry).

On the company’s cloud offerings front, Veeva Systems announced that Veeva Vault Development Cloud is growing as a technology foundation to develop drugs in life sciences. Per management, more than 100 customers have adopted multiple applications across Vault Development Cloud suites.

So, we expect an increasing customer base to drive the top line in the coming days. Currently, Veeva Vault application serves areas for life sciences and clinical markets. Vault EDC, Vault CTMS, Vault eTMF and Study Startup enrich the company’s Vault portfolio.

Market Prospects

Per a report by Markets and Markets, the digital asset management market size is projected to be worth $5.66 billion by 2022 at an expected CAGR of 18.3%.Thus, the company clearly has bountiful prospects in its end market.

Shares Shine Bright

Veeva Systems’ share price movement continues to be robust. The stock has surged 34.2% in a year, outperforming the broader industry’s 31.4% growth.

Zacks Rank & Key Picks

Veeva Systems carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader medical sector are PetMed Express, Inc. (NASDAQ:PETS) , Myriad Genetics, Inc. (NASDAQ:MYGN) and Luminex Corporation (NASDAQ:LMNX) . While, PetMed and Myriad sport a Zacks Rank #1 (Strong Buy), Luminex Corporation carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

PetMed has a long-term expected earnings growth rate of 10%. The stock has rallied roughly 75% in a year.

Myriad Genetics has a long-term expected earnings growth rate of 15%. The stock has soared 97.2% over a year.

Luminex has a long-term expected earnings growth rate of 16.3%. The stock has gained 9.1% over the last year.

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