PLEASANTON, Calif. - Veeva Systems (NYSE:VEEV) has announced that its Vault CRM is now the default solution for all new customers. The company, a prominent provider of cloud software for the life sciences industry, revealed that early adopters in the United States and Europe are already using the new system. Veeva has scheduled the first migrations of existing Veeva CRM customers to Vault CRM for early 2025, with a wider transition expected in 2026 and 2027.
According to Arno Sosna, general manager of CRM products at Veeva, the company is on track with delivering Vault CRM and progressing as planned with migrations. "We're pleased to deliver Vault CRM on time with migration to Vault CRM progressing on schedule," said Sosna. He also expressed gratitude to customers and the Veeva product team for their contributions to the development of the product.
Vault CRM is part of the Veeva Commercial Cloud, and the company will offer more information about the product at the upcoming Veeva Commercial Summit, scheduled for May 7-8 in Boston.
Veeva Systems, which serves over a thousand customers including large biopharmaceutical companies and emerging biotechs, is recognized as a global leader in cloud-based software for the life sciences sector. The company is structured as a Public Benefit Corporation, aiming to balance the interests of various stakeholders such as customers, employees, shareholders, and the industries it serves.
In its statement, Veeva also included forward-looking statements about the expected results and benefits of using their products and services. These are based on current expectations, and actual results may vary. The company acknowledges the risks that could negatively impact results, detailed in their fiscal year filing, and subsequent SEC filings.
This news is based on a press release statement from Veeva Systems.
InvestingPro Insights
As Veeva Systems (NYSE:VEEV) continues to innovate within the life sciences cloud software space, the financial metrics suggest a robust business model. With a market capitalization of 37.38 billion USD, the company stands as a significant player in the industry. Despite a high P/E ratio of 71.15, reflecting investor confidence in its growth potential, there has been a notable revenue growth of 9.68% over the last twelve months as of Q4 2024. This is further bolstered by a quarterly revenue growth of 11.93% in Q1 2024, indicating a strong upward trajectory in its financial performance.
An InvestingPro Tip highlights that Veeva Systems holds more cash than debt on its balance sheet, providing the company with financial flexibility and stability as it expands its Vault CRM offering. Furthermore, the company has experienced a strong return over the last three months, with a 20.35% price total return, showcasing the positive market reception to its strategic initiatives and product developments.
For readers interested in deeper analysis, there are additional InvestingPro Tips available, discussing various aspects such as earnings revisions by analysts, the company's liquidity, and its trading multiples. For instance, 18 analysts have revised their earnings upwards for the upcoming period, reflecting a positive outlook on the company's financial future. To explore these insights and more, you can visit https://www.investing.com/pro/VEEV. There are 14 additional InvestingPro Tips listed to help investors make informed decisions.
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