Veeva Systems Investment Thesis

Veeva Systems Inc. provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of software, data, and analytics solutions, which include Veeva customer relationship management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM MyInsights, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva OpenData, Veeva Link, Veeva Network, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Patients; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including sales and marketing, and medical content and communications, 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 incorporated in 2007 and is headquartered in Pleasanton, California.

Veeva Systems (VEEV): The Operating System for Life Sciences

1. Executive Summary

Veeva is the gold standard for "Vertical SaaS." It has successfully monopolized the CRM market for pharma sales reps and is now replicating that dominance in R&D and Clinical Trials via the "Veeva Vault" platform. It is profitable, founder-led, and expanding its TAMS beyond life sciences.

Key Thesis Points

Commercial to R&D Shift: While "Commercial Cloud" (CRM) is maturing, "Vault" (R&D, Clinical Data, Quality) is growing rapidly and has a larger long-term TAM.
Platform Independence: Veeva is migrating its backend from Salesforce to its own infrastructure ("Vault Direct"), improving gross margins and reducing platform risk.
Data Cloud: "Veeva Link" and "Compass" are emerging data products that leverage Veeva's network effects to sell proprietary industry data, a highly lucrative revenue stream.

2. Business Overview

Commercial Cloud: CRM for pharma sales teams. Helping reps track interactions with doctors. Deeply entrenched (~80% market share).
Veeva Vault: A content management platform for drug development. Manages everything from clinical trial data to regulatory submission documents.
Service & Services: Professional services to help pharma giants implement these complex systems.

3. Financial Analysis

(See Financials Tab for live data)

Profitability: Unlike many SaaS peers, Veeva was profitable almost from day one.
Retention: Net Revenue Retention (NRR) often exceeds 120% in the Vault segment, indicating strong "land and expand" dynamics.

Veeva Systems Investment Thesis

Veeva Systems (VEEV): The Operating System for Life Sciences

1. Executive Summary

Key Thesis Points

2. Business Overview

3. Financial Analysis

4. Valuation

5. Risks

VEEV Valuation Model

Veeva Systems Inc. (VEEV)