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Veeva Systems Inc
Veeva Systems Inc., born in the heart of Silicon Valley in 2007, embarked on its journey with a clear mission: to revolutionize the pharmaceutical and life sciences industries with cloud-based solutions. Founded by Peter Gassner, who previously held leadership roles at Salesforce and PeopleSoft, Veeva identified a niche opportunity amid the highly-regulated, complex landscape of healthcare. The company began by offering Customer Relationship Management (CRM) software tailored for the life sciences sector, allowing clients to stay compliant with industry regulations while efficiently managing relationships across the intricate healthcare network. Veeva’s CRM solutions gradually became instrumental for pharmaceutical and biotech companies in conducting their marketing, sales, and collaboration activities.
As Veeva expanded, it diversified its portfolio by delving into other digital solutions, such as data management and analytics, content management, and regulatory and compliance software. Its Vault platform stood out, providing a unified suite for managing a vast array of business processes and content across powerful cloud applications. This approach enabled Veeva to serve its clientele throughout the drug development lifecycle, from research and development to commercialization. By adopting a subscription-based pricing model, Veeva ensured a steady revenue stream while continuously enhancing its offerings, solidifying its position as both a trusted partner and a critical component of its clients’ operational infrastructure. Through these strategic expansions, Veeva Systems Inc. not only adapted to the evolving demands of the healthcare sector but also reinforced its dominance in the specialized domain of life sciences cloud technology.
Veeva Systems Inc., born in the heart of Silicon Valley in 2007, embarked on its journey with a clear mission: to revolutionize the pharmaceutical and life sciences industries with cloud-based solutions. Founded by Peter Gassner, who previously held leadership roles at Salesforce and PeopleSoft, Veeva identified a niche opportunity amid the highly-regulated, complex landscape of healthcare. The company began by offering Customer Relationship Management (CRM) software tailored for the life sciences sector, allowing clients to stay compliant with industry regulations while efficiently managing relationships across the intricate healthcare network. Veeva’s CRM solutions gradually became instrumental for pharmaceutical and biotech companies in conducting their marketing, sales, and collaboration activities.
As Veeva expanded, it diversified its portfolio by delving into other digital solutions, such as data management and analytics, content management, and regulatory and compliance software. Its Vault platform stood out, providing a unified suite for managing a vast array of business processes and content across powerful cloud applications. This approach enabled Veeva to serve its clientele throughout the drug development lifecycle, from research and development to commercialization. By adopting a subscription-based pricing model, Veeva ensured a steady revenue stream while continuously enhancing its offerings, solidifying its position as both a trusted partner and a critical component of its clients’ operational infrastructure. Through these strategic expansions, Veeva Systems Inc. not only adapted to the evolving demands of the healthcare sector but also reinforced its dominance in the specialized domain of life sciences cloud technology.
Revenue Beat: Veeva reported Q3 revenue of $811 million, coming in above guidance and reflecting strong performance across the business.
Guidance Raised: Management increased guidance for Q4 and the full year, citing improved deal visibility and earlier-than-expected deal closures.
CRM Customer Dynamics: 14 of the top 20 customers are expected to migrate to Vault CRM, with 6 opting for other solutions, but the revenue risk is considered manageable with no near-term material impact expected.
AI Initiatives: Veeva AI is progressing well, with a plan to embed AI agents in all major products by the end of 2026, aiming to drive significant industry-specific automation and efficiency.
Crossix Growth: Crossix continues to outperform and is expected to remain a strong growth driver for several years, benefiting from increased digital marketing spend in life sciences.
Diverse and Resilient Business: CRM now represents only about 20% of total revenue, down from 25% two years ago, with other areas growing rapidly and Veeva remaining on track for its 2030 goals.
Management
Peter P. Gassner is a prominent figure in the technology and life sciences industries, best known as the co-founder and CEO of Veeva Systems Inc. Veeva Systems is a cloud-computing company focused on providing software solutions for the global life sciences industry. Under Gassner's leadership, the company has become a major player in the sector, known for its innovation and customer-centric approach. Gassner began his career in software development, working at IBM and later at Oracle, where he contributed significantly to the growth of their CRM division. His stint at Oracle honed his skills in enterprise software development and management, laying the groundwork for his future ventures. Before founding Veeva in 2007, Gassner also worked at Salesforce, where he was responsible for building the original technology team and was instrumental in developing the company’s platform. His strategic vision for Veeva Systems has always emphasized deep industry focus, product excellence, and customer success, which have been key factors in the company's expansion and efficacy. Under his guidance, Veeva has consistently grown its product offering, which includes applications for clinical trial management, regulatory compliance, quality management, and other areas critical to life sciences and pharmaceuticals. Peter Gassner's leadership style and business acumen have been widely recognized, earning him numerous accolades in the tech world. He is also known for advocating a genuine employee-centric culture and maintaining high standards of ethical business practices. Through his work with Veeva, Gassner has played a crucial role in transforming how pharmaceutical and biotech companies operate, ultimately aiming to improve patient outcomes globally.
Gassner began his career in software development, working at IBM and later at Oracle, where he contributed significantly to the growth of their CRM division. His stint at Oracle honed his skills in enterprise software development and management, laying the groundwork for his future ventures. Before founding Veeva in 2007, Gassner also worked at Salesforce, where he was responsible for building the original technology team and was instrumental in developing the company’s platform.
His strategic vision for Veeva Systems has always emphasized deep industry focus, product excellence, and customer success, which have been key factors in the company's expansion and efficacy. Under his guidance, Veeva has consistently grown its product offering, which includes applications for clinical trial management, regulatory compliance, quality management, and other areas critical to life sciences and pharmaceuticals.
Peter Gassner's leadership style and business acumen have been widely recognized, earning him numerous accolades in the tech world. He is also known for advocating a genuine employee-centric culture and maintaining high standards of ethical business practices.
Through his work with Veeva, Gassner has played a crucial role in transforming how pharmaceutical and biotech companies operate, ultimately aiming to improve patient outcomes globally.
Thomas D. Schwenger is a notable executive at Veeva Systems Inc., a cloud-computing company focused on the life sciences industry. As Chief Commercial Officer, he takes on the pivotal role of overseeing the company’s customer success and market expansion strategies. With a customer-centric approach, Schwenger is responsible for driving the company’s go-to-market functions including sales, services, and marketing. Before joining Veeva, Thomas Schwenger held several leadership roles that equipped him with extensive experience in managing large-scale operations and leading high-performance teams. He was previously affiliated with top-tier professional services firms, where he developed a strong foundation in strategic consulting and enterprise software solutions. Schwenger's educational background includes a focus on business and technology, which complements his professional experience in offering innovative solutions that align technology with business needs. His leadership at Veeva Systems is marked by a commitment to excellence and a drive to enhance the company’s value proposition to the life sciences sector. Through his strategic insights, Schwenger plays a crucial role in shaping the company's future trajectory and sustaining its competitive edge in the market.
Before joining Veeva, Thomas Schwenger held several leadership roles that equipped him with extensive experience in managing large-scale operations and leading high-performance teams. He was previously affiliated with top-tier professional services firms, where he developed a strong foundation in strategic consulting and enterprise software solutions.
Schwenger's educational background includes a focus on business and technology, which complements his professional experience in offering innovative solutions that align technology with business needs. His leadership at Veeva Systems is marked by a commitment to excellence and a drive to enhance the company’s value proposition to the life sciences sector. Through his strategic insights, Schwenger plays a crucial role in shaping the company's future trajectory and sustaining its competitive edge in the market.
