|By Business Wire||
|March 4, 2014 04:06 PM EST||
Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the life sciences industry, today announced an extension of their global partnership with salesforce.com through 2025. The agreement builds on the successful, long-standing partnership between the two companies with an additional ten-year joint commitment.
“Throughout our history, salesforce.com has been an outstanding partner,” said Peter Gassner, CEO of Veeva Systems. “The Salesforce1 Platform provides the ideal cloud infrastructure for our CRM product, allowing us to focus on delivering to the market the deep industry-specific applications and the continuous innovation our customers require.”
"Working with salesforce.com, Veeva has driven tremendous innovation in the life sciences industry,” said Keith Block, President and Vice Chairman, salesforce.com. “Salesforce.com is committed to partnering with industry leading providers like Veeva to unlock new levels of customer success."
Veeva continues as salesforce.com’s preferred worldwide partner for the pharmaceutical and biotech industry. The agreement includes minimum payment commitments from Veeva over the term of the extension. Otherwise, the commercial terms of the agreement remain largely unchanged and Veeva expects the renewal to have no impact on its financial model.
Built on the Salesforce1 Platform, Veeva CRM is part of Veeva’s Commercial Suite for life sciences, which delivers the accurate customer data and compliant content required to enable more effective customer engagement across multiple communication channels.
Further detail on the agreement can be found in the Form 8-K filed by Veeva with the SEC today.
About Veeva Systems
Veeva Systems Inc. is a leader in cloud-based software for the global life sciences industry. Committed to innovation, product excellence, and customer success, Veeva has more than 190 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. Veeva is headquartered in the San Francisco Bay Area, with offices in Europe, Asia, and Latin America. For more information, visit www.veeva.com.
This release contains forward-looking statements, including statements regarding Veeva’s future financial performance, market growth, the demand for and benefits from the use of Veeva’s solutions, strategies, and general business conditions. Any forward-looking statements contained in this release are based upon Veeva’s historical performance and its current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Veeva’s expectations as of the date of this release. Subsequent events may cause these expectations to change, and Veeva disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including (i) adverse changes in general economic or market conditions, particularly in the life sciences industry; (ii) delays or reductions in information technology spending, particularly in the life sciences industry; (iii) dependence on revenues from our Veeva CRM solution, and the rate of adoption of our new products; (iv) competitive factors, including but not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by our competitors; (v) our ability to manage our growth effectively; (vi) our limited operating history, which makes it difficult to predict future results; (vii) the development of the market for enterprise cloud services, particularly in the life sciences industry; (viii) acceptance of our applications and services by customers, including renewals of existing subscriptions and purchases of subscriptions for additional users and solutions; (ix) breaches in our security measures or unauthorized access to our customers’ data; (x) our expectation that the future growth rate of our revenues will decline, and that as our costs increase, we may not be able to generate sufficient revenues to sustain the level of profitability we have achieved in the past or achieve profitability in the future; (xi) loss of one or more key customers; and (xii) changes in sales that may not be immediately reflected in our results due to our subscription model.
Additional risks and uncertainties that could affect Veeva’s financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in Veeva’s filing on Form 10-Q for the period ended October 31, 2013, which is available on the company’s website at www.veeva.com under the Investors section and on the SEC’s website at www.sec.gov. Further information on potential risks that could affect actual results will be included in other filings Veeva makes with the SEC from time to time.
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