Provider of industry-specific cloud-based software solutions, Veeva Systems Inc. VEEV is rapidly expanding its European data business. The company recently announced the availability of Veeva OpenData in France — its second European market — in just six months, the first one being the U.K.
Offering customer reference data and services for the life sciences industry, Veeva OpenData delivers comprehensive healthcare professional (HCP), healthcare organization (HCO) and affiliations data. Its simple pricing eliminates complex and restrictive three-party agreements that limit usage and access to customer data.
We note that the company is making consistent efforts to best support customer data needs globally. Veeva OpenData is currently available in Australia, China, France, the U.S., and the U.K., and is being developed for all major markets. Availability in other major European countries is expected in 2015, with additional regions to follow in 2016.
Veeva also announced that Sobi – a specialty life sciences company dedicated to rare diseases – has selected Veeva Commercial Cloud, including Veeva OpenData in the U.K. and France to support its global commercial organization across sales, marketing, and medical.
Veeva Commercial Cloud is a comprehensive solution that includes Veeva CRM, Veeva Vault PromoMats, Veeva Network customer master data management software and Veeva OpenData.
Several life sciences companies, including Kythera, Medac Pharma and Keryx, are already in the process of establishing end-to-end commercial operations with Veeva Commercial Cloud. We believe that these new initiatives will boost Veeva’s top line going forward.
Notably, Veeva opened two new European data centers in Germany and the U.K. in Dec 2014. The data centers are expected to support European and global customers’ needs for all of the company’s cloud-based solutions such as Veeva CRM, Veeva Network and Veeva Vault.
We believe that growing traction of Veeva OpenData in the customer reference data market will enhance the company’s customer data business and provide significant growth opportunities.
Stocks to Consider
Currently, Veeva carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Internet software industry include Atunity Ltd. ATTU, Synchronoss Technologies Inc. SNCR and TeleCommunication Systems Inc. TSYS. All the three stocks sport a Zacks Rank #1 (Strong Buy).
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