Veeva Systems planning initial public offering: sources
(Reuters) - Life sciences-focused software company Veeva Systems is planning an initial public offering that could come in the third quarter and has selected banks to lead the deal, according to two people familiar with the matter.
The Pleasanton, California-based company has hired Morgan Stanley and Deutsche Bank AG, the sources said on Tuesday. The sources declined to speak publicly because the matter is private.
Veeva Systems, Morgan Stanley and Deutsche Bank declined to comment.
Veeva, which competes with Oracle, provides Web-based software for pharmaceutical representatives that allows them to track drug information and to provide documentation and data to their sales forces.
Veeva has also built a content management system for pharmaceutical companies to manage information related to drug development to maintain compliance and speed up the approval process.
The company generated around $120 million in annual revenue last year and is profitable, one of the sources said. It has more than 150 customers including large pharmaceutical companies like AstraZeneca PLC, Bayer, Eli Lilly & Co and Novartis AG, as well as biotech firms.
Veeva Systems received $4 million in funding from venture capital firm Emergence Capital in 2008.
(Reporting By Olivia Oran in New York; editing by Carol Bishopric)
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