Veeva Acquires Veracity Logic for Randomization and Trial Supply Management (RTSM)

Rhea-AI Summary

Veeva Systems (NYSE: VEEV) has acquired Veracity Logic, a cloud software provider for randomization and trial supply management (RTSM). This acquisition aims to enhance Veeva's capabilities in streamlining complex clinical trial processes. The Veeva RTSM solution has already supported 175 trials across 60 countries. The integration will be managed by Veracity's founder, Steve Zimmerman, alongside key executives. Veeva emphasizes customer choice in integrating RTSM with various systems while maintaining existing partnerships. The forward-looking statements warn of the inherent risks in acquisitions.

Positive

• Acquisition of Veracity Logic enhances Veeva's RTSM offerings.
• Veeva RTSM has supported over 175 trials globally, indicating strong demand.
• The integration allows for customer flexibility with existing EDC systems.

Negative

• Inherent risks associated with the acquisition may affect future success.
• Uncertainty in achieving synergies and financial goals post-acquisition.

PLEASANTON, Calif., Dec. 13, 2021 /PRNewswire/ -- Veeva Systems (NYSE: VEEV) today announced it has acquired Veracity Logic, a provider of cloud software for randomization and trial supply management (RTSM). The Veracity Logic team will join Veeva to deliver industry-leading software and services, helping companies simplify complex processes and expedite clinical trials.

The solution, offered as Veeva RTSM, delivers fast setup timelines and a configurable feature set to meet a broad array of randomization and supply needs. It has supported over 175 trials with sites in 60 countries, covering a range of trial designs and complexities across all therapeutic areas in pharma/biotech, medical device, and diagnostics.

"We are pleased to have the Veracity Logic team join Veeva and look forward to bringing RTSM excellence to our customers," said Jim Reilly, vice president, Vault R&D and Quality at Veeva Systems. "This expands Veeva's clinical offering with flexible and user-friendly RTSM capabilities."

Veeva is committed to continuity and openness for Veeva RTSM customers and Veeva's RTSM partners including, Almac Group, S-CLINICA, Signant Health, Suvoda, and 4G Clinical. New and existing customers will have the choice to integrate Veeva RTSM with any EDC system and to use Veeva EDC with any RTSM system.

"We are excited to join Veeva. This acquisition is great for our customers and employees," said Steve Zimmerman, Veracity Logic founder. "Joining Veeva allows us to scale our solution to a wider market while continuing to deliver customer success."

Veeva RTSM will be led by founder Steve Zimmerman as general manager, current President David Goldston as vice president of sales, and Natalie Townsend as vice president of strategy. For more on Veeva RTSM, visit rtsm.veeva.com.

Additional Information
Connect with Veeva on LinkedIn: linkedin.com/company/veeva-systems
Follow @veevasystems on Twitter: twitter.com/veevasystems

About Veeva Systems
Veeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders, and the industries it serves. For more information, visit veeva.com.

Forward-looking Statements
This release contains forward-looking statements about the benefits we expect from our acquisition of Veracity Logic, including the extent to which the Veeva RTSM product will be successful. Such statements are based on our current plans, estimates, and expectations, which may change. We have no obligation to update these statements. Acquisitions are risky, and we cannot be certain of success. We describe the risks and uncertainties that we believe are most relevant to our business, including risks associated with acquisitions, in our periodic reports with the SEC available at ir.veeva.com and at sec.gov. 

Contact:
Deivis Mercado
Veeva Systems
925-226-8821

 

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SOURCE Veeva Systems

FAQ

What is the significance of Veeva's acquisition of Veracity Logic?

The acquisition enhances Veeva's randomization and trial supply management capabilities, streamlining clinical trial processes.

How many trials has Veeva RTSM supported?

Veeva RTSM has supported over 175 trials across 60 countries.

Who will lead the Veeva RTSM team after the acquisition?

The Veeva RTSM team will be led by Veracity Logic's founder, Steve Zimmerman.

What are the risks associated with Veeva's acquisition?

The acquisition carries inherent risks and uncertainties that could impact its success and financial performance.

How does Veeva RTSM benefit its customers?

Veeva RTSM offers flexible integration options, allowing customers to adapt the solution to their existing systems and needs.