Stock Update (NYSE:VEEV): HighPoint Solutions and Veeva Systems Inc Team Up to Deliver Industry-specific Master Data Management to Life Sciences Companies

Veeva Systems Inc (NYSE:VEEV) and HighPoint Solutions are expanding their partnership beyond Veeva CRM to bring Veeva Network Customer Master to more life sciences companies. HighPoint, which has a long and successful track record implementing master data management (MDM) systems, will now offer its customers implementation services for Veeva Network, the only MDM application developed exclusively for the life sciences industry.

Before Veeva Network, the life sciences industry was limited to one-size-fits-all MDM toolkits, requiring custom development and complex integrations. Veeva Network Customer Master offers a purpose-built application that is tailored to the specific needs of life sciences companies. Without the need for heavy customization, it’s quick to deploy and easy to use. And, its multitenant cloud architecture ensures customers always benefit from new capabilities Veeva continually delivers, keeping them ahead of changing business needs and compliance requirements.

“Since 2007, our partnership with Veeva has enabled us to deliver the most innovative, industry-specific solutions available to our clients and backed by the company’s commitment to customer success,” said Chris Colapietro, HighPoint’s executive vice president of technology. “We are pleased to expand our relationship with Veeva’s customer master solution. Veeva Network offers a single system for harmonized processes and worldwide visibility plus the flexibility to meet local market needs, making it the optimal solution for life sciences.”

Compiling accurate customer master data has been a constant struggle for life sciences companies. While some have deployed custom MDM systems in silos by country, others make do with spreadsheets and manual processes that increase complexity and risk. Veeva Network cleanses, standardizes, and de-duplicates healthcare professional and healthcare organization data from multiple systems and data sources globally to arrive at a single, consolidated customer master record. A global data model with country-level configuration provides both central control and local flexibility, eliminating the need to deploy and manage separate systems. It’s part of Veeva Commercial Cloud and fully integrated with Veeva CRM, ensuring that critical customer information is always available to sales and marketing users when they need it most.

“Well-recognized and experienced in MDM solutions consulting, HighPoint has been helping life sciences organizations address the challenge of maintaining a single, complete customer view for nearly a decade,” said Dan Goldsmith, Veeva’s chief strategy officer. “The company brings a strong vision and the depth of industry and technical expertise companies need.” Eric Letts, HighPoint’s vice president of MDM Solutions added, “Veeva Network is a next-generation MDM solution that’s not only powerful but also easy to use and implement.”

HighPoint customers range from top 10 pharmaceutical companies to biotechs and include Allergan, Bayer, GSK, Johnson & Johnson, Novartis, Pfizer, Shire, Teva, Vertex, and Zoetis. The company has already started working with its clients to adopt Veeva Network Customer Master globally. (Original Source)

Shares of Veeva Systems Inc closed yesterday at $26.41. VEEV has a 1-year high of $33.66 and a 1-year low of $21.57. The stock’s 50-day moving average is $27.67 and its 200-day moving average is $27.62.

On the ratings front, Canaccord Genuity analyst Richard Davis maintained a Buy rating on VEEV, with a price target of $36, in a report issued on May 29. The current price target represents a potential upside of 36.3% from where the stock is currently trading.

According to, Davis has a total average return of 5.7%, a 55.2% success rate, and is ranked #537 out of 3727 analysts.

Veeva Systems Inc is a provider of industry-specific, cloud-based software solutions for the life sciences industry.

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