Veeva files for a $150M IPO. The company provides cloud-based CRM, content management, and collaboration software to life sciences companies. The firm intends to list on the NYSE under the ticker VEEV.
peHUB reported that the company had privately filed its registration in July, utilizing new provisions for small businesses under the JOBS act.
The company has experienced explosive growth. Revenue expanded 111.4% in 2012 to 129.5M, but has since slowed to 71.1% in 1H 2013.
Veeva is a bit of an outlier in the cloud IPO space. The company generated a profit of $18.8M in 2012, up from $4.2M in 2011. It stands to beat that number this year, with 1H net income of $10.8M. (S-1)
Veeva competes with much larger players in the space like Opentext (OTEX), EMC, Oracle, and Microsoft.