Veeva Systems (VEEV) Launches Multitenant Cloud Offering

Veeva Systems Inc (NYSE:VEEV) recently launched Veeva Vault CTMS, the industry’s first multitenant cloud application that collaborates ‘information’ and ‘documentation’ into one platform and acts as a single source of information for all clinical executions.

Life sciences companies are likely to benefit from this application as the application offers streamlining of clinical trial operations by reducing complexity and enhancing transparency. Notably, Veeva Vault CTMS is expected to be available from the first quarter of 2017.

The product is believed to eliminate problems like inefficiency, information asymmetry and incompatible technology by providing a single solution for all of these. In this new application, Veeva aims to focus on other big issues such as delay in systems and procedural problems by providing a single platform for clinical master data which is comprehensive, easy to access and constantly updated.

Veeva Vault is a cloud platform and ‘a suite of applications’ specifically built for life sciences companies. Veeva Vault CTMS together with Veeva Vault eTMF will present the first and only suite of clinical applications that combine CTMS and eTMF into one platform. With regular product innovation by Veeva, life sciences companies can accelerate trial execution, gain accurate information on their clinical operations and simplify their end-to-end clinical executions.

Veeva Systems has been expanding its product portfolio for long. The company has almost 10 Vault applications expanding its base in clinical, quality, regulatory, medical and commercial fields.

Zacks Rank & Key Picks

Currently, Veeva Systems has a Zacks Rank #3 (Hold).

Better-ranked stocks in the medical instrument sector include Paylocity Holding Corporation (NASDAQ:PCTY) , Zendesk Inc (NYSE:ZEN) and 2U Inc (NASDAQ:TWOU) . While Paylocity and Zendesk holds a Zacks Rank #1 (Strong Buy), 2U holds a Zacks Rank #2 (Buy).