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Veeva Systems Acquires Veracity Logic -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Veeva Systems Inc Class A (NYSE:) revealed Monday that it has acquired Veracity Logic, a company that makes Interactive Response Technology (IRT) products for the pharma and biotech industries.

Veracity Logic, a North Carolina-based cloud company for trial supply management and randomization (RTSM), is headquartered in the Research Triangle Area.

Veeva will be joining them and expanding its clinical offerings with flexible and intuitive RTSM capabilities.

VeevaRTSM technology is claimed to have a fast setup time and can be configured to satisfy different randomizations and supply requirements. The technology has already supported more than 175 trials at sites located in 60 different countries.

They did not disclose any financial information about the agreement.

Jim Reilly, vice president, Vault R&D and Quality at Veeva Systems, said, This expands Veeva’s clinical offerings with user-friendly and flexible RTSM capabilities.”

Veeva shares are up around 1% on Monday. Earlier in the day, Citi lowered the price target on the stock to $349 from $356, keeping a buy rating. 

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