Veeva Systems (VEEV, Financial), a global cloud solutions provider for the life sciences industry, experienced a 5% stock drop following news that a client switched to Salesforce (CRM). Both companies develop customer relationship management (CRM) software. Paul Shawah, Veeva's EVP of Strategy, mentioned that while the company aims to retain most clients, it recently lost one to Salesforce for a customized service project.
Shawah emphasized that such custom approaches are rare among large clients, and Veeva remains confident in retaining the majority. The company has commitments from four of its top 20 clients and is in discussions with others. Baird analysts maintain an "outperform" rating on Veeva, believing the financial impact is manageable and the situation could change over time.
