Veeva Said to Plan 2013 IPO as Cloud Startup Challenges Oracle
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Veeva Systems Inc. plans an initial public offering this year, people familiar with the matter said, stepping up a challenge to Oracle Corp. with Web-based software for pharmaceutical sales.
Veeva is meeting with banks including Morgan Stanley and is seeking a valuation of about $2 billion, or 10 times projected 2013 sales, said the people, who asked not to be named because the talks are private. Revenue is on track to grow at least 50 percent this year as Veeva edges past Oracle in tools to help drugmakers promote treatments to doctors.