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Investing.com — Veeva Systems Inc Class A (NYSE:VEEV) revealed Monday that it has acquired Veracity Logic, a company that makes Interactive Response Technology (IRT) products for the pharma and biotech industries.
Based in North Carolina’s Research Triangle area, Veracity Logic makes cloud software for randomization and trial supply management (RTSM).
They will join Veeva, which offers cloud software for the life sciences industry, and expand its clinical offering with “flexible and user-friendly RTSM capabilities.”
The technology, Veeva RTSM, is said to deliver quick setup timelines and a configurable feature set to meet various randomization and supply needs. So far, it has supported over 175 trials with sites in 60 countries.
The companies did not provide any of the deal’s financial details.
Jim Reilly, vice president, Vault R&D and Quality at Veeva Systems, said, “This expands Veeva’s clinical offering with flexible and user-friendly RTSM capabilities.”
Veeva’s share price is up around 1% Monday. Earlier in the day, Citi lowered the price target on the stock to $349 from $356, keeping a buy rating.
