Matt Wallach is the co-founder and president of Veeva Systems (NYSE:VEEV), a cloud-based software company that found success catering to the life-sciences industry. But the company isn't stopping there.
In this clip from Industry Focus: Healthcare, Matt reveals the company's strategy behind entering the quality management space -- and many other industries beyond that. His message is loud and clear: Today's suite of 23 products is just the beginning.
A full transcript follows the video.
This video was recorded on March 15, 2017.
Matt Wallach: We think that quality management is going to be the strategic entry point for us into lots of these other industries, very similar to how our CRM product was our strategic entry point into life sciences. I think 10 years from now, it's not going to be Veeva with the life-sciences industry cloud and one quality management thing they sell outside; there's going to be a whole suite of products that we sell to multiple industries. Quality management is the first area. And we really have to create a multi-industry model that allows us to scale, allows us to be profitable like we like to, and allows us to become a really important technology provider to those companies.
Kristine Harjes: When you look at that broader opportunity, what would you say is the total addressable market for Veeva?
Wallach: I think it's early to put a number on it, because we're just getting started there. But we joke internally, because Vault can manage content management applications, which is this whole huge class of software, and it can manage data management applications, which is even larger; we joke internally that it's kind of an unlimited market. It's limited by which products we choose to build. This is an important part of our strategy, or really any company, but for us specifically -- because we have expanded from one product; now we actually have 23 products that we sell. We're going to continue to build new applications and new modules to expand the product line, a lot of that on Vault. The onus is on us to choose the right markets. We're not just going to go into every market. We have to choose the right markets; we have to do it at the right pace that allows us to continue to provide the same level of customer success that we've seen in life sciences. As we expand and make those strategic bets, we'll update our TAM accordingly. It's just a little early to put a number on what it could look like in 10 or 20 years from now for us.
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