Veeva's Vault Fuels Profits as CEO Gassner Becomes a Billionaire

(Bloomberg) -- Peter Gassner has become Silicon Valley’s latest billionaire as shares of his Veeva Systems Inc. hit a record Wednesday after the cloud-software provider posted profit and sales that topped Wall Street estimates.

The 53-year-old founder and chief executive officer is now worth $1.1 billion as Veeva shares surged 13 percent to $70.33 at 1:47 p.m. in New York. Veeva declined to comment on Gassner’s net worth.

Veeva’s Vault application has proved popular with life-sciences firms such as Merck & Co. who use it to manage clinical trials. The software maker also has a platform to help the industry track sales and customers.

Revenue for the fiscal year ended Jan. 31 climbed 26 percent to $686 million, the Pleasanton, California-based company said Tuesday. It forecast $815 million to $820 million of revenue for the current year.

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