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It stayed steadily positive in recent years and is +23.2% in 2026. Demand side (avg +9%), the stock (+23.2%) and supply side (avg +5.2%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is Amazon (+12%) and the furthest behind is Salesforce, Inc. (-1.6%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It uses computing infrastructure from Amazon Web Services and Salesforce to deliver its services and acquires companies such as Ostro to broaden its product portfolio.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"Rise Healthcare Tech, Inc. (Ostro)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-20","basis":"Ostro 발행주식 전부 인수 대가","value":100000000,"period":"Acquisition completed 2026-03-10","basis_en":"Consideration for the acquisition of all outstanding Ostro shares","qualifier":"approximate"},"note":"비바는 2026년 3월 환자와 의료진을 위한 AI 기반 대화형 참여 플랫폼 업체 Ostro의 발행주식 전부를 인수했다. 공시된 인수 대가는 현금과 장기 주식 보상으로 약 1억달러다.","note_en":"Veeva acquired all outstanding shares of Ostro, an AI-driven conversational engagement platform for patients and healthcare professionals, in March 2026. The disclosed consideration was approximately $100 million in cash and long-term equity retention grants.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-20","url":"https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131.htm","title":"비바 시스템스 FY2026 Form 10-K","title_en":"Veeva Systems Inc. FY2026 Form 10-K","excerpt":"비바는 Ostro를 현금과 장기 주식 보상 약 1억달러에 인수했다.","excerpt_en":"Acquisition of Ostro for approximately $100 million in cash."}]},{"direction":"cost","counterparty":"아마존","counterparty_slug":"amazon","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-20","basis":"아마존웹서비스에 지급한 컴퓨팅 인프라 비용","value":null,"period":"FY2026","basis_en":"Computing infrastructure expense paid to Amazon Web Services","qualifier":"confirmed_no_disclosed_value"},"note":"비바는 Vault CRM을 포함한 Veeva Vault 애플리케이션의 컴퓨팅 인프라로 아마존웹서비스를 사용한다. AWS 관련 비용은 구독 매출원가에 포함되지만 공급사별 금액은 공개되지 않았다.","note_en":"Veeva uses Amazon Web Services as computing infrastructure for Veeva Vault applications, including Vault CRM. AWS expenses are included in subscription cost of revenue, but vendor-specific spending was not disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-20","url":"https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131.htm","title":"비바 시스템스 FY2026 Form 10-K","title_en":"Veeva Systems Inc. FY2026 Form 10-K","excerpt":"회사는 Veeva Vault 애플리케이션에 아마존웹서비스를 사용한다고 공시했다.","excerpt_en":"We utilize Amazon Web Services."},{"stance":"confirms","publisher":"아마존","publisher_en":"Amazon","kind":"ir","lang":"en","published_at":"2025-06-25","url":"https://press.aboutamazon.com/2025/6/veeva-and-aws-expand-10-year-relationship","title":"비바와 AWS, 10년 협력 관계 확대","title_en":"Veeva and AWS Expand 10-Year Relationship","excerpt":"비바는 Veeva Vault 애플리케이션의 클라우드 인프라로 AWS를 사용한다.","excerpt_en":"Veeva is using AWS as the cloud infrastructure."}]},{"direction":"cost","counterparty":"세일즈포스","counterparty_slug":"salesforce","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-20","basis":"세일즈포스 플랫폼 사용과 호스팅 인프라에 지급한 수수료","value":null,"period":"FY2026 and contractual wind-down through 2030","basis_en":"Fees paid for use of the Salesforce platform and associated hosting infrastructure","qualifier":"confirmed_no_disclosed_value"},"note":"비바의 기존 Veeva CRM과 일부 멀티채널 CRM 애플리케이션은 세일즈포스 플랫폼과 호스팅 인프라를 사용한다. 계약은 2025년 9월 만료됐지만 2030년까지 단계적 종료 기간이 이어지며, 관련 수수료의 공급사별 금액은 공개되지 않았다.","note_en":"Veeva's legacy Veeva CRM and some multichannel CRM applications use Salesforce's platform and hosting infrastructure. The agreement expired in September 2025, but a wind-down period runs through 2030; vendor-specific fees were not disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-20","url":"https://www.sec.gov/Archives/edgar/data/1393052/000139305226000014/veev-20260131.htm","title":"비바 시스템스 FY2026 Form 10-K","title_en":"Veeva Systems Inc. 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Contract value and customer-specific revenue share were not disclosed.","sources":[{"stance":"confirms","publisher":"지디넷코리아","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2026-05-28","url":"https://zdnet.co.kr/view/?no=20260528201002","title":"독일 머크, 비바시스템즈 'Veeva Vault CRM' 글로벌 도입 결정","title_en":"Merck KGaA Selects Veeva Vault CRM for Global Deployment","excerpt":"독일 머크사가 전 세계 사업장에 Veeva Vault CRM을 도입하기로 결정했다.","excerpt_en":"Merck KGaA decided to deploy Veeva Vault CRM across its global operations."},{"stance":"confirms","publisher":"비바 시스템스","publisher_en":"Veeva Systems","kind":"ir","lang":"en","published_at":"2026-05-27","url":"https://www.veeva.com/resources/merck-kgaa-darmstadt-germany-selects-veeva-vault-crm-worldwide/","title":"Merck KGaA, Veeva Vault CRM 전 세계 도입 결정","title_en":"Merck KGaA, Darmstadt, Germany Selects Veeva Vault CRM Worldwide","excerpt":"Merck KGaA가 Veeva Vault CRM을 전 세계에 도입하기로 했다고 발표했다.","excerpt_en":"Merck KGaA has committed globally to Veeva Vault CRM."}]},{"direction":"revenue","counterparty":"일라이 릴리","counterparty_slug":"lilly-eli","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-08-11","basis":"일라이 릴리의 Veeva Vault CRM 글로벌 도입 계약금액","value":null,"period":"2026 global Vault CRM commitment","basis_en":"Value of Eli Lilly's global Veeva Vault CRM commitment","qualifier":"confirmed_no_disclosed_value"},"note":"일라이 릴리는 비바의 기존 대형 제약 고객이며 2026년 Vault CRM을 전 세계에 도입하기로 했다. 고객별 계약금액이나 매출 비중은 공개되지 않았다.","note_en":"Eli Lilly is an established large-pharma customer of Veeva and committed to a global Vault CRM rollout in 2026. Contract value and customer-specific revenue share were not disclosed.","sources":[{"stance":"confirms","publisher":"비바 시스템스","publisher_en":"Veeva Systems","kind":"ir","lang":"en","published_at":"2026-08-11","url":"https://ir.veeva.com/news/news-details/2026/Veeva-Vault-CRM-Selected-by-Eli-Lilly-and-Company/default.aspx","title":"일라이 릴리, Veeva Vault CRM 선택","title_en":"Veeva Vault CRM Selected by Eli Lilly and Company","excerpt":"일라이 릴리는 Veeva Vault CRM을 전 세계에 도입하기로 했다.","excerpt_en":"Lilly has committed to Veeva Vault CRM globally."},{"stance":"confirms","publisher":"삼성증권","publisher_en":"Samsung Securities","kind":"research","lang":"ko","published_at":"2020-10-20","url":"https://www.samsungpop.com/common.do?cmd=down&contentType=application/pdf&fileName=2010/2020102008124039K_01_04.pdf&saveKey=research.pdf","title":"비바 시스템즈: 헬스케어 특화 SaaS, 임상부터 판매까지!","title_en":"Veeva Systems: Healthcare-focused SaaS from Clinical Development to Commercialization","excerpt":"일라이 릴리를 포함한 대형 제약사를 비바 시스템스의 고객으로 제시했다.","excerpt_en":"The report identified Eli Lilly among Veeva Systems' large pharmaceutical customers."}]}]}