File photo: Peter Gassner, founder and CEO of Veeva Systems, is interviewed on the floor of the New York Stock Exchange.
Brendan McDiarmid | Reuters
Viva SystemsThe company, which sells cloud software to life sciences and pharmaceutical companies, has joined the S&P 500, becoming the latest tech company to be added to the benchmark.
Shares rose about 10% in after-hours trading following Thursday’s S&P Dow Jones Indices announcement. Veeva will join the index prior to the start of trading on May 7th. cotera energyhas been acquired by. devon energy.
Fund managers that track benchmarks have to buy stocks as they change, so companies often see their stock prices rise when they’re included in major indexes.
App Lovin, data dog, door dash and robin hood is among the technology companies that joined the S&P 500 last year.
Veeva rebounded on Thursday’s announcement, but its stock, along with other cloud software vendors, has taken a hit this year as investors worry that artificial intelligence will disrupt their businesses. As of Thursday’s close, Veeva is down 30% in 2026, while the S&P 500 is up 5% in that time.
Veeva was founded in 2007 by Peter Gassner and Matt Wallach and went public on the New York Stock Exchange in 2013. Gassner has been CEO since the company’s inception.
In March, Veeva reported quarterly profits of $244 million on revenue of about $836 million, an increase of nearly 16% from a year earlier. Competitors include: Amazon, Ikuvia, microsoft, oracle and sales force.
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