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VEEV > SEC Filings for VEEV > Form 8-K on 17-Jun-2014All Recent SEC Filings

Show all filings for VEEVA SYSTEMS INC



Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement.

On June 13, 2014, Veeva Systems Inc. (the "Company") entered into a purchase and sale agreement (the "Purchase Agreement") with The Duffield Family Foundation, a Nevada nonprofit corporation, to purchase a certain parcel of real estate located at 4280 Hacienda Drive, Pleasanton, California (the "Property"). The Property consists of one office building containing approximately 141,250 square feet located on approximately 7.9 acres of land. The purchase price for the Property is approximately $24.1 million, of which approximately $1.0 million has been deposited into escrow. The Company will pay the balance of the purchase price at closing, which is expected to occur in July 2014, subject to the satisfaction of closing conditions and the execution of certain ancillary agreements. The Company retains the right to terminate the Purchase Agreement at any time prior to the closing, subject to the forfeit of the deposit. The Company plans to use the Property as its headquarters facility, with occupancy to begin in the spring of 2015, and to pay the purchase price out of its cash balance. The Company does not expect this purchase or the related buildout to impact its guidance for the quarter ending July 31, 2014 or year ending January 31, 2015.

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