Why. #1 95% of revenue tied to Salesforce.com platform Force.com. Their contract expires in 2015. Salesforce is making moves in life science space above and beyond Veev. #2 Because of this dependence their IP is materially tied up with Force.com capability, functionality, etc--it is not easy to port the Veeva CRM to another open source platform for example if not practically impossible #3 CRM space getting fairly saturated--they will continue to grow but not at the pace they have fairly soon; #4 Veeva Vault is a key market segment to expand rapidly to keep justifying multiples and extremely high valuation--problems with Vault include A) regulated content management highly slow moving space--sales cycles long and complex even for a few hundred thousand dollar deal B) space is very competitive from large players like EMC (Documentum); Microsoft (SharePoint); Oracle (various content management capabilities); IBM (Websphere,FileNet, etc), Open Text (Livelink, et al), etc. to niche traditional players such as Qumas, CSC< MasterControl, NextDocs, Pilgrim, etc. to new horizontal open source/cloud upstarts that will move into this space including Box, DropBox and multiple others. In summary regulated content management space VERY competitive; conservative industry; long sales cycles; highly controlled processes, etc...Anything but a fast moving; high growth market. Moreover in life science space Documentum maintains near 100% penetration of market (it is the regulated ECM standard) and most compliance systems have eSignatures stored in these system. Even if Veeva gives away free many companies won't move--too much risk; too much compliance anxiety. A few will move to Veev and Veev will continue to expand in this space but the growth won't be at the rate over the next 24 months that the market expects #5 data management and other solutions could be compelling since they are accumulating a lot of information but they will from an architectural standpoint have to move OFF of Force to breakout here. Overall fantastic execution by leadership. Kudos to them but it is inevitable that sooner rather than later this company will move down to 4X to 5X their revenues.