Operator: Your next question comes from the line of Ryan MacDonald with Needham & Company.
Ryan MacDonald : Maybe first one for Peter. You talked about in the prepared remarks about the impact of sort of having the first milestone Vault Safety customer live now. I would just be curious, given that you spoke at the R&D Summit, what you’re seeing in terms of increased customer conversations or pipeline development sort of off of that event and the go-live here?
Peter Gassner: Excellent question there. I guess to step back, where we have a safety application that’s a very complex applications. It’s case processing of what’s called adverse events, somebody takes a medicine and they either have a bad reaction or they think they have a bad reaction and then has to be classified and routed and recorded to health authorities, et cetera, around the world. So it’s a very complex application. We’re really the first company able to do that as a cloud-native application. That means just like we do everything else, there’s one version of the code and all customers run it. So that’s a breakthrough. Our customers are used to on-premise applications, they have to upgrade lots of issues. Now that this customer is live.
This is the top 20, one of the larger top 20 customers. Now there’s proof that, that works. And I think, I wouldn’t say all the way, but mainly customers are thinking, I probably will go with Veeva for safety. And then the question is when, is it next year? Is it 3 years from now, 5 years from now, 7 years from now? So that’s really the significance of it. Now we have, of course, the work’s never done. I’ll never be satisfied with our safety application side. It always has to get better and better and better. But it was a very significant milestone, for the industry and for Veeva. And also just the other thing I’d add, the speed that, that implementation happened, I won’t quote the exact numbers of days, was probably about half the time that most customers would have expected that it would have taken.
So that was also seriously noticed by the industry.
Ryan MacDonald : That’s a pretty impressive implementation time and go lifetime. That’s helpful color.
Peter Gassner: Can you tell that I’m enthused about that?
Ryan MacDonald : Just a bit, just a bit. Maybe my second question is around the Merck strategic relationship or partnership there. I’m curious, and this sort of relates to the CRM strategy here. But in a strategic relationship like that, I’d be curious within your discussions, how important it was to Merck to have sort of this unified platform of everything being involved, in a type of long-term 10-year strategic relationship there? And how much that sort of guided the strategic decision-making here on the CRM change?
Peter Gassner: In terms of Merck, I won’t get into any details specifically there on Merck. I would say that in a strategic agreement of that nature, generally, we’re not talking at the platform level there. We’re more talking about operating model, how we operate together, how we — the governance model and it’s only done based on trust over many years when they see repeated patterns of a customer success orientation of a strategic partnership orientation, and then it’s really the governance model that we put in. So it would be at a higher level versus individual products or platforms.
Operator: Your next question comes from the line of Tyler Radke with Citi.
Tyler Radke: Wanted to ask you just — you talked about some large Vault EDC customers, I believe that you signed in the November time frame. Could you just give a little bit of color on that? Is that — were those kind of some displacements of kind of the main incumbent in the market? And just give us a sense on the size of these contracts and kind of the opportunity in those accounts.
