The S&P 500’s newest member is this under-the-radar software stock

veeva systems will join the s&p 500, and its stock jumped on the news. the cloud software company, which focuses on life sciences, has been flying under the radar for most investors. it replaces a company being acquired, though the exact name wasn't given. veeva's market cap is around $35 billion. the index change takes effect before the open on a specific date later this month. the stock is up roughly 40% over the past year, though the blurb doesn't give a precise percentage for the post-announcement move.