Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Workiva Inc. provides cloud-based and mobile-enabled platforms for enterprises. The Company offers software to collect, manage, report and analyze business data in real time.

<ul><li>Workiva, a global SaaS enterprise focused on streamlining financial and compliance reporting, highlighted a robust performance in its third-quarter results for 2025.</li><li>Key performance indicators showed substantial growth across various dimensions, underlining both strengths and areas of potential scrutiny for the company and its investors.</li><li>On the positive side, Workiva reported a 23% growth in subscription revenue and a 21% increase in total revenue, surpassing their projected revenue guidance.</li></ul>

Workiva, a global SaaS enterprise focused on streamlining financial and compliance reporting, highlighted a robust performance in its third-quarter results for 2025.Key performance indicators showed substantial growth across various dimensions, underlining both strengths and areas of potential scrutiny for the company and its investors.On the positive side, Workiva reported a 23% growth in subscription revenue and a 21% increase in total revenue, surpassing their projected revenue guidance.

Workiva’s Global Playbook Is Changing—How Big Can Its Market Reach Get?

Smartkarma AI, Smartkarma

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Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Vobile Group Limited focuses on online video content protection and monetization. The Company offers technology solutions that enables content owners to reduce infringement-related loss and increase revenue growth in online video distribution. Vobile Group serves clients worldwide.

<ul>
 <li>
<a href="https://smartkarma.com/entities/vobile-group">Vobile Group</a> is a global leader in SaaS solutions for digital content asset protection and monetization, poised for growth driven by the proliferation of online video and the increasing need for intellectual property protection.</li>
 <li>The company is strategically focused on leveraging Artificial Intelligence (AI) to enhance its service offerings and is expanding its footprint in the rapidly growing Chinese market, which now accounts for a significant portion of its revenue.</li>
 <li>Recent financial performance indicates strong top-line growth and improving profitability, with a notable surge in net profit and expanding gross margins, though the company currently does not pay a dividend.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Vobile Group is a global leader in SaaS solutions for digital content asset protection and monetization, poised for growth driven by the proliferation of online video and the increasing need for intellectual property protection.
  The company is strategically focused on leveraging Artificial Intelligence (AI) to enhance its service offerings and is expanding its footprint in the rapidly growing Chinese market, which now accounts for a significant portion of its revenue.
  Recent financial performance indicates strong top-line growth and improving profitability, with a notable surge in net profit and expanding gross margins, though the company currently does not pay a dividend.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Vobile Group (3738 HK) - Nov 2025

Medallia, Inc. provides software as a services. The Company offers cloud for marketing management, digital solutions, and research activities. Medallia serves customers worldwide.

<ul>
 <li>Medallia is a leading player in the Customer and Employee Experience management sector, offering a comprehensive SaaS platform, the Medallia Experience Cloud, to large enterprises.</li>
 <li>The company exhibited strong revenue growth as a public entity but consistently operated at a net loss, prioritizing market share expansion and product development over short-term profitability.</li>
 <li>In October 2021, Medallia was acquired by private equity firm Thoma Bravo for $6.4 billion and taken private, aiming to accelerate its long-term growth strategy and innovation away from the pressures of public markets.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Medallia is a leading player in the Customer and Employee Experience management sector, offering a comprehensive SaaS platform, the Medallia Experience Cloud, to large enterprises.
  The company exhibited strong revenue growth as a public entity but consistently operated at a net loss, prioritizing market share expansion and product development over short-term profitability.
  In October 2021, Medallia was acquired by private equity firm Thoma Bravo for $6.4 billion and taken private, aiming to accelerate its long-term growth strategy and innovation away from the pressures of public markets.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Medallia Inc (MDLA US) - Nov 2025

Freightos Limited provides online freight shipping marketplace and platform. The Company through its platform offers freight comparison, booking, and management services. Freightos serves customers worldwide.

<ul>
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<a href="https://smartkarma.com/entities/freightos-ltd">Freightos </a>is a first-mover in the digitization of the global freight industry, operating a SaaS-enabled marketplace that connects carriers, forwarders, and shippers, driving transparency and efficiency in a traditionally opaque market.</li>
 <li>The company is demonstrating strong top-line growth, evidenced by a 28.86% 3-year revenue CAGR and 23 consecutive quarters of record transaction volumes. However, it remains significantly unprofitable, with substantial cash burn as it invests in scaling its platform.</li>
 <li>Future success hinges on achieving operating leverage and scaling its network to reach profitability. The company is targeting adjusted EBITDA breakeven by the fourth quarter of 2026, a key catalyst for the stock.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Freightos is a first-mover in the digitization of the global freight industry, operating a SaaS-enabled marketplace that connects carriers, forwarders, and shippers, driving transparency and efficiency in a traditionally opaque market.
  The company is demonstrating strong top-line growth, evidenced by a 28.86% 3-year revenue CAGR and 23 consecutive quarters of record transaction volumes. However, it remains significantly unprofitable, with substantial cash burn as it invests in scaling its platform.
  Future success hinges on achieving operating leverage and scaling its network to reach profitability. The company is targeting adjusted EBITDA breakeven by the fourth quarter of 2026, a key catalyst for the stock.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Tracxn Technologies Limited provides information technology services. The Company provides a platform for private market investors and corporate firms to track entities through feeds categorized across industries, sectors, sub-sectors, geographies, affiliations, and other networks. Tracxn Technologies serves clients worldwide.

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<a href="https://smartkarma.com/entities/tracxn-technologies-limited">Tracxn Technologies</a> is a global Software-as-a-Service (SaaS) platform providing market intelligence on private companies to a diverse client base including venture capital firms, private equity funds, and large corporations. The company leverages a cost-effective India-based operation to serve customers in over 58 countries.</li>
 <li>The company's financial performance shows a concerning trend, shifting from a significant net profit of ₹330.9 million in FY23 to a net loss of ₹95.4 million in FY25. This downturn is primarily driven by margin compression and slowing revenue growth, reflecting potential headwinds in the global private markets.</li>
 <li>Positioned in a highly competitive industry against established players like PitchBook, CB Insights, and Crunchbase, Tracxn's key differentiators are its cost advantage and potentially broader coverage of early-stage and emerging market companies. However, the company faces significant risks from customer churn, intense competition, and the cyclical nature of the private investment landscape.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Tracxn Technologies is a global Software-as-a-Service (SaaS) platform providing market intelligence on private companies to a diverse client base including venture capital firms, private equity funds, and large corporations. The company leverages a cost-effective India-based operation to serve customers in over 58 countries.
  The company's financial performance shows a concerning trend, shifting from a significant net profit of ₹330.9 million in FY23 to a net loss of ₹95.4 million in FY25. This downturn is primarily driven by margin compression and slowing revenue growth, reflecting potential headwinds in the global private markets.
  Positioned in a highly competitive industry against established players like PitchBook, CB Insights, and Crunchbase, Tracxn's key differentiators are its cost advantage and potentially broader coverage of early-stage and emerging market companies. However, the company faces significant risks from customer churn, intense competition, and the cyclical nature of the private investment landscape.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Tracxn Technologies (TRACXN IN) - Nov 2025

SaaS
Software as a Service (SaaS) Analysis

Workiva’s Global Playbook Is Changing—How Big Can Its Market Reach Get?

Workiva, a global SaaS enterprise focused on streamlining financial and compliance reporting, highlighted a robust performance in its...

Baptista Research

Primer: Vobile Group (3738 HK) - Nov 2025

Vobile Group is a global leader in SaaS solutions for digital content asset protection and monetization, poised for growth driven by the...

αSK

Primer: Medallia Inc (MDLA US) - Nov 2025

Medallia is a leading player in the Customer and Employee Experience management sector, offering a comprehensive SaaS platform, the Medallia...

αSK

Primer: Freightos (CRGO US) - Nov 2025

Freightos is a first-mover in the digitization of the global freight industry, operating a SaaS-enabled marketplace that connects carriers,...

αSK

Primer: Tracxn Technologies (TRACXN IN) - Nov 2025

Tracxn Technologies is a global Software-as-a-Service (SaaS) platform providing market intelligence on private companies to a diverse client...

αSK