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

<ul><li>Braze, Inc. reported its fiscal third-quarter results for 2026, demonstrating notable performance metrics and financial outcomes.</li><li>The company achieved a revenue of $191 million, marking a 25.5% increase compared to the same period last year, and a 6% rise from the previous quarter.</li><li>This growth is attributed mainly to existing customer contract expansions, renewals, and new business, with Braze's AI Decisioning Studio contributing significantly to this figure.</li></ul>

Braze, Inc. reported its fiscal third-quarter results for 2026, demonstrating notable performance metrics and financial outcomes.The company achieved a revenue of $191 million, marking a 25.5% increase compared to the same period last year, and a 6% rise from the previous quarter.This growth is attributed mainly to existing customer contract expansions, renewals, and new business, with Braze's AI Decisioning Studio contributing significantly to this figure.

Braze Breaks Out Beyond Tech—The Vertical Expansion Push Into Fintech & Health Tech!

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Attentive hit $500M in annual recurring revenue (ARR) at the end of 2024, up from $200M in 2022.</li><li>Attentive reported powering more than $29B in revenue for customers in the year ending September 2025, up more than 48% from the prior year.</li><li>Attentive reached a $6.90B valuation as of 2021, with their funding round led by Bain Capital Ventures and Coatue.</li></ul>

Sacra estimates that Attentive hit $500M in annual recurring revenue (ARR) at the end of 2024, up from $200M in 2022.Attentive reported powering more than $29B in revenue for customers in the year ending September 2025, up more than 48% from the prior year.Attentive reached a $6.90B valuation as of 2021, with their funding round led by Bain Capital Ventures and Coatue.

<ul><li>Sacra estimates Klaviyo hit $937M in annual recurring revenue (ARR) in 2024, growing 34% year-over-year.</li><li>Klaviyo has raised its full-year 2025 revenue guidance multiple times throughout the year, most recently to $1.215B–$1.219B in November 2025, representing approximately 30% YoY growth.</li><li>International expansion is accelerating, with combined EMEA and APAC revenue growing 43% YoY in Q3 2025.</li></ul>

Sacra estimates Klaviyo hit $937M in annual recurring revenue (ARR) in 2024, growing 34% year-over-year.Klaviyo has raised its full-year 2025 revenue guidance multiple times throughout the year, most recently to $1.215B–$1.219B in November 2025, representing approximately 30% YoY growth.International expansion is accelerating, with combined EMEA and APAC revenue growing 43% YoY in Q3 2025.

<ul><li>Originally built for technical marketers, customer engagement platforms like Customer.io, Klaviyo, Braze &amp; Iterable are using AI-powered assistants in the UI to expand platform accessibility to non-technical users, with LLMs translating natural language into sophisticated segmentation logic, conditional workflows and templating code.</li><li>Fully autonomous AI marketing agents face a trust gap analogous to self-driving cars in that they’re technically capable but unpredictably creative in ways that could catastrophically damage brand reputation, forcing platforms to deploy them in narrow, guardrailed contexts like A/B test selection rather than full campaign generation.</li><li>As token spend ramps on customer engagement platforms, it looks to split based on AI-powered features that help users use the product more effectively (assistants, segment generation, etc) which get absorbed by the platform as engagement &amp; LTV drivers, and per-message AI personalization which scales with send volume and requires usage-based pricing.</li></ul>

Originally built for technical marketers, customer engagement platforms like Customer.io, Klaviyo, Braze &amp; Iterable are using AI-powered assistants in the UI to expand platform accessibility to non-technical users, with LLMs translating natural language into sophisticated segmentation logic, conditional workflows and templating code.Fully autonomous AI marketing agents face a trust gap analogous to self-driving cars in that they’re technically capable but unpredictably creative in ways that could catastrophically damage brand reputation, forcing platforms to deploy them in narrow, guardrailed contexts like A/B test selection rather than full campaign generation.As token spend ramps on customer engagement platforms, it looks to split based on AI-powered features that help users use the product more effectively (assistants, segment generation, etc) which get absorbed by the platform as engagement &amp; LTV drivers, and per-message AI personalization which scales with send volume and requires usage-based pricing.

Colin Nederkoorn, CEO And Founder Of Customer.Io, On Ai's Effect On Marketing Automation

<ul><li>Sacra estimates that Customer.io hit $100M in annual recurring revenue (ARR) in September 2025, up 37% year-over-year and up from $78M at the end of 2024.</li><li>Customer.io has historically been highly capital efficient, getting to $30M ARR in 2021 on less than $4M raised.</li><li>Today, Customer.io is putting itself in competition with a wider array of companies, including Twilio and Litmus, as it moves towards becoming a multi-product, platform company.</li></ul>

Sacra estimates that Customer.io hit $100M in annual recurring revenue (ARR) in September 2025, up 37% year-over-year and up from $78M at the end of 2024.Customer.io has historically been highly capital efficient, getting to $30M ARR in 2021 on less than $4M raised.Today, Customer.io is putting itself in competition with a wider array of companies, including Twilio and Litmus, as it moves towards becoming a multi-product, platform company.

United States

Braze, Inc. operates as a cloud-based software company. The Company develops customer engagement software that businesses use for multi-channel marketing. Braze serves retail and e-commerce, media, entertainment, financial, travel, and hospitality industries worldwide.

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Braze Inc (BRZE US)

Braze Breaks Out Beyond Tech—The Vertical Expansion Push Into Fintech & Health Tech!

Braze, Inc. reported its fiscal third-quarter results for 2026, demonstrating notable performance metrics and financial outcomes. The company...

Baptista Research

Primer: Attentive - 12 Oct 2026

Messaging software for e-commerce brands to send personalized SMS and email campaigns

Sacra

Primer: Klaviyo - 19 Jan 2026

Marketing automation software for ecommerce brands to send personalized email and SMS campaigns

Sacra

Colin Nederkoorn, CEO And Founder Of Customer.Io, On Ai's Effect On Marketing Automation

Customer.io has begun positioning as an AI-powered customer engagement platform. Break that down for us. What does it mean to be AI-powered and...

Sacra

Primer: Customer.io - 26 Oct 2025

Messaging automation software for developers to send behavior-based emails, SMS, and push notifications

Sacra

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