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, a customer engagement platform, reported its fiscal fourth-quarter 2025 results, showcasing several key developments and financial performance metrics.</li><li>The company recorded revenue of $160.4 million, marking a 22% year-over-year increase and a 5% growth from the previous quarter.</li><li>This performance highlights the continued high return on investment (ROI) and enduring value of the Braze Customer Engagement Platform, bolstered by effective global team execution.</li></ul>

Braze, a customer engagement platform, reported its fiscal fourth-quarter 2025 results, showcasing several key developments and financial performance metrics.The company recorded revenue of $160.4 million, marking a 22% year-over-year increase and a 5% growth from the previous quarter.This performance highlights the continued high return on investment (ROI) and enduring value of the Braze Customer Engagement Platform, bolstered by effective global team execution.

Braze Inc: How Are They Demonstrating Resilience in a Dynamic Competitive Landscape?

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>Founded in Australia in 2012, Rokt's core product is an SDK that big ecommerce retailers like Ticketmaster add to their checkout page to show offers for related products from 3rd-party brands.</li><li>After ending the year at $600M in ARR and acquiring the customer data platform (CDP) mParticle, Rokt has its sights set on expanding outside advertising.</li><li>With its acquisitions of mParticle and Shopify upsell app AfterSell (2024), Rokt is expanding across platforms, accumulating first-party data and streaming it at low latency across all customer interactions.</li></ul>

Founded in Australia in 2012, Rokt's core product is an SDK that big ecommerce retailers like Ticketmaster add to their checkout page to show offers for related products from 3rd-party brands.After ending the year at $600M in ARR and acquiring the customer data platform (CDP) mParticle, Rokt has its sights set on expanding outside advertising.With its acquisitions of mParticle and Shopify upsell app AfterSell (2024), Rokt is expanding across platforms, accumulating first-party data and streaming it at low latency across all customer interactions.

<ul><li>Braze, Inc. reported its fiscal third-quarter 2025 earnings, showcasing revenue growth and strategic initiatives aimed at solidifying its position in the customer engagement platform sector.</li><li>The company achieved a revenue of $152.1 million, marking a 23% increase year-over-year.</li><li>This growth was primarily driven by strong customer contract renewals, expansions, and the signing of new business, resulting in a committed annual recurring revenue exceeding $600 million.</li></ul>

Braze, Inc. reported its fiscal third-quarter 2025 earnings, showcasing revenue growth and strategic initiatives aimed at solidifying its position in the customer engagement platform sector.The company achieved a revenue of $152.1 million, marking a 23% increase year-over-year.This growth was primarily driven by strong customer contract renewals, expansions, and the signing of new business, resulting in a committed annual recurring revenue exceeding $600 million.

Braze Inc.: The Top 6 Factors Influencing Its Performance For 2025 & The Future! - Major Drivers

<ul><li>Sacra estimates that Iterable hit $200M annual recurring revenue (ARR) at the end of 2023, up 38% from $145M in 2022.</li><li>Iterable is valued at $2 billion as of 2024.</li><li>The company has raised $342.9 million across 10 funding rounds, with backing from prominent investors including Silver Lake, Viking Global Investors, and CRV.</li></ul>

Sacra estimates that Iterable hit $200M annual recurring revenue (ARR) at the end of 2023, up 38% from $145M in 2022.Iterable is valued at $2 billion as of 2024.The company has raised $342.9 million across 10 funding rounds, with backing from prominent investors including Silver Lake, Viking Global Investors, and CRV.

<ul><li>Customer.io is on track to hit $78M annual recurring revenue (ARR) at the end of 2024, up 35% YoY.</li><li>When we first covered Customer.io in May 2021, the company had crossed $20M ARR, growing 70% year-over-year, on less than $4M raised.</li><li>We followed up with Customer.io in August 2023, where we interviewed CEO Colin Nederkoorn and published an update on Customer.io passing the $50M ARR milestone.</li></ul>

Customer.io is on track to hit $78M annual recurring revenue (ARR) at the end of 2024, up 35% YoY.When we first covered Customer.io in May 2021, the company had crossed $20M ARR, growing 70% year-over-year, on less than $4M raised.We followed up with Customer.io in August 2023, where we interviewed CEO Colin Nederkoorn and published an update on Customer.io passing the $50M ARR milestone.

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 Inc: How Are They Demonstrating Resilience in a Dynamic Competitive Landscape?

Braze, a customer engagement platform, reported its fiscal fourth-quarter 2025 results, showcasing several key developments and financial...

Baptista Research

Rokt At $600M/yr Growing 43% YoY

TL;DR: With its acquisition of customer data platform (CDP) mParticle at the beginning of 2025, Rokt is looking beyond the advertising business...

Sacra

Braze Inc.: The Top 6 Factors Influencing Its Performance For 2025 & The Future! - Major Drivers

Braze, Inc. reported its fiscal third-quarter 2025 earnings, showcasing revenue growth and strategic initiatives aimed at solidifying its position...

Baptista Research

Primer: Iterable - 07 Dec 2024

Customer communication software for marketers to send personalized messages across channels

Sacra

Customer.Io Passes $70M ARR

TL;DR: Sacra projects that Customer.io is on track to hit $78M annual recurring revenue (ARR) at the end of 2024, up 35% YoY. Since we first...

Sacra

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