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 Drift hit $135M in annual recurring revenue (ARR) at the end of 2022, up 35% from $100M at the end of 2021.</li><li>Drift’s packages now start at $2,500 per month (they removed their previously entry-level $40 per month package in 2022); users are billed annually.</li><li>In 2022, Drift setup operations in Guadalajara, Mexico, its sixth global location, to cover the Latin America market.</li></ul>

Sacra estimates that Drift hit $135M in annual recurring revenue (ARR) at the end of 2022, up 35% from $100M at the end of 2021.Drift’s packages now start at $2,500 per month (they removed their previously entry-level $40 per month package in 2022); users are billed annually.In 2022, Drift setup operations in Guadalajara, Mexico, its sixth global location, to cover the Latin America market.

<ul><li>Pilot (dataset) has hit 60% gross margins acting as human-in-the-loop middleware between the SMB finance stack and the bookkeeping system of record in QuickBooks.</li><li>Sacra estimates that Pilot has $43M in annual recurring revenue (ARR) growing 30% year-over-year with industry leading gross margins at 60%.</li><li>Every SMB needs bookkeeping and accounting and today they spend some $60B/yr on it, meaning Pilot today is a leader with only 0.4% penetration into a massive opportunity.</li></ul>

Pilot (dataset) has hit 60% gross margins acting as human-in-the-loop middleware between the SMB finance stack and the bookkeeping system of record in QuickBooks.Sacra estimates that Pilot has $43M in annual recurring revenue (ARR) growing 30% year-over-year with industry leading gross margins at 60%.Every SMB needs bookkeeping and accounting and today they spend some $60B/yr on it, meaning Pilot today is a leader with only 0.4% penetration into a massive opportunity.

Pilot: The $43M Per Year Mechanical Bookkeeper

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bigtincan-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29067:1" rel="noopener">Bigtincan Holdings Ltd (BTH AU)</a> disclosed a non-binding indicative offer of A$0.80 per share offer from SQN, a skinny 17.6% premium to the undisturbed price.</li>
<li>The offer is unattractive on several fronts and is the latest beaten-down ASX tech stock to be subject to a PE bid. Expect the Board to reject the offer.</li>
<li>Bigtincan also revealed other non-binding expressions of interest. This offer could flush out other potential bidders. At the last close, the gross spread is 6.0%.</li>
</ul>



Bigtincan Holdings Ltd (BTH AU) disclosed a non-binding indicative offer of A$0.80 per share offer from SQN, a skinny 17.6% premium to the undisturbed price.
The offer is unattractive on several fronts and is the latest beaten-down ASX tech stock to be subject to a PE bid. Expect the Board to reject the offer.
Bigtincan also revealed other non-binding expressions of interest. This offer could flush out other potential bidders. At the last close, the gross spread is 6.0%.


Bigtincan (BTH AU)’s Lightweight A$0.80 Offer from SQN

<ul><li>Klaviyo’s real innovation was the data structure that offered access to this data in a way where you could actually use it inside of the platform and not be a spreadsheet jockey.</li><li>With Klaviyo, you could say, “I want to send a campaign, but I only want to send it to people who have bought our hero product in the past and have bought nothing in the last 120 days.</li><li>CRV does a lot of ecommerce investing, they see a big part of the market, and have a really good perspective on it.</li></ul>

Klaviyo’s real innovation was the data structure that offered access to this data in a way where you could actually use it inside of the platform and not be a spreadsheet jockey.With Klaviyo, you could say, “I want to send a campaign, but I only want to send it to people who have bought our hero product in the past and have bought nothing in the last 120 days.CRV does a lot of ecommerce investing, they see a big part of the market, and have a really good perspective on it.

Brian Whalley, Co-Founder Of Wonderment, On Klaviyo's product-market Fit

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>Braze is a next gen digital marketing platform that uses a differentiated streaming architecture to personalize marketing messages across different channels in real time. </li>
<li>Accelerating growth over the past four quarters as existing large customers are growing rapidly. 135% net revenue retention for &gt;$500K customers vs. 125% overall.</li>
<li>Frenemy with Twilio. Relies on Twilio to deliver much of its marketing messages...and Twilio just launched a Braze rival, Twilio Engage</li>
</ul>


Braze is a next gen digital marketing platform that uses a differentiated streaming architecture to personalize marketing messages across different channels in real time. 
Accelerating growth over the past four quarters as existing large customers are growing rapidly. 135% net revenue retention for &gt;$500K customers vs. 125% overall.
Frenemy with Twilio. Relies on Twilio to deliver much of its marketing messages...and Twilio just launched a Braze rival, Twilio Engage


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)

Primer: Drift - 18 Apr 2023

Chatbot and live chat tool for sales and marketing teams to engage website visitors

Sacra

Pilot: The $43M Per Year Mechanical Bookkeeper

TL;DR: Pilot ($43M ARR) has hit 60% gross margins acting as human-in-the-loop middleware between the SMB finance stack and the bookkeeping system...

Sacra

Bigtincan (BTH AU)’s Lightweight A$0.80 Offer from SQN

Expect the Board to reject the offer as it is light. The indicative offer could spark other interested parties to show their hand. We would be...

Arun George

Brian Whalley, Co-Founder Of Wonderment, On Klaviyo's product-market Fit

Sacra interview with Brian Whalley, co-founder of Wonderment.

Sacra

Recent IPO Insights: Braze

Braze is a next gen digital marketing platform with accelerating growth as existing large customers are growing rapidly. 135% net revenue retention...

Aaron Gabin

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