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

Clearwater Analytics Holdings / Equity Bottom-Up

<ul><li>Clearwater Analytics Holdings, Inc. reported robust financial results for the third quarter of 2025, showcasing significant revenue growth.</li><li>The company generated $205.1 million in revenue, marking a remarkable 77% increase year-over-year.</li><li>This substantial growth was mirrored in its Annualized Recurring Revenue (ARR), which also grew by 77% to reach $807.5 million.</li></ul>

Clearwater Analytics Holdings, Inc. reported robust financial results for the third quarter of 2025, showcasing significant revenue growth.The company generated $205.1 million in revenue, marking a remarkable 77% increase year-over-year.This substantial growth was mirrored in its Annualized Recurring Revenue (ARR), which also grew by 77% to reach $807.5 million.

Why Clearwater Analytics Growth Hinges On A $23 Billion TAM

<ul><li>Clearwater Analytics surged in premarket trading after reports that activist hedge fund Starboard Value has taken a nearly 5% stake in the company.</li><li>The move, first reported by Reuters, signals growing investor pressure on the cloud-based investment accounting and analytics provider.</li><li>Starboard is reportedly urging Clearwater to enhance its share price and consider a full sale process, especially in light of recent interest from private equity suitors such as Thoma Bravo, Warburg Pincus, and Permira.</li></ul>

Clearwater Analytics surged in premarket trading after reports that activist hedge fund Starboard Value has taken a nearly 5% stake in the company.The move, first reported by Reuters, signals growing investor pressure on the cloud-based investment accounting and analytics provider.Starboard is reportedly urging Clearwater to enhance its share price and consider a full sale process, especially in light of recent interest from private equity suitors such as Thoma Bravo, Warburg Pincus, and Permira.

Clearwater Analytics Surges as Activist Starboard Demands Sale – Is a Takeover Imminent?

<ul><li>Clearwater Analytics delivered robust financial results for the third quarter of 2025, marking significant progress for the company.</li><li>The revenue for the quarter reached $205.1 million, reflecting an impressive year-over-year growth rate of 77%.</li><li>The annualized recurring revenue (ARR) also increased by the same percentage, reaching $807.5 million.</li></ul>

Clearwater Analytics delivered robust financial results for the third quarter of 2025, marking significant progress for the company.The revenue for the quarter reached $205.1 million, reflecting an impressive year-over-year growth rate of 77%.The annualized recurring revenue (ARR) also increased by the same percentage, reaching $807.5 million.

Clearwater Analytics: A Tale Of Platform Expansion Through Enfusion and Beacon

<ul><li>Clearwater Analytics is reportedly weighing a potential sale following inbound takeover interest, according to sources familiar with the matter.</li><li>The Boise-based financial software firm, which specializes in investment accounting and analytics solutions, is said to be working with advisers to evaluate strategic alternatives, including a possible acquisition.</li><li>The development comes on the heels of a turbulent year in which Clearwater's shares have lost 33% of their value, dragging its market capitalization to around $5.4 billion.</li></ul>

Clearwater Analytics is reportedly weighing a potential sale following inbound takeover interest, according to sources familiar with the matter.The Boise-based financial software firm, which specializes in investment accounting and analytics solutions, is said to be working with advisers to evaluate strategic alternatives, including a possible acquisition.The development comes on the heels of a turbulent year in which Clearwater's shares have lost 33% of their value, dragging its market capitalization to around $5.4 billion.

Clearwater Analytics Shocks Market With 77% Growth—Is a Buyout Next?

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Sailpoint Technologies Holdings / Equity Capital Markets

Sailpoint Technologies Holdings (SAIL US)

<ul>
<li>The underwriters amended the terms of this offering with a S-1/A. The price range has been upwardly revised from $19.00-$21.00 to $21.00-$23.00.</li>
<li>Cornerstone investor Dragoneer has a strong track record with IPOs that have participated in. </li>
<li>The upwardly-revised price adjustment is a very bullish sign for the IPO and we have adjusted our early expectations on this deal.</li>
</ul>


The underwriters amended the terms of this offering with a S-1/A. The price range has been upwardly revised from $19.00-$21.00 to $21.00-$23.00.
Cornerstone investor Dragoneer has a strong track record with IPOs that have participated in. 
The upwardly-revised price adjustment is a very bullish sign for the IPO and we have adjusted our early expectations on this deal.


SailPoint, Inc. (SAIL) -- IPO Price Range Increased; Software Order Book Demand Is Fever Pitch

United States

Clearwater Analytics Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, develops cloud-native software which allows clients to simplify their investment accounting operations.

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Clearwater Analytics Holdings (CWAN US)

Why Clearwater Analytics Growth Hinges On A $23 Billion TAM

Clearwater Analytics Holdings, Inc. reported robust financial results for the third quarter of 2025, showcasing significant revenue growth. The...

Baptista Research

Clearwater Analytics Surges as Activist Starboard Demands Sale – Is a Takeover Imminent?

Clearwater Analytics surged in premarket trading after reports that activist hedge fund Starboard Value has taken a nearly 5% stake in the...

Baptista Research

Clearwater Analytics: A Tale Of Platform Expansion Through Enfusion and Beacon

Clearwater Analytics delivered robust financial results for the third quarter of 2025, marking significant progress for the company. The revenue...

Baptista Research

Clearwater Analytics Shocks Market With 77% Growth—Is a Buyout Next?

Clearwater Analytics is reportedly weighing a potential sale following inbound takeover interest, according to sources familiar with the...

Baptista Research

SailPoint, Inc. (SAIL) -- IPO Price Range Increased; Software Order Book Demand Is Fever Pitch

Underwriters amend IPO terms, raising price range to $21.00-$23.00; cornerstone investor Dragoneer's track record adds confidence, signaling...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Why Clearwater Analytics Growth Hinges On A $23 Billion TAM

Clearwater Analytics Holdings, Inc. reported robust financial results for the third quarter of 2025, showcasing significant revenue growth. The...

Baptista Research

Clearwater Analytics Surges as Activist Starboard Demands Sale – Is a Takeover Imminent?

Clearwater Analytics surged in premarket trading after reports that activist hedge fund Starboard Value has taken a nearly 5% stake in the...

Baptista Research

Clearwater Analytics: A Tale Of Platform Expansion Through Enfusion and Beacon

Clearwater Analytics delivered robust financial results for the third quarter of 2025, marking significant progress for the company. The revenue...

Baptista Research

Clearwater Analytics Shocks Market With 77% Growth—Is a Buyout Next?

Clearwater Analytics is reportedly weighing a potential sale following inbound takeover interest, according to sources familiar with the...

Baptista Research

SailPoint, Inc. (SAIL) -- IPO Price Range Increased; Software Order Book Demand Is Fever Pitch

​Underwriters amend IPO terms, raising price range to $21.00-$23.00; cornerstone investor Dragoneer's track record adds confidence, signaling...

IPO Boutique

Underwriters amend IPO terms, raising price range to $21.00-$23.00; cornerstone investor Dragoneer's track record adds confidence, signaling...