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>EPAM Systems reported its first-quarter 2025 financial performance, showing stronger-than-expected revenue growth despite a challenging economic environment.</li><li>Key highlights include the announcement of a planned leadership transition with Arkadiy Dobkin stepping down as CEO in favor of Balazs Fejes, who has been with the company for over two decades and played a crucial role in its expansion.</li><li>This transition is a strategic move, aimed at continuing the company's trajectory as a leader in AI-driven transformation.</li></ul>

EPAM Systems reported its first-quarter 2025 financial performance, showing stronger-than-expected revenue growth despite a challenging economic environment.Key highlights include the announcement of a planned leadership transition with Arkadiy Dobkin stepping down as CEO in favor of Balazs Fejes, who has been with the company for over two decades and played a crucial role in its expansion.This transition is a strategic move, aimed at continuing the company's trajectory as a leader in AI-driven transformation.

EPAM Systems Unleashes Dual Revenue Engine—Can Organic & Inorganic Strategies Deliver The Targeted 14.5% Growth?

<ul><li>EPAM Systems Inc. reported its fourth quarter and full-year 2024 performance showing mixed results, noting both achievements and challenges.</li><li>During the fourth quarter, the company experienced revenue growth of 7.9% on a reported basis, including the effects of recent acquisitions, NEORIS and First Derivative.</li><li>On an organic constant currency basis, revenue grew a modest 1% year-over-year, marking a return to organic growth for the first time since early 2023.</li></ul>

EPAM Systems Inc. reported its fourth quarter and full-year 2024 performance showing mixed results, noting both achievements and challenges.During the fourth quarter, the company experienced revenue growth of 7.9% on a reported basis, including the effects of recent acquisitions, NEORIS and First Derivative.On an organic constant currency basis, revenue grew a modest 1% year-over-year, marking a return to organic growth for the first time since early 2023.

EPAM Systems: AI, Cloud & Expansion—Is This the Next IT Powerhouse?

<ul><li>EPAM Systems, Inc., a global leader in software development and digital platform engineering services, reported its third-quarter 2024 results, which were stronger than analysts anticipated.</li><li>The company demonstrated revenue growth on both a year-over-year and sequential basis, signaling potential stabilization in the market.</li><li>This growth was primarily fueled by increased customer engagement across various verticals, notably in life sciences and healthcare, financial services, software, and biotech.</li></ul>

EPAM Systems, Inc., a global leader in software development and digital platform engineering services, reported its third-quarter 2024 results, which were stronger than analysts anticipated.The company demonstrated revenue growth on both a year-over-year and sequential basis, signaling potential stabilization in the market.This growth was primarily fueled by increased customer engagement across various verticals, notably in life sciences and healthcare, financial services, software, and biotech.

EPAM Systems Inc.: An Analysis Of Its Global Expansion & Diverse Delivery Locations & Other Major Drivers

<ul><li>EPAM Systems recently presented its second quarter 2024 earnings, offering insights into its current financial health and future outlook.</li><li>The company reported that its performance for this quarter met expectations, reflecting robust execution and adaptability in a complex demand environment.</li><li>Among various verticals, healthcare and life sciences experienced very strong growth, and there were slight sequential improvements in financial services.</li></ul>

EPAM Systems recently presented its second quarter 2024 earnings, offering insights into its current financial health and future outlook.The company reported that its performance for this quarter met expectations, reflecting robust execution and adaptability in a complex demand environment.Among various verticals, healthcare and life sciences experienced very strong growth, and there were slight sequential improvements in financial services.

EPAM Systems: Will The Acquisition of Odysseus Data Services Be A Game Changer? - Major Drivers

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sagility-india" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (2058883D IN)</a> (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Sagility India (2058883D IN) (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

United States

EPAM Systems, Inc. provides software development, outsourcing services, e-business, enterprise relationship management, and content management solutions.

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Epam Systems (EPAM US)

EPAM Systems Unleashes Dual Revenue Engine—Can Organic & Inorganic Strategies Deliver The Targeted 14.5% Growth?

EPAM Systems reported its first-quarter 2025 financial performance, showing stronger-than-expected revenue growth despite a challenging economic...

Baptista Research

EPAM Systems: AI, Cloud & Expansion—Is This the Next IT Powerhouse?

EPAM Systems Inc. reported its fourth quarter and full-year 2024 performance showing mixed results, noting both achievements and...

Baptista Research

EPAM Systems Inc.: An Analysis Of Its Global Expansion & Diverse Delivery Locations & Other Major Drivers

EPAM Systems, Inc., a global leader in software development and digital platform engineering services, reported its third-quarter 2024 results,...

Baptista Research

EPAM Systems: Will The Acquisition of Odysseus Data Services Be A Game Changer? - Major Drivers

EPAM Systems recently presented its second quarter 2024 earnings, offering insights into its current financial health and future outlook. The...

Baptista Research

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

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