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>Klaviyo recently announced its fourth quarter and full-year 2025 financial results, revealing both strengths and challenges that investors should consider.</li><li>The company demonstrated a strong financial performance with a 32% year-over-year revenue increase to $1.2 billion and an improvement in its non-GAAP operating margin to 14%.</li><li>These figures underscore Klaviyo’s successful expansion in its enterprise customer base and international markets, with its customer count surpassing 193,000, spanning over 100 countries.</li></ul>

Klaviyo recently announced its fourth quarter and full-year 2025 financial results, revealing both strengths and challenges that investors should consider.The company demonstrated a strong financial performance with a 32% year-over-year revenue increase to $1.2 billion and an improvement in its non-GAAP operating margin to 14%.These figures underscore Klaviyo’s successful expansion in its enterprise customer base and international markets, with its customer count surpassing 193,000, spanning over 100 countries.

Why Klaviyo’s RCS and WhatsApp Integration Could Redefine How Brands Convert Customers!

<ul><li>Klaviyo's third-quarter fiscal 2025 results reveal strong performance, highlighting its commitment to building a high-growth software business at scale.</li><li>Revenue reached $311 million, a 32% year-over-year increase, driven by robust new customer demand and multiproduct expansion from existing customers.</li><li>The company now serves over 183,000 customers in more than 100 countries.</li></ul>

Klaviyo's third-quarter fiscal 2025 results reveal strong performance, highlighting its commitment to building a high-growth software business at scale.Revenue reached $311 million, a 32% year-over-year increase, driven by robust new customer demand and multiproduct expansion from existing customers.The company now serves over 183,000 customers in more than 100 countries.

Klaviyo Is Quietly Building a CRM Empire—Inside Its Bold Product Diversification Strategy!

<ul><li>Klaviyo's second quarter fiscal 2025 earnings reflect significant progress and opportunities, alongside some challenges.</li><li>The company reported strong growth, with revenues of $293 million, marking a 32% year-over-year increase.</li><li>This growth is driven by Klaviyo's focus on its role as a consumer relationship management (CRM) platform tailored for B2C businesses.</li></ul>

Klaviyo's second quarter fiscal 2025 earnings reflect significant progress and opportunities, alongside some challenges.The company reported strong growth, with revenues of $293 million, marking a 32% year-over-year increase.This growth is driven by Klaviyo's focus on its role as a consumer relationship management (CRM) platform tailored for B2C businesses.

Klaviyo Inc.: Initiation of Coverage- What Makes Its Unified CRM Stack a Game-Changer!

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>Decagon launched in August 2023 to build AI customer service agents that go beyond Q&amp;A to take backend actions like processing refunds and canceling subscriptions, handling 70-75% of support conversations without human intervention.</li><li>Driving deployments through a forward-deployed, high-touch model where engineers build custom integrations for each customer, Decagon’s customer base tilts slightly more tech-centric (Notion, Rippling, and Duolingo) vs. Sierra (WeightWatchers, SiriusXM), with Sacra estimating Decagon hit $35M annualized revenue in November 2025, up 2.5x from $10M at the end of 2024 and up ~283% YoY, valued at $1.5B for a 42.9x multiple.</li><li>The AI customer support market has become co-opetitive with AI agent integrations into the existing support stack enabling faster and more seamless deployments, e.g., using Decagon as the AI agent on top of Intercom as the support platform, versus incumbent support platforms Zendesk ($2B ARR) &amp; Salesforce (NYSE: CRM) which have moved (with varying degrees of speed &amp; urgency) to launch vertically-integrated AI support agents.</li></ul>

Decagon launched in August 2023 to build AI customer service agents that go beyond Q&amp;A to take backend actions like processing refunds and canceling subscriptions, handling 70-75% of support conversations without human intervention.Driving deployments through a forward-deployed, high-touch model where engineers build custom integrations for each customer, Decagon’s customer base tilts slightly more tech-centric (Notion, Rippling, and Duolingo) vs. Sierra (WeightWatchers, SiriusXM), with Sacra estimating Decagon hit $35M annualized revenue in November 2025, up 2.5x from $10M at the end of 2024 and up ~283% YoY, valued at $1.5B for a 42.9x multiple.The AI customer support market has become co-opetitive with AI agent integrations into the existing support stack enabling faster and more seamless deployments, e.g., using Decagon as the AI agent on top of Intercom as the support platform, versus incumbent support platforms Zendesk ($2B ARR) &amp; Salesforce (NYSE: CRM) which have moved (with varying degrees of speed &amp; urgency) to launch vertically-integrated AI support agents.

<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

United States

Klaviyo, Inc. provides e-marketing solutions. The Company offers marketing automation and email platform which enables users to access, store, analyze, and use transactional and behavioral data to power highly-targeted email and advertising campaigns. Klaviyo serves customers worldwide.

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Klaviyo (KVYO US)

Why Klaviyo’s RCS and WhatsApp Integration Could Redefine How Brands Convert Customers!

Klaviyo recently announced its fourth quarter and full-year 2025 financial results, revealing both strengths and challenges that investors should...

Baptista Research

Klaviyo Is Quietly Building a CRM Empire—Inside Its Bold Product Diversification Strategy!

Klaviyo's third-quarter fiscal 2025 results reveal strong performance, highlighting its commitment to building a high-growth software business at...

Baptista Research

Klaviyo Inc.: Initiation of Coverage- What Makes Its Unified CRM Stack a Game-Changer!

Klaviyo's second quarter fiscal 2025 earnings reflect significant progress and opportunities, alongside some challenges. The company reported...

Baptista Research

Decagon Vs Sierra

TL;DR: As AI chatbots emerged as enterprise LLMs' first breakout use case, Decagon launched in August 2023 to build AI customer service agents that...

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

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