Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Thematic (Sector/Industry)

<ul><li>Software rebounded in August, outperforming Semiconductors. </li><li>The WTR AI Index rose 7.3% M/M, ahead of the S&amp;P 500 (up 2.6%), the Russell 2000 (up 0.9%), and the Nasdaq (up 4.2%).</li><li> Software (24% of the index) gained 11.0% while Semiconductors (18% of the index) slipped 1.2%, reversing the Semis-led pattern that has dominated most of 2026. </li></ul>

Software rebounded in August, outperforming Semiconductors. The WTR AI Index rose 7.3% M/M, ahead of the S&amp;P 500 (up 2.6%), the Russell 2000 (up 0.9%), and the Nasdaq (up 4.2%). Software (24% of the index) gained 11.0% while Semiconductors (18% of the index) slipped 1.2%, reversing the Semis-led pattern that has dominated most of 2026. 

AI Flow Index : Sailing a Sea of Companies in AI - 8 September 2026

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>UiPath reported fourth-quarter and full-year fiscal 2026 results that showed stronger growth, improved profitability, and continued progress in AI-driven automation.</li><li>Fourth-quarter ARR reached $1.853 billion, up 11% year over year, while revenue rose 14% to $481 million.</li><li>Full-year revenue increased 13% to $1.611 billion.</li></ul>

UiPath reported fourth-quarter and full-year fiscal 2026 results that showed stronger growth, improved profitability, and continued progress in AI-driven automation.Fourth-quarter ARR reached $1.853 billion, up 11% year over year, while revenue rose 14% to $481 million.Full-year revenue increased 13% to $1.611 billion.

UiPath: Can Agentic AI And Process Orchestration Transform Enterprise Automation Adoption?

<ul><li>UiPath acquires WorkFusion, a specialist in AI agents for financial crime compliance. </li><li>On February 6, UiPath announced the acquisition of WorkFusion, which offers a pre-built library of purpose-built AI agents that automate labor-intensive aspects of compliance operations for banks and financial institutions, spanning anti-money laundering (AML), know your customer (KYC), sanctions screening, adverse media monitoring, and transaction monitoring investigations.</li><li>The company’s solutions are currently deployed at major global banks and financial institutions. </li></ul>

UiPath acquires WorkFusion, a specialist in AI agents for financial crime compliance. On February 6, UiPath announced the acquisition of WorkFusion, which offers a pre-built library of purpose-built AI agents that automate labor-intensive aspects of compliance operations for banks and financial institutions, spanning anti-money laundering (AML), know your customer (KYC), sanctions screening, adverse media monitoring, and transaction monitoring investigations.The company’s solutions are currently deployed at major global banks and financial institutions. 

PATH: WorkFusion Acquisition Advances Strategic Focus on Agentic AI

<ul><li>Leader in robotic process automation (RPA) market. UiPath commands ~35% of the RPA market, which is 3-4x its nearest competitors, and was named a Leader in the Gartner Magic Quadrant for RPA for seven consecutive years. </li><li>RPA uses software “robots” that mimic human actions (clicking buttons, copying data, navigating between applications) to automate repetitive, rules-based tasks across enterprise systems.</li><li>The company serves more than 10,000 customers across 115+ countries.</li></ul>

Leader in robotic process automation (RPA) market. UiPath commands ~35% of the RPA market, which is 3-4x its nearest competitors, and was named a Leader in the Gartner Magic Quadrant for RPA for seven consecutive years. RPA uses software “robots” that mimic human actions (clicking buttons, copying data, navigating between applications) to automate repetitive, rules-based tasks across enterprise systems.The company serves more than 10,000 customers across 115+ countries.

PATH: The RPA Leader Meets Agentic AI; UiPath's Next Chapter

<ul><li>UiPath reported its third-quarter fiscal 2026 financial results, exhibiting a mixture of strong execution and strategic advancements, as described by their executive team.</li><li>The company achieved revenue growth of 16% year-over-year, totaling $411 million, and an annualized renewal run-rate (ARR) increase of 11%, reaching $1.782 billion.</li><li>These figures demonstrate growth despite a challenging macroeconomic climate, though slightly aided by foreign exchange tailwinds.</li></ul>

UiPath reported its third-quarter fiscal 2026 financial results, exhibiting a mixture of strong execution and strategic advancements, as described by their executive team.The company achieved revenue growth of 16% year-over-year, totaling $411 million, and an annualized renewal run-rate (ARR) increase of 11%, reaching $1.782 billion.These figures demonstrate growth despite a challenging macroeconomic climate, though slightly aided by foreign exchange tailwinds.

UiPath: Inside the Strategic Playbook Behind Its Expanding Enterprise Footprint!

United States

UiPath, Inc. provides software solutions. The Company designs and develops robotic process automation software to build, manage, run, engage, measure, and govern automations across departments within an organization. UiPath serves customers worldwide.

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UiPath Inc (PATH US)

AI Flow Index : Sailing a Sea of Companies in AI - 8 September 2026

The move mirrors better-than-expected 2Q results across the software group and some easing of near-term fears about AI disruption to application...

Water Tower Research

UiPath: Can Agentic AI And Process Orchestration Transform Enterprise Automation Adoption?

UiPath reported fourth-quarter and full-year fiscal 2026 results that showed stronger growth, improved profitability, and continued progress in...

Baptista Research

PATH: WorkFusion Acquisition Advances Strategic Focus on Agentic AI

On February 6, UiPath announced the acquisition of WorkFusion, which offers a pre-built library of purpose-built AI agents that automate labor...

Water Tower Research

PATH: The RPA Leader Meets Agentic AI; UiPath's Next Chapter

Leader in robotic process automation (RPA) market. UiPath commands ~35% of the RPA market, which is 3-4x its nearest competitors, and was named a...

Water Tower Research

UiPath: Inside the Strategic Playbook Behind Its Expanding Enterprise Footprint!

UiPath reported its third-quarter fiscal 2026 financial results, exhibiting a mixture of strong execution and strategic advancements, as described...

Baptista Research

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