Core Insights - Sidetrade has completed the acquisition of ezyCollect, a leading Australian SaaS provider specializing in Order-to-Cash solutions, marking a significant step in its international growth strategy [1][2] Financial Details - The acquisition values ezyCollect at €37.3 million (A$66.5 million), with €34.7 million (A$61.9 million) paid in cash and €2.6 million (A$4.6 million) in Sidetrade shares [2] - Founders of ezyCollect may earn up to €5.6 million (A$10 million) based on the company's Annual Recurring Revenue (ARR) growth through 2028, with an estimated current earnout of €3.3 million (A$6 million) [2] - The acquisition is financed through Sidetrade's cash reserves and a €25 million long-term credit facility at an interest rate of approximately 3.1% [3] Strategic Implications - The acquisition retroactively consolidates as of October 1, 2025, and enhances Sidetrade's mission to democratize its AI platform, Aimie, aimed at improving financial performance for mid-market and large enterprises [4] - Sidetrade plans to align long-term incentives for ezyCollect's key employees through additional share grants as part of an equity plan [3] Company Overview - Sidetrade operates a SaaS platform that analyzes $7.2 trillion worth of B2B payment transactions daily, anticipating customer payment behavior and attrition risk for 40 million buyers globally [5] - The company has a global presence with over 400 employees across Europe, the United States, and Canada, serving clients in more than 85 countries [5]

Developers hate (bad) marketing, but they still need a way to find useful tools and services. That’s why you’ll find a preponderance of developers on forums and sites like Hacker News, Reddit and Stack Overflow discussing their dev kits and why some tools are better than others. That buying intent is the signal that Israeli startup Onfire wants to help software vendors capture. The company monitors public forums to learn what tools devs are discussing, and then uses AI to identify which companies those c ...

Company Overview - PhoneX Holdings, Inc. is a technology company focused on the global wholesale trade of pre-owned mobile devices [4] - The company offers an industry-leading SaaS platform that assists carriers, manufacturers, and distributors in managing inventory, optimizing sales, and expanding customer networks [4] - PhoneX aims to drive efficiency, transparency, and scale in the secondary mobile device market, enabling partners to maximize value [4] Tax Qualification Announcement - PhoneX Holdings has announced that it may qualify as a "qualified small business" under Section 1202 of the Internal Revenue Code, which could allow for the exclusion of gain from the sale or exchange of "qualified small business stock" [1] - The qualification is subject to the satisfaction of all applicable requirements, and the company does not guarantee that any stock will ultimately qualify as QSBS or that shareholders will be eligible for tax benefits [2]

Company Overview - PhoneX Holdings, Inc. is a technology company focused on the global wholesale trade of pre-owned mobile devices [3] - The company operates an industry-leading SaaS platform that assists carriers, manufacturers, and distributors in managing inventory, optimizing sales, and expanding customer networks [3] - PhoneX aims to drive efficiency, transparency, and scale in the secondary mobile device market, enabling partners to maximize value [3] Tax Qualification Announcement - PhoneX Holdings has announced that it may qualify as a "qualified small business" under Section 1202 of the Internal Revenue Code, which could allow for the exclusion of gain from the sale or exchange of "qualified small business stock" [1] - The qualification is subject to the satisfaction of all applicable requirements, and the company cannot guarantee that any stock will ultimately qualify as QSBS or that shareholders will be eligible for tax benefits [2]

Core Insights - Datadog, Inc. is a SaaS observability and security platform with a market cap of $54.6 billion, providing real-time monitoring and insights across technology stacks [1] Financial Performance - Datadog is expected to announce fiscal Q3 2025 results on November 6, with analysts predicting a profit of $0.07 per share, a decline of 53.3% from $0.15 per share in the same quarter last year [2] - For fiscal 2025, EPS is projected to be $0.31, down over 34% from $0.47 in fiscal 2024, but is expected to grow 48.4% year-over-year to $0.46 in fiscal 2026 [3] Stock Performance - Datadog shares have increased by 27.7% over the past 52 weeks, outperforming the S&P 500 Index's nearly 17% gain, but lagging behind the iShares U.S. Technology ETF's 31.6% return [4] Recent Results and Outlook - In Q2 2025, Datadog reported adjusted EPS of $0.46 and revenue of $826.8 million, exceeding forecasts, and projected Q3 revenue between $847 million and $851 million, indicating strong demand driven by AI and cloud technology adoption [5] Analyst Ratings - The consensus view on Datadog stock is bullish, with a "Strong Buy" rating from 31 out of 41 analysts, and an average price target of $169.03, suggesting a potential upside of 6.9% from current levels [6]

Core Insights - The only way for Chinese SaaS companies to break through is to shift from a "TO VC" model to a "TO Customer" focus, emphasizing value delivery, recognition, and customer success [1][14] Industry Overview - In 2025, the Chinese SaaS industry is experiencing a dual narrative, with one side focused on "AI+SaaS" and globalization, while the other side sees companies prioritizing mergers and profits [2] - Over 80% of SaaS companies have undergone significant personnel optimization in recent years, indicating a shift in the industry landscape [2] Historical Context - The "burning money for growth" model, prevalent since around 2015, has led to a "TO VC" approach where companies focused solely on acquiring new customers [3][4] - This model has resulted in detrimental practices such as price slashing and neglecting customer success metrics, leading to a lack of trust in the market [5][7] Market Correction - The capital market downturn from 2020 to 2024 has forced a reevaluation of business models, with many companies facing layoffs and some disappearing entirely [7][8] - A core message from this correction is that business models not centered on customer success and healthy profits are ultimately unsustainable [8] New Business Models - Companies are beginning to adopt a new framework focusing on product, ecosystem, and profit, moving away from the traditional "burning money" approach [9] - Examples include Weimob achieving its first profit post-IPO and SalesEase forming a strategic partnership with Tencent to enhance product quality and ecosystem collaboration [10][11] Challenges and Opportunities - Despite the push towards AI and globalization, many Chinese SaaS companies are hindered by the legacy of long-term losses, which affects their ability to invest in new technologies [12][14] - The industry must undergo an internal revolution to eliminate low-price competition and establish a healthy supply-demand chain based on value [12][14] Future Outlook - The Chinese SaaS industry has the potential to leverage strong foundational technologies and global infrastructure to empower companies that are on a path to sustainable development [14] - There is an expectation for a revitalized Chinese SaaS industry by 2025, with more companies like Weimob, SalesEase, and FanRuan exploring new paths [15]

Core Insights - Semrush has launched its Enterprise Partner Program, aimed at expanding its enterprise presence and creating new growth opportunities for marketing agencies and their clients [1] Group 1 - The Enterprise Partner Program is a global strategic initiative that will create a new revenue channel for both Semrush and its partners [1] - Certified partners will be empowered to sell, service, and scale with Semrush, utilizing the full suite of Semrush's offerings [1]

Core Viewpoint - The stock of Jushuitan (06687) surged by 20%, reaching a new high of 41.72 HKD, significantly outperforming its IPO price of 30.6 HKD, reflecting strong market confidence in the company's leading position in the e-commerce SaaS sector [1] Company Overview - Jushuitan is a leading provider of e-commerce SaaS solutions in China, focusing on the digital operational needs of e-commerce merchants [1] - The company offers a cloud-native SaaS product that provides comprehensive business monitoring, operation, and management services for various types and sizes of e-commerce merchants [1] Market Position - According to ZhiShi Consulting, Jushuitan holds a 24.4% market share in the Chinese e-commerce SaaS ERP sector for 2024, making it the largest provider in the industry, surpassing the combined market share of the second to fifth largest competitors [1] - The core product, "Jushuitan ERP," is recognized as the most popular e-commerce SaaS ERP brand among Chinese merchants, establishing a strong competitive barrier in the core operational tools segment [1] - In the broader Chinese e-commerce operation SaaS market, Jushuitan ranks first with an 8.7% market share based on total SaaS revenue for 2024, covering a wide range of merchant operational needs including ERP, CRM, and sales and marketing management [1]

Core Viewpoint - Jushuitan (06687) experienced a significant stock price increase, reaching a new high of 41.72 HKD, which is over 36% higher than its IPO price of 30.6 HKD [1] Company Overview - Jushuitan is a leading e-commerce SaaS solution provider in China, focusing on the digital operational needs of e-commerce merchants [1] - The company offers cloud-native SaaS products that provide comprehensive business monitoring, operation, and management services for various types and sizes of e-commerce merchants [1] Market Position - According to ZhiShi Consulting data, Jushuitan holds a 24.4% market share in the Chinese e-commerce SaaS ERP sector for 2024, making it the largest provider in the industry [1] - This market share exceeds the combined total of the second to fifth largest competitors [1] - Jushuitan's core product, "Jushuitan ERP," is recognized as the most popular e-commerce SaaS ERP brand among Chinese merchants, establishing strong barriers in the core operational tools segment [1] Business Coverage - In the Chinese e-commerce operation SaaS market, Jushuitan ranks first based on total SaaS revenue for 2024, with a market share of 8.7% [1] - The company covers the full operational needs of merchants, including ERP, CRM, and sales and marketing management, leading in business coverage breadth [1]

Core Insights - The Optimist Fund achieved a return of +9.1% in Q3 2025, significantly outperforming its benchmark [5] - The fund's year-to-date return stands at 44.5%, compared to the benchmark's 11.1% [5] - The fund anticipates continued growth opportunities over the next three and a half years, similar to recent performance [4] Fund Performance - The fund's performance over various periods shows significant volatility, with a notable recovery from a -51.4% return in 2022 to 82.9% in 2023 [5] - Compound returns as of September 30, 2025, indicate strong performance across 1-year (61.2%), 2-year (65.6%), and 3-year (61.9%) periods [5] Top Contributors - **Wayfair**: Revenue increased by approximately 5% year-over-year to $3.27 billion, marking its fastest growth since Q1 2021. Adjusted EBITDA reached $205 million, indicating a margin above 6% for the first time since Q2 2021 [7][8][9] - **ThredUp**: Revenue rose 16% year-over-year to $77.7 million, with adjusted EBITDA increasing by around 100%. Active buyers grew by 17% to 1.47 million [10][11][12] - **Carvana**: Retail units sold increased by 41% year-over-year to 143,280 vehicles, with total revenue rising 42% to $4.84 billion. Adjusted EBITDA reached $601 million, reflecting a 12.4% margin [13][14][15] Top Detractors - **Monday.com**: Despite a 27% increase in revenue, the company reduced its second-half 2025 revenue guidance due to weaker performance marketing trends, causing investor concerns [20][21][22] - **Fiverr**: Results were below expectations, leading to a reduction in position size despite maintaining an attractive risk/reward profile [25][26] Portfolio Composition - The top 10 holdings comprise approximately 85% of the portfolio, including ThredUp, Monday.com, Carvana, Uber, Wayfair, DoorDash, First Advantage, Fiverr, Latham Group, and Medpace [27] Notable Changes - The fund exited positions in HelloFresh and Revolve due to management changes and reduced confidence in growth prospects, reallocating capital to more promising opportunities [29][30] Company Insights - **Medpace**: A leading contract research organization (CRO) focused on small and mid-sized biotech companies, showing strong revenue growth of 14.2% year-over-year to $603.3 million [31][18][35] - The company has a disciplined capital allocation strategy, with a history of share repurchases during market downturns, enhancing long-term growth potential [34][35]