Infollion Research Services Ltd – Moated Microcap with Differentiated business?

Some Notes – Peer Comparsion

426. Max Friberg on Inex One

• well-known global expert networks so the fees were like in the neighbourhood of i think 800 to 1100 dollar for a one-hour call.

• Infollion - Starting from 400 dollars.

• The expert network industry had over 100 active players in the global landscape in 2020

• GLG has grown fast and forecasts that its revenues will rise by 15 per cent this year to $400m.

• Experts within GLG’s network can earn up to $1,000 an hour for a phone call.

• It costs about $100,000 for a group of four people to access the network for a year, while the heaviest users pay millions of dollars

Market

• The industry held up as revenues surpassed $2.28 Bn in 2023, generated by about 120 experts.

• Within 2 years recently industry grown 20%

Peer List with Revenue

By generations

1st – Before 2006

2nd – after 2006

3rd – Mid of 2010

4th – Recently found.

Market Share Split

Regional Leaders

Regulatory Evolution in 2000’s

Gross Margin – Comparison

For Thirdbridge

For DIALECTICA LTD - UK

For Prosapient Limited - UK

For GLG - DRHP

Revenue Contribution of GLG

Expert Counts GLG

One more interesting data – experts in Specific Industry

All data is collected from AR and DRHP’s. Some might be specific for one region alone.

Market started getting consolidated

VQ decided to acquire Coleman

Check this PPT : https://corp.visasq.co.jp/release/20210818en.pdf

Leader in Network Expert as per Forbes in 2021

Kind of Regional Players

• Bryan Pena (MBO Partners, US)
• Max Friberg (Inex One, Sweden)
• Martin Tronquit (Infomineo, Dubai UAE)
• Nitin Kunimmal (Avvnue, US)
• Sharekh Shaik (CleverX, India)
• Mac Mabidilala (Pengo Insight, South Africa)
• Luis Mata (Consultok, Chile)

For More: ESOMAR – List of Top 50 players including Consulting players.
https://esomar.org/uploads/attachments/cllyzri8j06pkif3v31ipx081-top-50-insights-companies-2023-6.pdf

Some Questions

As they are n number of players in US. How Infollion will do its best?

1. Acquisition might help to grow fast
2. Operating front end from India – sightly helps

What else? Cost of US expert to US clients maybe same for all the players in US right?

Is there something I am missing on the above question?

Growth – Alphainsights

we are almost 15-year-old Company – from Concall, why infollion didn’t? After IPO promotors is getting excited ?

Possibility as a 2st gen player – alpha might have got some upper hand. But is it?

Some helpful Links

Insider's Guide to Expert Network Consulting with Zintro's Michael Collins

Inside View of Expert Network Industry: Feat. Akshat Naithani (DGM, Insight Alpha)