Financial PerformanceThe high-margin Platforms segment continues to be the key to long-term value creation with revenue up 67% y/y, which includes 60% y/y growth in annual recurring revenue (ARR), adding 8 net new customers and representing almost 2/3 of gross profits.
Growth PotentialThe acquisition of Scite and ResoluteAI have opened up valuable cross-sell opportunities that will accelerate ARR growth.
ValuationResearch Solutions is trading at 1.7x FY25 revenue versus its direct peer group RELX and CLVT at 5.1x as the market for research search and management platforms has consolidated.