Battle Road Research provides an independent voice on more than 70 stocks in the technology, renewable energy, education, and eConsumer sectors. The firm's beginnings are inspired by several trends enveloping the securities industry, including the introduction of Reg FD, the challenge posed by pro forma financial reporting, as well as the inherent conflict between investment research and investment banking.

Founded in October 2001, Battle Road Research commemorates the 18-mile stretch between Concord and Boston where the first shots of the Revolutionary War were fired in 1775. The company name was chosen to highlight the independence of investment research from investment banking.

Battle Road Research's corporate charter forever forbids it from engaging in investment banking, writing company-commissioned reports, and personal investment in stocks within our research coverage—all of which we believe to be at odds with our clients’ interests. At Battle Road Research, the mission embarked upon in October of 2001 remains the same: helping our clients identify stocks to buy and stocks to avoid.

From its roots in providing research on business software stocks, Battle Road added coverage of the security software segment in 2002, education technology in 2003, Internet services in 2004, education services in 2005, renewable energy in 2007, and hardware in 2008.

Battle Road Research differentiates its research process in three ways:

• Sector-focused stock coverage;
• A dual emphasis on industry and securities analysis; and
• The use of industry sources rather than company management to gain insight into companies.

We tap into a network of industry partners, who influence the purchase of products and services of the companies we research. This network includes Chief Information Officers (CIOs), directors of Information Technology, sales people, distributors, resellers and consultants.

In addition, Battle Road analysts develop proprietary earnings models, examine public filings in order to detect shifty and shifting accounting policies, business practices, and insider trading activity in order to uncover clues relating to personnel, board, and stock ownership changes. Through an emphasis on industry, rather than management contacts, Battle Road Research hopes to identify future spending priorities, as well as become a trusted advisor and early warning system for our clients.

We deliver the same information at the same time to all of our clients, be they “long- only” mutual fund managers, hedge fund managers, or individual investors.

Ben Z. Rose founded Battle Road Research in October of 2001, following 10 years as a sell-side securities analyst. Mr. Rose started the software research effort at Boston-based Tucker Anthony (now a division of RBC), in July of 1991. He introduced coverage of Microsoft, Adobe Systems, Symantec, and Parametric Technology. Mr. Rose spent five years at Adams, Harkness & Hill in 1996 as a senior analyst, launching coverage of the product design and enterprise applications sectors, and helped launch the firm’s coverage of the Internet sector. He holds a B.A. in international affairs from George Washington University, and an MBA from the University of Michigan.

Battle Road Research was among the initial members of the Investorside Research Association, www.investorside.org, a trade group formed in July of 2002 that certifies its members have no investment banking conflicts.