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    Suthan Sukumar

    Research Analyst at Stifel Financial Corp.

    Suthan Sukumar is Managing Director, Research at Stifel Canada, specializing in the technology sector with over 15 years of experience in industry and equity research. He covers technology companies including Docebo Inc, CGI Inc, and TELUS International, and is recognized for his analytical rigor across earnings calls and institutional research. Sukumar joined Stifel in 2021 following senior analyst roles at leading Canadian independent investment dealers and earlier work at Rogers Communications in R&D, new product development, and strategy. He holds a B.Eng in Electrical Engineering from McMaster University and an MBA from the Rotman School of Management, University of Toronto.

    Suthan Sukumar's questions to Docebo (DCBO) leadership

    Suthan Sukumar's questions to Docebo (DCBO) leadership • Q2 2025

    Question

    Suthan Sukumar of Stifel Financial Corp. requested details on the size and scope of the 'Big Tech' expansion deal and the potential for future growth within that account. He also asked how the go-to-market priorities might shift under the new CRO.

    Answer

    CFO Brandon Farber described the deal as a large six-figure contract for a customer education use case in a completely new department. He noted significant growth potential remains, as Docebo has not yet penetrated the employee experience use case and the customer uses other LMSs. CEO Alessio Artuffo added that he does not anticipate drastic shifts from the new CRO, but rather a sharpened focus on execution efficiency and integrating the sales and customer success functions.

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    Suthan Sukumar's questions to Docebo (DCBO) leadership • Q1 2025

    Question

    Suthan Sukumar inquired about the recent leadership transitions, specifically the departure of the CRO and CPO, asking if they were related to performance issues and about the status of the CRO search. He also asked for an update on the relationship with AWS following the loss of a use case and the potential risk of losing the entire account.

    Answer

    CEO Alessio Artuffo characterized the leadership changes as a proactive evolution to align the team with Docebo's next phase of growth and scale, not as a reaction to performance. He confirmed the CRO search is well underway. Regarding AWS, Artuffo stated the relationship remains excellent and collaborative, with Amazon still being an important customer. He explained AWS's decision was a strategic 'build vs. buy' choice for a mission-critical system, not a move to a competitor.

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    Suthan Sukumar's questions to Docebo (DCBO) leadership • Q4 2024

    Question

    Suthan Sukumar of Stifel asked about the drivers behind the strong 15%+ attach rates for new products, questioning which offerings saw the most demand and the impact of the new pricing strategy. He also sought clarification on the FedRAMP certification timeline.

    Answer

    Interim CFO Brandon Farber responded that the impressive new logo ACV growth was driven by both the new pricing model and broad-based attachment across all new products, which are solving important use cases. He also confirmed they expect FedRAMP ATO status by the end of Q3, at which point they can win contracts, and noted that a material amount of U.S. Federal revenue is not currently in the guide.

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    Suthan Sukumar's questions to Docebo (DCBO) leadership • Q2 2024

    Question

    Suthan Sukumar from Eight Capital asked for more details on the strategic scope of the new Deloitte partnership, the key drivers behind the increased revenue guidance, and the current state of the relationship with Dayforce following their legal resolution.

    Answer

    Interim CEO Alessio Artuffo described the Deloitte partnership as a marquee relationship that certifies Docebo as a white-labeled asset for Deloitte's commercial and government practices, expecting it to significantly boost the sales pipeline. CFO Sukaran Mehta attributed the higher guidance to strength in the enterprise and government segments. Mehta also confirmed the Dayforce legal action was resolved, protecting Docebo's IP, ensuring revenue continuity, and preserving the partnership while highlighting a broader strategy of diversifying channel partners.

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    Suthan Sukumar's questions to CGI (GIB) leadership

    Suthan Sukumar's questions to CGI (GIB) leadership • Q3 2025

    Question

    Suthan Sukumar asked for details on CGI's IP strategy, including product priorities beyond AI, and requested an update on the integration progress and growth opportunities from recent acquisitions.

    Answer

    President and CEO François Boulanger clarified that 40% of IP revenue is now driven by solutions with embedded AI. He highlighted strong momentum for IP in the Government and Financial Services sectors, particularly with ERP systems and platforms like Wealth360. Regarding integrations, he noted positive progress in combining CGI's broader capabilities, such as India delivery, with the strong client relationships of acquired firms like Dougherty and BJSS.

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    Suthan Sukumar's questions to TELUS International (Cda) (TIXT) leadership

    Suthan Sukumar's questions to TELUS International (Cda) (TIXT) leadership • Q4 2024

    Question

    Suthan Sukumar asked about surprising areas of strength and persistent weakness in the new business pipeline.

    Answer

    Jason Macdonnell, Acting CEO, highlighted strength from a rebound in digital solutions and continued momentum in AI data solutions. He noted headwinds in the changing content moderation space but saw broader opportunity in trust and safety. Tobias Dengel, President of Digital Solutions, added that while digital demand is up, clients remain cost-conscious, driving a need for automation and geographic optimization to nearshore locations like Brazil.

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    Suthan Sukumar's questions to Lightspeed Commerce (LSPD) leadership

    Suthan Sukumar's questions to Lightspeed Commerce (LSPD) leadership • Q1 2025

    Question

    Suthan Sukumar asked about software ARPU drivers beyond pricing, such as module upsell, and about the competitive landscape outside of North America.

    Answer

    President JD Saint-Martin attributed ARPU growth to the higher value of flagship products and strong module attach rates for features like Insights and advanced inventory. He described the international competitive landscape as 'very fragmented and region-focused,' which positions Lightspeed as a dominant player due to its presence across multiple countries in Europe and APAC.

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