EXAME - Comprehensive Analysis Report

Summary

EXAME is a leading Brazilian media company, established in 1967, that has successfully transformed from a traditional biweekly print magazine into a comprehensive digital information and education platform. Its core mission is to foster Brazilian capitalism by highlighting significant achievements and addressing crucial challenges within the economic and business landscape. EXAME aims to be a definitive voice in economic and business discourse in Brazil. The company is headquartered in São Paulo, with additional offices in Rio de Janeiro, Brasília, and New York City.

1. Strategic Focus & Objectives

Core Objectives

EXAME's primary business objectives revolve around digital transformation and expanding its influence across various sectors. A key goal is to strategically leverage its digital presence through data intelligence, channel integration, and curated digital journeys to align with overarching business objectives. The company aims to monetize around its news content rather than directly from it, expanding into high-growth areas such as career development and financial investments.

Specialization Areas

EXAME specializes in providing in-depth news, analysis, and insights across a broad spectrum of topics including markets, investments, personal finance, ESG (Environmental, Social, and Governance), and career development. Its unique value proposition lies in its dedicated verticals: EXAME Invest, which focuses on investments and business, and EXAME Academy, which is dedicated to education. These verticals demonstrate a strategic expansion beyond traditional media into service-oriented offerings.

Target Markets

EXAME primarily targets a sophisticated audience interested in business, finance, and economics in Brazil. This includes professionals, investors, and individuals seeking career advancement and financial literacy. Its market positioning strategy emphasizes credible, in-depth analysis combined with practical educational content and investment insights.

2. Financial Overview

Funding History

EXAME is a privately held company with financial backing from Banco BTG Pactual. While precise details regarding total funds raised or specific funding rounds are not publicly disclosed, Banco BTG Pactual's investment has been instrumental in supporting EXAME's digital transformation and its expansion into new business verticals.

3. Product Pipeline

Key Products/Services

EXAME (Core Media Platform):
Description: A comprehensive digital platform offering news, analysis, and insights on economics, business, finance, politics, and technology. It transitioned from a biweekly print magazine to a primarily digital format.
Development Stage: Fully operational and continually updated with new content and features.
Target Market/Condition: Brazilian professionals, investors, and the general public seeking high-quality business and economic information.
Key Features and Benefits: In-depth journalistic coverage, expert analysis, diverse content categories (ESG, careers, investments), and a strong digital presence across multiple platforms.
EXAME Invest:
Description: A dedicated vertical focused on investment news, market analysis, and financial insights. It also acts as an exclusive representative in Brazil for Gavekal Research.
Development Stage: Fully operational and expanding.
Target Market/Condition: Individual and institutional investors in Brazil, seeking informed decision-making tools and global economic perspectives.
Key Features and Benefits: Independent research on global economic and financial issues, specialization in China analysis, and comprehensive investment reports.
EXAME Academy:
Description: An educational platform offering courses, career guidance, and professional development programs.
Development Stage: Fully operational and expanding, with claims of over 70,000 individuals having "boosted their careers" through its offerings.
Target Market/Condition: Individuals seeking career advancement, skill development, and professional education in business and finance.
Key Features and Benefits: Exclusive courses, professional development tips, tests, and guidance designed to enhance career trajectories.
EXAME Pro:
Description: An exclusive service that provides comprehensive reports and analyses on the market, companies, and stocks.
Development Stage: Fully operational.
Target Market/Condition: Investors and professionals who require detailed financial intelligence and actionable insights.
Key Features and Benefits: In-depth financial reports and analyses accessible at users' fingertips.

4. Technology & Innovation

Technology Stack

EXAME actively integrates advanced digital technologies to enhance its offerings and user experience. The company leverages artificial intelligence (AI), automation, and big data to generate insights, optimize internal processes, and deliver personalized digital experiences. Its digital strategy focuses on creating engaging, mobile-first content and improving user experience (UX) across its platforms. The company utilizes advanced tools for content management and analytics to support its content delivery and strategic decision-making.

5. Leadership & Management

Executive Team

Pedro Valente: Co-CEO
Professional Background: Assumed the Co-CEO role in October 2021, previously CFO/COO at EXAME since January 2020. His experience includes roles at BTG Pactual and Engelhart Commodities Trading Partners, such as Business Manager for BTG Pactual Chile, Business Manager for the Equities Broker Dealer, COO for Agribusiness, and Head of FP&A and Investor Relations. Holds a Master's in Finance from London Business School and a B.B.A. from Ibmec.
Notable Achievements: Instrumental in driving EXAME's digital revolution and expanding its verticals.
Renato Mimica: Co-CEO
Professional Background: Also appointed Co-CEO in October 2021. He is a partner at BTG Pactual and formerly led EXAME Invest. Has over 15 years of experience in investment analysis, including work as an analyst in Wall Street, and is a CNPI-certified investment professional. He also worked at Bank of America Merrill Lynch.
Notable Achievements: Responsible for scaling the career and investment verticals while maintaining EXAME's editorial core. He was elected one of the best stock analysts in Latin America for 10 consecutive years by Institutional Investor magazine.
Victor Gatti: CFO & COO
Adriana Cappa: Head of Human Resources
Renata Faber: Head ESG
CG. Carolina Gehlen: Head of Design
Karla Mamona: Editora De Finanças Da Exame (Finance Editor at Exame)

Recent Leadership Changes

In October 2021, Pedro Valente and Renato Mimica were appointed as Co-CEOs, succeeding Pedro Thompson, who departed in September 2021 to pursue personal projects. This transition brought in leaders with strong financial backgrounds to steer the company's digital and diversification strategies.

6. Talent and Growth Indicators

EXAME prioritizes talent development, significantly through its EXAME Academy, which offers educational programs and career guidance. The company's platform provides content related to careers, employment, professional development tips, and assessments. EXAME Academy, along with EXAME Invest, are identified as key growth drivers. EXAME has reported that over 70,000 individuals have advanced their careers through its educational offerings, signifying considerable impact and growth in this sector. This indicates a strategic shift towards becoming a "mediatech" with a strong focus on education and financial services, moving beyond its traditional media roots.

7. Social Media Presence and Engagement

Digital Footprint

EXAME maintains a robust and active digital presence across major social media platforms, effectively engaging with a large audience. The company leverages YouTube, LinkedIn, Instagram, Facebook, Twitter (X), and TikTok to deliver news, analyses, and opinion content across economics, business, politics, finance, and technology. It reaches over 15 million Brazilians monthly, solidifying its position as a significant digital channel for business and economic news. EXAME utilizes social media to promote content in key areas like careers, investments, ESG, and artificial intelligence, and to advertise events such as the "Melhores e Maiores" awards.

YouTube: youtube.com/exame
LinkedIn: linkedin.com/company/exame-com
Instagram: @exame
Facebook: facebook.com/Exame
Twitter/X: twitter.com/exame
TikTok: @exame

8. Recognition and Awards

Industry Recognition

EXAME is a recognized and influential entity in the Brazilian business community, organizing and hosting several prestigious awards:
EXAME Melhores e Maiores: This is Brazil's largest and most traditional economy and business award, celebrating the top companies in the country. The 2025 edition marked its 52nd year.
Melhores do ESG: This award acknowledges companies with exemplary socio-environmental practices across 17 Brazilian economic sectors.
EXAME Award in People Management: Launched in 2024 in partnership with Mercer and supported by Slik, this award recognizes Brazilian companies for their excellent human resources practices, mapping employee experience and promoting best practices.

Additionally, EXAME was part of the "ApexBrasil-Exame" award, which recognized Serpro, Brazil's largest public information technology company, as a standout in the services sector among medium and large-sized companies for export performance.

9. Competitive Analysis

Major Competitors

Valor Econômico:
Company Overview: A financial newspaper founded in 2000, known for its in-depth coverage of economics, finance, and business. It has a strong digital presence, including a real-time news service called Valor PRO.
Focus Areas: Economics, finance, and business news and analysis.
Technological Capabilities: Strong digital platform with real-time news services.
Notable Achievements: Established as a key source of financial news in Brazil.
Competitive Positioning: Positions itself as a respected and authoritative daily financial newspaper with extensive digital offerings.
Istoé Dinheiro:
Company Overview: A digital platform providing news and analysis on economics, business, finance, technology, and investments. It transitioned to an exclusively digital format in January 2025.
Focus Areas: Economics, business, finance, technology, and investments.
Technological Capabilities: Comprehensive digital portal.
Competitive Positioning: Direct competitor in the digital business news and investment content space.
Forbes Brasil:
Company Overview: The Brazilian edition of the internationally renowned Forbes magazine, focusing on business, investing, technology, entrepreneurship, leadership, and lifestyle.
Focus Areas: Business, investing, technology, entrepreneurship, leadership, lifestyle, and wealth.
Technological Capabilities: Operates as a "360° ecosystem" including print, digital, events, and radio.
Competitive Positioning: Leverages a strong global brand with a local Brazilian focus, catering to a premium audience interested in wealth and executive insights.

10. Market Analysis

Market Overview

The Brazilian media market is undergoing a significant digital transformation. The digital media market in Brazil generated an estimated revenue of USD 15,632.3 million in 2023 and is projected to reach USD 35,807.0 million by 2030, showing a Compound Annual Growth Rate (CAGR) of 12.6% from 2024 to 2030. Video content was the largest revenue-generating content type in 2023, while interactive media is expected to be the fastest-growing segment. The broader media industry in Brazil had total revenues of $25.8 billion in 2022. The advertising segment within the media industry accounted for $10.5 billion in 2021, representing 67.5% of the industry's total value. The digital advertising market in Brazil generated USD 14,250.5 million in revenue in 2024 and is projected to reach USD 34,388.8 million by 2030, growing at a CAGR of 15.7% from 2025 to 2030. Mobile was the largest revenue-generating component in digital advertising in 2024.

Internet penetration in Brazil reached 86.6% of the total population at the start of 2024, with 187.9 million internet users. Most Brazilians primarily access the internet through mobile connections. As of 2024, 74.9 million households, or 93.6%, had internet access. Streaming services have become central to media consumption, with over 70% of internet users engaging with video-on-demand platforms. The Brazil OTT media services market reached USD 1.0 billion in 2024 and is expected to grow to USD 4.2 billion by 2033, with a CAGR of 15.20% from 2025-2033.

Growth Potential

The increasing internet penetration, widespread adoption of smartphones, and the growth of e-commerce are key drivers for the expansion of digital media and advertising in Brazil. The shift towards digital-first advertising methods, including mobile, social media, and programmatic buying, presents substantial growth opportunities.

Key Market Trends

Digital Transformation: A strong and continuous shift from traditional to digital media consumption.
Mobile-First Approach: Dominance of mobile devices for internet access and content consumption.
Growth of Digital Advertising: Significant growth in digital advertising expenditure, driven by targeted campaigns and social commerce.
Rise of Video and Interactive Media: Video content being the largest revenue generator and interactive media poised for rapid growth.
Education Technology (EdTech) Integration: Blurring lines between content providers and educational platforms.
ESG Focus: Increasing importance of Environmental, Social, and Governance issues in business reporting and investment.

Market Challenges and Opportunities

Challenges:
Intense competition in the digital advertising and e-commerce space.
Adapting revenue models in a landscape where direct news monetization is less prevalent.
Navigating evolving government regulations, such as data protection laws.

Opportunities:
Developing new revenue streams through verticals like education (EXAME Academy) and investment platforms (EXAME Invest).
Leveraging AI and big data for hyper-personalization and enhanced user engagement.
Expanding into interactive content formats and capitalizing on the growth of streaming.
Forging strategic partnerships to enrich content offerings and reach.

11. Strategic Partnerships

Bloomberg BusinessWeek:
Nature of Partnership: Allows EXAME to publish content from the North American magazine in Brazil.
Strategic Benefits: Combines international business journalism with EXAME's qualified Brazilian audience, enhancing content breadth and credibility.
Collaborative Achievements: Provides Brazilian readers with access to global business insights and news from a leading international publication.
Mercer & Slik:
Nature of Partnership: Collaborators for the "EXAME Award in People Management."
Strategic Benefits: Enhances the credibility and reach of EXAME's awards programs, leveraging Mercer's expertise in human resources consulting.
Collaborative Achievements: Successfully launched the inaugural "EXAME Award in People Management" in 2024, recognizing excellence in HR practices.
ABC Associados:
Nature of Partnership: Involved in the rigorous evaluation process for EXAME's "Melhores do ESG" award.
Strategic Benefits: Ensures the robustness and independence of the ESG award methodology, reinforcing its industry standing.
Gavekal Research:
Nature of Partnership: EXAME's "Invest Pro" vertical is an exclusive representative in Brazil for Gavekal Research.
Strategic Benefits: Provides EXAME with independent research on global economic and financial issues, particularly with a specialization in China, adding significant value to its investment insights.
Serpro (Indirect Recognition):
Nature of Partnership: Serpro, Brazil's largest public information technology company, won an "ApexBrasil-Exame" award, indicating EXAME's role in industry recognition.
Strategic Benefits: Reinforces EXAME's influence as an award-giving body that acknowledges significant achievements in various sectors.

12. Operational Insights

EXAME possesses a strong competitive advantage derived from its established credibility and authority as a premier business and economics publication in Brazil. Its ongoing digital transformation, shifting from print to a comprehensive online platform with diverse content verticals, enables it to adapt to evolving media consumption patterns in Brazil's rapidly expanding digital market. The company's strategic emphasis on education (EXAME Academy) and investments (EXAME Invest) distinguishes it from purely news-focused competitors by offering value-added services and deeper engagement opportunities. Leveraging partnerships, such as with Bloomberg BusinessWeek for international content and Gavekal Research for investment analysis, further enhances its offerings and credibility. While it faces intense competition in digital advertising from major players, EXAME's strength lies in its ability to combine high-quality journalism with practical insights and educational content, catering to a sophisticated business audience seeking