New Amsterdam Capital B.V.

Presentation of the company

New Amsterdam Capital B.V. (N.A.C. BV) was founded in 2015, however the business activity of New Amsterdam Capital recruitment started in January 2018. In the meantime, no business activity has taken place in this entity. “One” is the trade name of New Amsterdam Capital and is a recruitment technology company that works for October Nederland B.V.. The company, led by Kaan Anit, has 5 employees and is based in Amsterdam.

The main activities of the company are recruitment for scale-ups:

• Recruitment for one or more key hires;
• International recruitment;
• Building teams;
• Leadership roles (executive search)

New Amsterdam Capital is active in the business market with the main focus on recruiting for well capitalized tech and non-tech start-ups and scale-ups.

Project Description

The company requests a loan of 103 093 € over 24 months to finance the digitalization of the company in order to improve the candidate on-boarding process, effectiveness of candidate searching and a more efficient format to oversee the recruitment process. This project will be realized in the next few months.

The amount offered on the platform is limited to 50 500 €, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 775 000 € in 2018 and experienced recruiters, the team has a good track record in the industry combined with a two-digits operating margin.

Turnover growth is driven by the acquisition of new clients and the growth of sales on existing clients, combined with strong market circumstances due to a positive climate for start-ups and a tight labor-market. Forecast is based on 2018 performance. For 2019 the company expects further growth of sales to € 1.2 mln.

The borrower has a solid repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,77 and an excellent financial structure, with a forecast net debt / ebitda ratio of 0,04 and a net debt / shareholder equity of 15%, taking into account the blockage of the shareholder loan.

The analysis of the project leads to a credit rating of C and a 7% annual interest rate.

*The multiple of FCCR at 1,77 means that the company has a safety margin of 77% relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (External data provider). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.

Strong Points:

• Revenue based on diversified client base.
• Solid repayment ability with a forecasted FCCR of 1,77.
• Strong specialization in personnel for start-ups and scale-ups

Points of caution:

• Operating in a cyclical market.