Spotonmedics B.V.

Project Description

The company requests a loan of 900,000 € over 48 months to finance 1) Sales growth by ‘onboarding’ new Physiotheraphy practices; 2) further development of the Business Intelligence tool; 3) hiring employees to support the growth. This project will be realised by the end of the year.

The amount offered on the platform is limited to 441000€, which is in line with the regulatory limits.

Presentation of the company

SpotOnMedics B.V. is the holding company set up in 2010 to acquire active in the Software development sector. The company is managed by Frans Rientjes, has 45 employees and is based in Hoofddorp. SpotOnMedics is an innovative all-in-one, service platform for practical software and financial services specifically designed for Dutch Physiotherapy practices. With an integrated set of applications SpotOnMedics their mission is to transform Physiotherapy practices from traditional to digital with more insight into their practice position in terms of quality, agenda management, patient records, practice management and financial results.

Mr. Frans Rientjes, managing director, has overall 10 years of professional experience in the IT, accounting and healthcare sector. Previously, he was managing director at i-ASE company, and interactive accounting services organisation and held various management positions at IT companies and in the healtcare sector.

The company’s main activities are:

– FysioOne modules for quality, agenda amangement and patient files

– Financial services modules for accounting, personnel, expense processing and telephone services

– Dashboard for benchmarking and advisory services

The company works with a broad client base of Dutch Pysiotherapy practices.

Analyst’s opinion

With a turnover of 2 851 000 € in 2018 and an experienced team, the company has a good track record combined with a two-digits operating margin.

The forecast is based on the actual performance of performance of 2018, the intermediate 2019 results and expectation for 2019 based on the client onboarding pipeline.

The borrower has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,2 and a strong financial structure, with a forecast net debt / ebitda ratio of 1,49 and a net debt / shareholder equity of 80%.

The analysis of the project leads to a credit rating of B+ and a 4,6% annual interest rate.

*The multiple of FCCR at 1,2 means that the company has a safety margin of 20% 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:

• Good historical growth and performance based on diversified client base.
• Excellent repayment ability with a forecasted FCCR of 1.19
• Market leader in the digital transformation of Physiotherapy practices

Points of caution:

• Niche market with clear growth ceiling
• Operational challenges accompanying rapid growth