Executive Dashboard

Preliminary Recommendation

Pass (unless fixable)

Weighted score: 2.8 / 5.0

Target

Capitol Development s.r.o.

MediFlow Healthcare Software

Product 3

MediFlow 4,700 installs (24% CZ). 5+ products incl. Medeor, Benefity. No FHIR

Weight: 25%

Market 4

25K CZ clinics, 8-12% CAGR. Mediterra (7 hospitals) + Etnetera (200 eng) network

Weight: 20%

Financial 2

10-30M CZK but includes Benefity platform + Medeor + EGAP. No audited P&L

Weight: 25%

Technical 3

PHP + mobile. New director from Etnetera (AI focus). FHIR gap needs investment

Weight: 15%

Risk 2

Revenue split across 5+ products unclear. EHDS by 2028. 15 people spread thin

Weight: 15%

Key Metrics

Company
Capitol Development s.r.o.
ICO
45 30 71 56
Product
MediFlow (healthcare IS)
Founded
1993 (30+ years)
UBO
MUDr. Pavel Baranek
Employees
10-19 (~15)
Revenue (est.)
15-25M CZK/yr
MediFlow installs
4,700+
Patient records
1,067,500+
Valuation range
45-150M CZK

Red Flags (9)

  • ! Revenue split unknown: 5+ products (MediFlow, ProCES, MAX, Medeor, Benefity)
  • ! No audited financials filed after 2013
  • ! EHDS/FHIR compliance mandatory by ~2028 — unfunded for 15-person team
  • ! 15 people spread across 5+ products — attention fragmentation risk
  • ! New director (Beran) is part-time (also at Etnetera Core board)
  • ! Missing 10% shareholder (likely Charvat, unconfirmed)
  • ! STAPRO won 116M CZK NIS contract in Vysocina (competitor)
  • ! No HL7/FHIR interoperability, no DASTA standard mentioned
  • ! 3 HIGH-threat competitors: STAPRO (300 emp), CGM (EUR 1.1B), SmartMEDIX

Green Flags (11)

  • + 30+ year track record (founded 1993)
  • + 4,700+ MediFlow installations — ~24% CZ market share
  • + 1,067,500+ patient records — massive lock-in
  • + New director from Etnetera Core (200+ eng, AI focus) — modernization signal
  • + Mediterra healthcare group (7 hospitals) via Charvat — growth channel
  • + Charvat = PE + hospital operations background — strategic acquirer profile
  • + ISO 27001:2022 certified
  • + Mobile capability (iOS + Android, biometric auth)
  • + UBO is a medical doctor — deep domain expertise
  • + A+ credit rating (85.63/100), no insolvency risk
  • + Diversified: MediFlow + ProCES + MAX + Medeor + Benefity platform

Revenue Model (Estimated)

Stream Low Mid High
MediFlow recurring8.5M16.9M28.2M
MediFlow one-time1.0M2.0M3.0M
ProCES1.2M3.6M12.0M
MAX1.0M2.0M3.0M
EGAP + other0.5M1.0M1.5M
TOTAL (CZK)12.2M25.5M47.7M

Ownership Structure

MUDr. Pavel Baranek (UBO, medical doctor) | +-- 100% --> Capitol Dev Services s.r.o. (ICO: 28527402) | Director: Filip Charvat | | | +-- 90% --> Capitol Development s.r.o. (ICO: 45307156) <-- TARGET | Director: Vladimir Beran (since Jun 2025) | Products: MediFlow, ProCES, MAX | +-- Board --> Ahwa a.s. (ICO: 23907941, est. Oct 2025, asset mgmt) +-- 50% ----> MEDTEMPL s.r.o. (ICO: 28198140, orthopedics practice) +-- Liquidator > Hydrak s.r.o. (in liquidation)