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 recurring | 8.5M | 16.9M | 28.2M |
| MediFlow one-time | 1.0M | 2.0M | 3.0M |
| ProCES | 1.2M | 3.6M | 12.0M |
| MAX | 1.0M | 2.0M | 3.0M |
| EGAP + other | 0.5M | 1.0M | 1.5M |
| TOTAL (CZK) | 12.2M | 25.5M | 47.7M |
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)