Checkit (formerly Elektron Technology) operates a SaaS platform that digitises and vastly improves the running of routine tasks/workflows, particularly with regards to efficiency, quality, standardisation and regulatory compliance.
In May’19, the group acquired Next Control Systems for £8.8m, with the ultimate aim of becoming a global powerhouse in real time operations management. Whilst simultaneously transitioning towards a pure 100% SaaS business across many sectors including Retail, Hospitality, Healthcare, Real Estate Management and Manufacturing.
There are 190 FTEs, and the firm is headquartered in Cambridge, UK with its Operations Centre in Fleet, and a Sales and Service office in California, US.
16 Jun 2020
House in Order
Checkit plc today announced FY20 Preliminary Results following restructuring, the highlights of which were: the sale of Bulgin and return of £81.0m to shareholders; acquisition of Next Control Systems for £8.8m, subsequently renamed Checkit UK Ltd.; renaming of Elektron Technology plc as Checkit plc; and a renewed focus on cloud-based Software-as-a-Service operational management solutions.
In line with the 14 April 2020 Trading Update on the impact of the COVID-19 pandemic on operations, Checkit has withdrawn outlook guidance. However, there are positive signs arising from: an emphasis on profitable recurring income from Connected Workflow Management (CWM) and Connected Automated Monitoring (CAM) operations; focus on larger enterprise customers such as BP, a FY20 contract win; development of SaaS-based revenue (reported at 30% of revenue); close ties with the NHS; new business opportunities.
In line with the company announcement on guidance we suspend forecasts, whilst noting a currententerprise valuation which stands at a41% discount to FY20 revenue and 34% discount to the purchase price of Checkit UK Limited.