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eFitness is just getting warmed up
The company announces the start of the procedure to enter NewConnect
eFitness S.A. is a Poznan-based manufacturer and supplier of SaaS (Software as a Service) software for sports facilities, mainly fitness clubs. The software enables comprehensive customer relationship management, extensive financial and sales analytics, and unattended access control to the exercise area. The company also offers physical access control points based on biometrics and a mobile application for end customers. In total, eFitness provides the system to over 600 fitness clubs in Poland and Europe, as well as Russia and Kazakhstan. In 2020 alone, through the company's systems, users made 7.6 million reservations and as many as 160 million entries to sports facilities. In Q1 2022. the company announces the start of the process of introducing shares to trading on the NewConnect market.
eFitness has been developing intensively since 2009. Revenues of the company in the three quarters of 2021. Revenues in the three quarters of 2021 reach 8 million PLN. The company focuses on the diversification of sales markets and provides its solutions, among others, in the Czech Republic, Slovakia, Norway, Greece, Bulgaria or Iceland and also outside the EU in Russia and Kazakhstan. The comprehensive SaaS solutions it creates are addressed to both owners and customers of fitness clubs.
- eFitness provides proprietary technology created in response to the gap we noticed in the market for dedicated solutions for extensive management. We provide comprehensive tools, which are then taken care of and continuously developed in cooperation with the customer. The fitness industry is a very complex and demanding segment. Despite lockdowns, it is developing very dynamically, and it does not look like the 'fashion' for physical culture will pass away. Our task is to simplify, both for the club and the member, all the processes related to offering and providing services - says Łukasz Balicki, CEO of eFitness S.A.
The software enables the management of a client database, payments, contracts, marketing and administration. There is also a financial and accounting module available as well as a cash register and an analytical module. A client zone was created for users, which allows for easy and quick organization of classes and access to the contract. Additionally, the company provides the entire software infrastructure based on cloud services. For their security, georeplication was used, which are systems that use geographically distributed data centers. Additionally, eFitness offers a mobile application for customers - eFitnessApp.
- In 2021, nearly 20 percent of subscription revenue came from overseas. During the coronavirus pandemic, we were able to expand our field of operations so that we were almost unaffected by subsequent lockdowns. Throughout this time we maintained positive financial results, which has been rare in this industry. Our plans for the coming months include further strategic partnerships. Thanks to the agreement we have established, approximately 100 more facilities will come under the care of our systems. Moreover, in the first quarter of 2022 we plan to start the procedure of entering NewConnect - adds Balicki.
It is worth noting that the activity of sports facilities in Poland in 2020 was very limited. According to the Deloitte European Health&Fitness Market 2021 report, fitness clubs were closed for about four months. During the remaining time, they were affected by restrictions to varying degrees limiting operations. The same report for 2020 says that in 2019 Polish fitness facilities generated revenues of PLN 4.2 billion, which was worth about 0.2% of Poland's annual GDP.
SaaS solutions by eFitness S.A. are aimed at both large chain gyms and single clubs. Clients include the Just Gym chain from Poznań or Total Fitness from Warsaw. Recipients make monthly payments for the use of the system, which guarantees the company a steady operating income and access to working capital. The company announces the commencement of the NewConnect listing procedure in Q1 2022.