Overview Key strengths Key risks High switching costs for customers, resulting in very low turnover Acquisitions required to expand customer base Successful track-record of increasing revenue through add-on products Majority of revenues is concentrated in a niche end market, which is under financial pressure Customer base should be consolidators on average, increasing the number of subscribing facilities Financial sponsors could have greater influence on financial policy despite voting control of founders Following the acquisition of American HealthTech Inc. (AHT) in January 2024, S&P Global Ratings believes PCC will target tuck-in acquisitions rather than pursue transformative acquisitions or purchase competitors to acquire new customers. These debt-funded acquisitions might not be accretive, similar to Collective Medical and Audacious Inquiry LLC, which the
