Nationale-Nederlanden Polskie Towarzystwo Emerytalne (NN PTE), the largest institutional investor in the equity market in the Central and Eastern Europe region, has acquired an 8.3% stake in Medicalgorithmics – a WSE-listed global innovator in the ECG and cardiac diagnostic imaging industry. The investor joined the shareholding structure by acquiring shares during a transaction carried out by Biofund Capital Management LLC. As part of this transaction, over a dozen large investment funds, pension funds, and family foundations also joined the shareholding group.
For the past three years, Medicalgorithmics has been successfully undergoing a transformation into an entity offering top-quality software and AI algorithms for ECG analysis. Last year, the Polish medtech company signed a record 24 agreements (up from 14 in 2024), which translated into a significant increase in the share price (+85% in 2025). However, the fourth quarter of last year proved to be the breakthrough. During this period, the Company recorded estimated consolidated sales revenues of PLN 10.2 million, representing an increase of +74% y/y and +42% q/q. Simultaneously, the Company recorded a positive estimated EBITDA of PLN 1.0 million.
– The appearance of the largest financial institution in Central and Eastern Europe in our shareholding structure shows how far the Company has come in the process of transforming its business model. We interpret this investment as an appreciation of this journey and a belief in our prospects, particularly the further expansion of our software and AI algorithms for ECG analysis, as well as the development of R&D projects, led by VCAST – comments Dr. Kris Siemionow, President of the Management Board and shareholder of Biofund Capital Management LLC.
Nationale-Nederlanden PTE is among a group of over a dozen funds and family foundations that purchased the Company’s shares from Biofund Capital Management LLC, the main shareholder of Medicalgorithmics. As part of the transaction, Biofund sold 2.1 million shares of the Company with a value of nearly PLN 70 million. The transaction was a response to high demand from investors following the Company’s announcement of breakthrough estimated results for the fourth quarter of 2025.