Client Story: Enlitic

Enlitic is a global healthcare technology company, specialising in the standardisation of healthcare imaging data. 

It was founded with a goal to leverage AI to streamline healthcare practices for better patient outcomes, and has evolved to resolve some of the longstanding issues surrounding incoherent healthcare data.

In preparing to list the company on the Australian Stock Exchange (ASX) in late 2023, Enlitic’s leadership team were in full gear. As part of the listing process, they needed to bring all annual financial audits up to date.

“Annual audits weren’t compulsory for us before the ASX listing, and we had two and a half years to catch up on before we could proceed with the IPO,”  

“Our deadline was the end of 2023. We had a very tight timetable and wanted an audit firm that would be proactive to help us achieve this.

“Andy Clifford at RSM had previously initiated contact with Enlitic and this action spoke to our needs. When I subsequently explained our situation, he assured us they could help. We were comfortable that the timeline would be respected, so we engaged RSM,” says Darren Scotti, Chief Financial Officer at Enlitic.

A successful ASX listing

Andy referred Darren to Mathavan Parameswaran – Partner in the Assurance and Advisory division in Melbourne, and head of RSM’s National Technology Industry Group.

“The relationship with Mathavan and his team became strong quite quickly,” recounts Darren. “The team set about completing the audits, and we were able to wrap up everything for the IPO by the end of that year.

“They were really good to engage with, and I found we could have robust conversations around the relevant technical matters. As auditors, they’re not there to agree with us but rather sanity check the work we do, and we could always get to a point where we were both comfortable.

“It was always professional, and done with the right end in mind.”

As part of the planned listing on the ASX, Andy Clifford’s team was also engaged to provide investigating accountant’s services.

“This was for the financial information to be included in the proposed prospectus to be issued with the intended listing. We found that Andy’s team supported us really well within the parameters provided.”

A firm believer in partnerships

Enlitic successfully listed on the ASX in late 2023 and has continued to work with RSM as their audit partner.

“As an ASX-listed company now, annual audits are compulsory and we have kept RSM on as our audit team. I’m a firm believer in having good partnerships, and we have no reason to change.

“Any issues they raise are legitimate and presented in a fair and reasonable way which is a real strength. Their technical recommendations also prompt me to think about how I might solve for challenges in different ways, viewing them through both a technical and commercial lens.

“Throughout my career I’ve worked with auditors from the largest consulting companies to much smaller ones and it really comes down to the team you get. The team at RSM is very good – proactive in feedback, pragmatic with commercial issues, and overall just easy to work with.”

Mathavan Parameswaran from RSM adds, “We’ve enjoyed working with Darren and his team. There is always open and transparent discussions and a genuine desire to work together to achieve Enlitic’s goals.”

FOR MORE INFORMATION

Connect with our Technology Team directly here.