Redeye strengthens its positive view on ADDvise following the large-high-quality acquisition of CliniChain. While we believe the net debt will approach 3.5x EBITDA in early 2023, which is somewhat higher than most peers, it is crucial to maintain a solid acquisition pace for a rather small serial acquirer as ADDvise. Also, with strong margins and a high recurring revenue share, CliniChain will make a significant cash flow contribution.