Information Technology
Sidetarde: 20% increase in revenue for Q1 2024, with SaaS subscriptions up 20%
Olivier Novasque, CEO of Sidetrade commented:
, Sidetrade posted an outstanding performance, more than doubling its bookings. Over the period, the Group added in New Annual Contract Value (ACV) versus €1.83 million in Q1 2023, representing an increase of . First-quarter bookings came in close to the Company's all-time quarterly record - achieved in Q2 2023 - with €4.1 million in ACV.
For the third consecutive quarter, acted as a key growth driver, accounting for . In the first quarter of 2024, Sidetrade notably secured two major contracts in North America. The first of these was signed with a globally recognized player in hygiene, food safety and public healthcare, with revenue of $15 billion and a listing on the New York Stock Exchange (NYSE). This new customer will run wide-scale implementation of Sidetrade's e-invoicing solution, directly integrating its invoices in the information systems of their main customers in the United States. A key factor in this decision was the ability of Sidetrade's solution to process work orders and complex invoices within digital portals utilized by major buyers. This contract represents the most significant transaction for Sidetrade's e-invoicing solution, as a result of the Amalto acquisition (see press release of April 12, 2021 ). The second major contract was agreed with the largest professional equipment rental provider the world over, posting revenue of $14 billion and listed on the NYSE. After being the main customer for a competing vendor, this giant chose Sidetrade because of its technological edge in AI, in addition to the excellence of its teams.
(New ARR) totaled , . In Q1 2024, Total Contract Value increased to compared to €2.78 million in the same period, in the 2023 fiscal year, representing Parallel to this, , with almost all invoiced within twelve months of their signing, totaled , versus Q1 2023 (€0.94 million). This strong increase is mainly due to the growing number of deployment projects signed worldwide, as illustrated by the two new above mentioned American customers.
Overall, the first-quarter 2024 performance reflects the upward trend in bookings observed during the 2023 fiscal year, further validating the relevance of the Company's strategic decisions, namely: kick-started twenty-four months ago, with a focus on companies generating $1 billion-plus revenue, , particularly in the United States, and , resulting from a strategy of continuous innovation.
In Q1 2024, Sidetrade reported strong growth in , .
for the first quarter of 2024 totaled , also .
On a Group-wide basis, this double-digit growth is attributable to:
Quarter after quarter, the is a growth driver for Sidetrade, to in Q1 2024. Successful US expansion has meant that, for the first time, . Going forward, the United States will continue to be pivotal for Sidetrade's growth.
Analysis of customer profiles for 'Order-to-Cash' activities is underpinned by on annual recurring revenue (ARR) contracts in excess of €250,000. These subscriptions now account for and are expected to remain an important growth driver in the quarters ahead.
Effective July 1, 2023, the consolidation of the CreditPoint Software business has positively contributed to Sidetrade's performance. In Q1 2024, CreditPoint generated revenue of €0.45 million, with a 4% impact on quarterly growth.
It should be noted that (the Syntec for Southern Europe, the UK CPI for Northern Europe and the US CPI for the United States). This measure alters the total price of SaaS subscriptions each year by reference to changes in these price indices, without anticipating contract renewals.
Annual Shareholder General Meeting: June 20, 2024, from 11:00 a.m. to 12:30 p.m. (France, Sidetrade headquarters)
First Half Year Revenue for 2024: July 16, 2024, after the stock market closes.
Christelle Dhrif 00 33 6 10 46 72 00 cdhrif@sidetrade.com
Sidetrade (Euronext Growth: ALBFR.PA) provides a SaaS platform dedicated to securing and accelerating cash flow. Sidetrade's next-generation AI, nicknamed Aimie, analyzes
$6.1 trillion worth of B2B payment transactions daily in the Sidetrade Cloud to predict customer payment behavior and the attrition risk of more than 38 million buyers worldwide. Aimie recommends the best operational strategies, intelligently automates actions on the entire Order-to-Cash process, and dematerializes customer transactions to enhance productivity, performance, and working capital improvements.
Sidetrade has a global reach, with 315+ talented employees based in Paris, London, Birmingham, Dublin, Houston, and Calgary, serving global businesses in more than 85 countries. Amongst them: Bidcorp, Biffa, Bunzl, Contentsquare, Engie, Expedia, Inmarsat, KPMG, Lafarge, Manpower, Opentext, Page, Randstad, Saint-Gobain, Securitas, Sodexo, Tech Data, UGI, Veolia.
Sidetrade is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business.
For further information, visit us at www.sidetrade.com and follow us on X @Sidetrade.
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