Sidetrade: Third Quarter Revenue for 2023
Continued strong bookings
- €2.5 million in new Annual Contract Value: up 10%
Robust growth in revenue, up 21%, with SaaS
subscriptions up 23%
- Successful expansion in the United States: up 30%
- Increasing demand from multinational corporations: up
59%
Double-digit growth expected in 2024
Sidetrade, the global leader in
AI-powered Order-to-Cash applications, today announces its
third-quarter performance with a 10% increase in new bookings and a
21% increase in its total revenue driven by international
bookings.
Olivier Novasque, CEO of Sidetrade
commented:
"In line with H1 2023, the performance in Q3 –
traditionally a weak period for bookings – confirms the relevance
of the strategic decisions we made over the last eighteen months.
Our technological edge in AI, which is increasingly recognized by
major customers, coupled with our expanded offering and our
impressive foothold in the United States all provide strong
advantages to continue our ramp-up in the quarters ahead. On the
back of these first nine months, we are now just 20% short of our
all-time record for bookings which we achieved in 2022, with €10.3
million in Annual Contract Value. In this context, we are confident
of delivering great bookings on a full-year basis in 2023.
Supported by our economic model, we can expect the bookings in 2023
to ensure another year of double-digit growth in 2024 despite all
present and future economic uncertainties. Now more than ever, we
remain committed to offering our shareholders, employees and
customers a sustainable development model that combines growth and
profitability."
€2.5 million in new Annual Contract Value, up
10%
Sidetrade (€m) |
Q3 2023 |
Q3 2022 |
Change |
New SaaS
subscriptions (New ARR) |
1.33 |
1.38 |
-4% |
Services bookings |
1.17 |
0.89 |
+32% |
New Annual Contract Value (ACV) |
2.49 |
2.27 |
+10% |
2023 information is from consolidated, unaudited data.
In Q3 2023, despite prevailing economic
uncertainties, Sidetrade maintained double-digit growth in
bookings. New Annual Contract Value (ACV) totaled €2.49
million, up 10% versus Q3 2022. This represents the
Group's best-ever performance in a third quarter, which is
traditionally the weakest of the year. This increase in bookings
was impressive since it occurred despite a challenging base effect
with Q3 2022 already setting a historic record for Sidetrade with
€2.27 million in ACV.
New SaaS bookings totaled €1.33
million, remaining almost stable versus Q3 2022 (-4%). This
performance was mostly driven by the United States, which accounts
for 53% of total new SaaS bookings, partly thanks to major
contracts won with players including American Tire Distributors,
the US' largest tire supplier, and OpenText, a Nasdaq-listed
company and global-leading provider of Cloud and cybersecurity
solutions.In parallel, services bookings, which are almost
all invoiced within twelve months of their signing, totaled
€1.17 million, up 32% compared to Q3 2022 (€0.89
million). This performance is largely due to the growing number of
deployment projects signed on a large scale.
In Q3 2023, bookings by new customers ("New
Business") accounted for 59% of the total new bookings,
while 23% of total new bookings were driven by
Cross-selling. Lastly, Upselling of additional
modules to existing customers represented the remaining 18% of
bookings.
As observed in H1 2023, Q3 performance for 2023
was due to 1/ a business strategy kick-started eighteen
months ago, with a focus on companies generating $1 billion-plus
revenue, 2/ increased recognition by multinationals of
Sidetrade's technological edge in artificial intelligence, and
3/ the development of a comprehensive Order-to-Cash
software suite, resulting from a strategy of continuous
innovation.
Robust growth in revenue, up 21%, with SaaS
subscriptions up 23%
Sidetrade (€m) |
Q3 2023 |
Q3 2022 |
Change |
‘Order-to-Cash’ activities |
11.1 |
9.1 |
+22% |
of which SaaS Subscriptions |
9.5 |
7.7 |
+23% |
‘Sales & Marketing’ activities |
0.1 |
0.2 |
-11% |
Revenue |
11.2 |
9.2 |
+21% |
2023 information is from consolidated, unaudited data.
In Q3 2023, revenue for 'Order-to-Cash' SaaS
subscriptions continued its brisk growth, up 25% at constant
exchange rates and 23% on a reported basis.
Sidetrade's revenue for Q3 2023 totaled €11.2
million, up 23% at constant exchange rates and 21% on a
reported basis.
This performance is attributable to three
factors:
- Successful expansion in the United States
In Q3 2023, the United States was a growth
driver for Sidetrade, posting revenues up 30%. As a result
of this successful expansion, international markets now
represent 58% of the Company's total revenue, including
28% in North America. Going forward, the United States will
continue to be pivotal for Sidetrade's growth.
- Increasing demand from multinational corporations
Analysis of customer profiles for
'Order-to-Cash' activities is underpinned by impressive growth
of 59% in subscriptions with multinational corporations on
annual recurring revenue (ARR) contracts in excess of €250,000.
These subscriptions now account for 45% of Sidetrade's total
subscriptions and are expected to remain an important growth
driver in the months ahead.
- Consolidation of CreditPoint Software business
Effective July 1, 2023, the consolidation of the
CreditPoint Software business has positively contributed to
Sidetrade's performance. In Q3 2023, CreditPoint Software generated
revenue of €0.4 million with a 4% impact on quarterly growth.
Next financial
announcementAnnual Revenue for 2023: January 23, 2024, after
the stock market closes.
Investor
relationsChristelle Dhrif
00 33 6 10 46 72
00
cdhrif@sidetrade.com
Media
relationsBecca
Parlby
00 44 7824 5055
84
bparlby@sidetrade.com
About Sidetrade
(www.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 $4.6 trillion worth of B2B payment transactions
daily in the Sidetrade Cloud to predict customer payment behavior
and the attrition risk of more than 21 million companies worldwide.
Aimie recommends the best cash collection strategies, intelligently
automates actions on the Order-to-Cash process, and dematerializes
customer transactions to enhance productivity, performance, and
working capital management. Sidetrade has a global reach, with 300
talented employees based in Paris, London, Birmingham, Dublin,
Houston, and Calgary, serving global businesses in more than 85
countries. Amongst them: Tech Data, KPMG, Nespresso, Hearst,
Expedia, Criteo, Manpower, Securitas, Randstad, Engie, Veolia,
Inmarsat, and Bidfood.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 Twitter
@Sidetrade.
In the event of any
discrepancy between the French and English versions of this press
release, only the French version is to be taken into account.
- Sidetrade: Third Quarter Revenue for 2023
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