Sidetrade wins global tender with a German leader in life sciences
June 20 2023 - 10:37AM
Sidetrade wins global tender with a German leader in life sciences
Sidetrade (Euronext Growth: ALBFR.PA), the
global leader in AI-powered Order-to-Cash solutions,
announces that it has signed a worldwide contract with a Fortune
500 German life sciences company. Signed for an initial five-year
period, this agreement will specifically deploy the Sidetrade AI
Cash Application module.
A Global Fortune 500 agrochemical and
pharmaceutical giant has kick-started a strategic global IT
program. One of the objectives is to streamline Contract-to-Cash
processes by implementing cutting-edge technologies.
Against this background, the company issued a
worldwide request for proposal to select the best-in-class
automated Cash Application leveraging AI and machine learning
algorithms to allocate customer incoming payments against open
items. The company, strongly committed to innovation, involved its
Finance and IT departments in a rigorous global selection process.
The company eventually selected Sidetrade's CashApps solution on an
initial five-year contract, to equip its entities across the
globe.
Over a hundred people in multiple shared service
centers worldwide will benefit from Sidetrade by enhancing their
performance and increasing their visibility in the allocation of
millions of customer invoices with banked payments. CashApps
solution is designed to automate the allocation of invoices which
were previously managed manually or using alternative market
solutions. Thanks to its machine learning algorithms, the CashApps
solution will be able to allocate customer payment notices to open
invoices, offering automated allocation in over 90% of cases.
Olivier Novasque, CEO of Sidetrade,
commented: "We are extremely proud to have been chosen by this
life sciences leader for two major reasons. Number one, our
technological edge in machine learning applied to CashApps solution
was a decisive selection criterion demonstrating the effectiveness
of our artificial intelligence in automating the reconciliation of
customer payment with their invoices. Number two is our end-to-end
Order-to-Cash platform which could play a key role in digitizing
the financial relationship with their customers. We are confident
in our platform's ability to significantly optimize the financial
transactions of this world-leading company. Being selected by a
major player in the life sciences sector in a global tender is a
tremendous recognition of the value of Sidetrade, its technology
and its teams."
This German multinational joins an extensive
group of life sciences companies that already entrust Sidetrade
with the continuous improvement of their Order-to-Cash
processes.
Sidetrade
ContactsInvestor
Relations
Christelle
Dhrif
00 33 6 10 46 72 00cdhrif@sidetrade.comMedia
Relations
Rebecca Parlby
00 44 7824 5055 84bparlby@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 wins global tender with a German leader in life
sciences
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