Sidetarde: 20% increase in revenue for Q1 2024, with SaaS
subscriptions up 20%
Robust growth in bookings
- €3.98 million in New Annual Contract Value (ACV): up
117%
- With €1.85 million in SaaS bookings (ARR): up 108%
- And €2.13 million in Services bookings: up 127%
- Surge in the United States, now representing 60% of total
bookings
Strong revenue growth, up 20%, with
SaaS subscriptions up 20%
- Buoyant revenue growth in the United States: up 40%
Double-digit growth in sales confirmed for
2024
Sidetrade, the global leader in
AI-powered Order-to-Cash applications, today announces that it has
doubled bookings with a 20% increase in revenue for the
first quarter of 2024, with SaaS subscriptions up 20%.
Olivier Novasque, CEO of Sidetrade
commented:
"On the back of solid performance in the 2023
fiscal year, we kick-started 2024 with triple-digit growth in our
bookings, both in terms of new subscriptions (up 108%) and services
(up 127%). This quarter's commercial successes, particularly in the
United States with global leaders in their field, fully validate
our strategy to cement our leader position in artificial
intelligence by hiring the best-in-class talent to grow our
priority customer base of multinationals.
Sidetrade delivered first quarter revenue in
line with that of the 2023 fiscal year, posting 20% growth in
revenue and subscriptions alike. These double-digit figures are
driven both by the United States (+40%) and an increase in our
subscription revenues with companies generating $1 billion-plus
revenue (+24%). Looking at previous quarterly performance in 2023,
we know that Q1 bookings have the greatest impact on revenue for
the current year. Against this backdrop, now more than ever, we are
confident we will achieve double-digit revenue growth for the
fiscal year 2024."
Robust growth in bookings: ACV up
117%
Sidetrade (€m) |
Q1 2024 |
Q1 2023 |
Change |
New SaaS
subscriptions (New ARR) |
1.85 |
0.89 |
+108% |
Services bookings |
2.13 |
0.94 |
+127% |
New Annual Contract Value (ACV) |
3.98 |
1.83 |
+117% |
2024 information is from consolidated, unaudited data.
In Q1 2024, Sidetrade posted an
outstanding performance, more than doubling its bookings. Over the
period, the Group added €3.98 million in New Annual Contract
Value (ACV) versus €1.83 million in Q1 2023, representing an
increase of 117%. 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, the United
States acted as a key growth driver, accounting for 60%
of total bookings. 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 SaaS bookings (New ARR) totaled
€1.85 million, up 108% from the same period in the 2023
fiscal year. In Q1 2024, Total Contract Value (TCV)
increased to €6.49 million compared to €2.78 million in
the same period, in the 2023 fiscal year, representing a surge
of 134%. Parallel to this, services bookings, with
almost all invoiced within twelve months of their signing, totaled
€2.13 million, up 127% 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: 1/ a business strategy
kick-started twenty-four months ago, with a focus on companies
generating $1 billion-plus revenue, 2/ an increased
recognition by multinationals of Sidetrade's technological edge in
AI, particularly in the United States, and 3/ the
development of a comprehensive Order-to-Cash software suite,
resulting from a strategy of continuous innovation.
Strong revenue increase of 20%, with SaaS
subscriptions up 20%
Sidetrade (€m) |
Q1 2024 |
Q1 2023 |
Change |
'Order-to-Cash' SaaS subscriptions |
9.6 |
8.0 |
+20% |
Revenue |
11.8 |
9.8 |
+20% |
2024 information is from consolidated, unaudited data. Reported
basis
In Q1 2024, Sidetrade reported strong growth in
revenue for 'Order-to-Cash' SaaS subscriptions, up
20%.
The Company's revenue for the first
quarter of 2024 totaled €11.8 million, also reporting an
increase of 20%.
On a Group-wide basis, this double-digit growth
is attributable to:
- Robust revenue growth in the United States, up 40%
Quarter after quarter, the United States
is a growth driver for Sidetrade, posting revenues up 40% to
€3.6 million in Q1 2024. Successful US expansion has meant
that, for the first time, international markets account for 60%
of the Company’s total revenue, with 31% coming from North
America. Going forward, the United States will continue to be
pivotal for Sidetrade's growth.
- Ever-increasing demand from multinational
corporations
Analysis of customer profiles for
'Order-to-Cash' activities is underpinned by growth of 24% 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 quarters 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 Q1 2024, CreditPoint generated revenue
of €0.45 million, with a 4% impact on quarterly growth.
It should be noted that all multi-year
Sidetrade contracts are routinely indexed to inflation (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.
Double-digit growth in sales confirmed for
2024Sidetrade looks ahead to the fiscal year 2024 with
confidence and a clear vision and has the resources to fulfill its
ambitions.
Next financial
announcementAnnual 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.
Investor &
Media relationsChristelle Dhrif
00 33 6 10 46 72
00
cdhrif@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 $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.
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.
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