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Sidetrade: All-time record bookings in 2022, Revenue driven by international orders, up +13%

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All-time record bookings in 2022

  • More than €10 million in Annual Contract Value, with €6.44 million in ARR (+36%)

United States: a robust growth driver

  • 51% of total bookings in 2022

Strong increase in Order-to-Cash SaaS revenue: +22%
Revenue driven by international orders, up +13%

Sidetrade, the global AI-powered Order-to-Cash SaaS platform, announces a record year in bookings, up 36% in 2022, with a strong increase in Order-to-Cash SaaS revenue up by +22%, and solid growth in Group revenue up by 13% for the 2022 fiscal year thanks to international orders.

Olivier Novasque, CEO of Sidetrade commented:
“To date, fiscal 2022 represents the best performance in Sidetrade’s history, bolstered by unprecedented commercial momentum. Factoring in our 2022 bookings for new ARR and related services, in just one year, we have successfully become the equivalent of a SaaS player that is already expected to generate revenue of €10 million+ in 2023. This success is mainly the result of an inflationary environment fostering the deployment of Order-to-Cash solutions worldwide, and our technological edge in Artificial Intelligence, combined with the fast and impressive ramp-up in our North American activities. We can now confirm that our offensive US expansion strategy, kick-started 18 months ago, is producing results. North America has already proven that it is a robust growth driver for Sidetrade, and this is just the beginning. Our commercial successes with global businesses in preference over our direct North American competitors confirms the positioning of Sidetrade, which in a matter of months, has grown into a leader of the Order-to-Cash market in the United States. Together, we are proud of what we have achieved. As such, I wish to commend our teams across the board for their commitment, talent and resilience. Against a highly volatile and uncertain background of increased redundancy and cost reduction plans within SaaS companies, Sidetrade’s original model to continue an offensive investment policy and support its growth while maintaining profitability will provide a key competitive advantage in the months ahead.”

All-time record bookings in 2022 with more than €10 million in Annual Contract Value, and €6.44 million in ARR, up 36%
Excellent Q4, in line with performance for 2022

After setting a record for SaaS bookings in Q1 2022, Sidetrade delivered the best Q4 performance in its history with a profit of €2.03 million in New Annual Recurring Revenue (“new ARR”), compared with €1.67 million in Q4 2021; a +22% increase. The total value of these new subscription contracts over their initial contract periods (excluding renewals and services) represents €6.88 million of Total Contract Value (“TCV”) in Q4 2022 versus €4.15 million in Q4 2021; a +66% increase.
In Q4 2022, international orders represented 54% of all bookings, largely driven by North America (46% of total bookings).

To these SaaS bookings should be added €1.18 million of additional related services in Q4 2022 (implementation, configuration and training excluding recurring services) – compared with €0.81 million in Q4 2021, a +45% increase. As a reminder, almost all of these services will be invoiced within twelve months of their signing.
In total, the Annual Contract Value (“ACV”) of these bookings in Q4 2022 was €3.21 million compared with €2.48 million in Q4 2021 (excluding recurring services); a +29% increase.

Record bookings in 2022, with more than €10 million in Annual Contract Value

In 2022, Sidetrade generated €6.44 million in Annual Recurring Revenue (“ARR”) compared to €4.75 million in 2021; a +36% increase.

Bookings linked to services (implementation, configuration and training, excluding recurring services) also achieved robust growth, up from €2.81 million in 2021 to €3.84 million in 2022; a +37% increase. In total, and considering that almost all of these services will be invoiced over the next twelve months
(excluding recurring services which can be invoiced over several years), the 2022 fiscal year enables Sidetrade to add the equivalent of €10.28 million in Annual Contract Value (“ACV”) compared to €7.56 million for fiscal 2021; a +36% increase.

In addition to both record quarterly performances in 2022 (Q1 2022 is the all-time high for a quarter while Q4 2022 is the best Q4 in Sidetrade’s history), the increase in bookings is based on a continuous solid upward trend on a half-yearly basis, as illustrated by the double-digit half-year sequential growth (+12.4%) on average.

Sidetrade H1 2021
(€m)
H2 2021
(€m)
H1 2022
(€m)
H2 2022
(€m)
Average
half-year
sequential
change
New SaaS Subscriptions
(ARR)
2.14 2.62 3.04 3.41 12.4%

2022 information is from consolidated, unaudited data.

North America has already exceeded expectations, becoming a robust growth driver with 51% of total bookings in 2022
In 2022, international orders represented 66% of all bookings, driven largely by the multiple commercial successes in the United States.

The first eighteen months of US business have seen Sidetrade’s North American bookings continue on a strong growth trajectory, already representing more than half the Group total (51%) on a full-year basis in 2022, which is significantly above the target set by Management of 33% by Q4 2022. Sidetrade’s commercial wins in preference over local competitors with major North American players such as DXC Technologies in Q1 2022 (see the press release issued on 02/21/2022), Insights Enterprise in Q2 2022 (see the press release issued on 09/06/2022) and HPE, signed in Q4 2022, have already positioned the Group as one of the US’s go-to Order-to-Cash partners.

On the one hand, this excellent commercial momentum demonstrates Sidetrade’s technological edge in Artificial Intelligence with recognition by Gartner® as one of three Leaders for Integrated Invoice-to-Cash Applications in its 2022 Magic Quadrant publication (see the press release issued on 04/11/2022). On the other, it recognizes Sidetrade’s boldness to invest substantially and methodically in an experienced Order-to-Cash salesforce which will continue its ramp-up in the quarters ahead.

Sidetrade now has a workforce of close to 300 employees, with over 60% of its teams based outside of France, including 53 North American colleagues. Only eighteen months after its US operations were officially launched, Sidetrade has a salesforce that includes three experienced VP Sales Executives and 11 Enterprise Account Sales Managers all over the country, supported by three presales and a Chief Marketing Officer now located in the US. To ensure this salesforce is fully equipped to quickly penetrate the North American market in 2023, Sidetrade made additions by hiring a team of 11 sales lead generation experts on October 1, 2022, who work from the Group’s North American Business Hub opened in Calgary, Canada (see the press release issued on 10/04/2022).

Sidetrade
(ARR)
2021
(€m)
2022
(€m)
Average
New SaaS Subscriptions 4.75 6.44 36%
    of which North America 1.04 3.27 214%

2022 information is from consolidated, unaudited data.

The total value of these new subscription contracts over their initial contract periods (excluding renewals and services) reached a peak of €20.7 million of Total Contract Value (“TCV”) for the first time in 2022 versus €12.9 million in 2021, a dramatic increase of +60%. In particular, this surge is attributed to an extension of the initial contract period for new customers (excluding renewals), up from 36.2 to 44.9 months, thereby increasing the economic model’s high predictability.

Overall, in FY 2022, bookings by new customers (“New Business”) and Cross-selling represented 80% of the total versus 72% in FY 2021, with the remaining 20% of bookings accounting for Upselling of additional modules to existing customers compared to 28% in FY 2021.

Lastly, attrition remains under control for enterprise accounts with a churn rate of 3.83% as of December 31, 2022, which represents an excellent result for the SaaS industry, whose average was 14% according to the  “2022 Private SaaS Company Survey Results” by KeyBank Capital Markets.

It should be noted that as with all existing contracts, the new contracts include an annual automatic price re-indexation clause based on changes in price indices for the relevant country.

In an inflationary market environment, now more than ever, businesses must deploy efficient solutions to manage their Order-to-Cash process as they face a twofold challenge: to consolidate cash reserves with multiple hikes in interest rates, while generating productivity gains to address salary increases and recruitment difficulties.
This trend is expected to continue over the next 12 to 18 months with an additional increased risk of future recession in certain countries. In this disrupted context, the management of operating working capital, and particularly accounts receivable, is a major challenge for all finance departments.

Strong increase in Order-to-Cash SaaS revenue: +22%

Revenue driven by international orders, up +13%

Sidetrade Q4
2022
(€m)
Q4
2021
(€m)
Change 2022

(€m)

2021

(€m)

Change
‘Order-to-Cash’ Activities 9.5 7.9 +21% 35.9 30.3 +18%
      of which SaaS Subscriptions 8.1 6.4 +25% 30.1 24.7 +22%
‘Sales & Marketing’ Activities 0.2 0.4 -44% 0.9 2.3 -61%
Revenue 9.7 8.3 +17% 36.8 32.6 +13%

2022 information is from consolidated, unaudited data.

Sidetrade capped off 2022 with outstanding growth and a record fourth-quarter performance, reflecting a year full of successes as well as an important step taken in its development.

Q4 2022Order-to-Cash’ Activities totaled €9.5 million, up 21% on the same period in 2021 and driven by sharp growth in SaaS subscriptions (+25%) compared with Q4 2021.

On a full-year basis, ‘Order-to-Cash’ Activities for 2022 increased by 18%, thanks to strong growth in SaaS subscriptions (+22%). The increase in this recurring revenue is the result of record bookings in the 2021 fiscal year and early fiscal 2022, which continued to impact revenue growth throughout the 2022 fiscal year.

‘Order-to-Cash’ Activities, a core business within the Company’s strategy since 2019, represented 98% of total revenue in 2022.

The ‘Sales & Marketing’ Activities, which are no longer part of the Company’s strategy, now account for only 2% of total revenue in 2022, and will continue to decline, with estimated revenue of €0.5 million at end-2023. While the decline in revenue for these Activities impacted growth by 4% in 2022, it will automatically have considerably less impact in 2023.

Total revenue grew further by +13% in FY 2022, to €36.8 million. This performance is underpinned by vigorous growth in international markets which, for the first time in the Group’s history, represent 54% of total revenue, including 24% for North America.

Sidetrade’s economic model provides its business with significant resilience, as 90% of its revenue is recurring, representing a significant advantage in the current and future international environment.

All multi-year contracts are indexed to inflation (the Syntec for Southern Europe, the UK CPI for Northern Europe and the US CPI for the United States), which alters the total price of SaaS subscriptions each year by reference to changes in these price indices.

Sidetrade therefore has robust pricing power that protects the Company’s future revenue against uncertainties and inflationary pressures. At present, Sidetrade perfectly combines its sound fundamentals with a highly favorable growth outlook.

In respect of fiscal 2022, the impact of exchange rates on the Company was not material.

Next financial announcement
2022 Annual Results: April 4, 2023, after the stock market closes.

Investor relations
Christelle Dhrif                  +33 6 10 46 72 00              [email protected]

Media relations
Becca Parlby                     +44 7824 505 584              [email protected]

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 $4,600 million worth of B2B payment transactions daily in the Sidetrade Cloud to predict customer payment behavior and 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 250 talented employees based in Paris, London, Birmingham, Dublin, and Calgary, serving global businesses in more than 85 countries. Amongst them: Tech Data, KPMG, Nespresso, Hearst, Expedia, Manpower, Securitas, Randstad, Engie, Veolia, Biffa, Saint-Gobain, Air Liquide, Inmarsat, Insight Enterprises and Bidfood.
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.

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Artificial Intelligence

Confluence former executive joins fintech Premialab

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James Carrington, a former executive at Confluence, Investment Metrics, Style Analytics has joined fintech Premialab. He brings extensive client engagement expertise in investment analytics and data for the institutional investment community.
LONDON, Feb. 27, 2024 /PRNewswire/ — Premialab, the financial data and analytics firm, announced today the appointment of James Carrington as Head of Client Engagement. Mr. Carrington, based in London, will spearhead global client engagement, leveraging over 10 years of experience in driving client engagement gained at Investment Metrics, Style Analytics, and most recently at Confluence, part of the Clearlake Capital Group portfolio. His primary focus will be on enabling faster tailor-made investment analytics delivery and data integration for Premialab’s pension funds, foundations, endowments, and insurance clients.

Adrien Geliot, Co-Founder & Chief Executive Officer of Premialab, said, “I am delighted to welcome James to the team. His appointment confirms our commitment to delivering first-class service to our customers across global locations. His experience in maximizing the value derived from investment analytics will be invaluable in serving our clients as we continue scaling our activities worldwide.”
Commenting on his appointment, James Carrington said, “I am delighted to have joined the Premialab team. Their innovative solution makes a real difference to institutional investors looking at quant investments. The evolution of Premialab over the last number of years has been something that I have followed closely, and I am looking forward to working with the team to further support our customer base across our established and emerging demographics.”
The announcement follows recent senior appointments at Premialab, including Philippe Jacson, former BNP Paribas, Merrill Lynch and MSCI executive; Daniel Fields, former Global Head of Markets at Societe Generale; John Macpherson, former Managing Director at Goldman Sachs, Citibank, and Nomura; Marc Fisher, former Managing Director at Citibank with a prior position at Deutsche Bank; and Georgios Sittas, former Managing Director at HSBC, Standard Chartered, and previously a director at Lehman Brothers.
Recognized as the reference for data and risk analytics on quantitative strategies, Premialab’s capital markets infrastructure is currently used by leading asset managers, insurance companies and pensions funds, accelerating their digitalization and enhancing performance and risk control while reducing costs. The platform’s client AUM is representing an estimated USD$10 trillion.
About Premialab
Premialab is an independent platform providing data, analytics and risk solutions on systematic and factor-based strategies in collaboration with leading investment banks and institutional investors globally. Combining intelligent technology with a unique source of information the platform empowers asset allocators to make better investment decisions whilst achieving utmost time and cost efficiency.
With offices in London, Paris, New York, Hong Kong, Sydney, and Dubai, its international team is dedicated to supporting a global client base with the most up-to-date risk premia dataset, advanced portfolio construction, performance and risk analytics. The firm has established strong partnerships with the top 18 investments banks, global asset managers, pensions funds and insurance companies.

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Axon Technologies and Keyrus Announce Strategic Partnership to Elevate Cybersecurity Business

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Keyrus Acquires Minority Stake in Axon Technologies, adding Axon’s Cybersecurity Portfolio to Keyrus Solutions, and Expanding Keyrus Reach across Middle East and Africa
PARIS and DUBAI, UAE, Feb. 27, 2024 /PRNewswire/ — In a significant development in the cybersecurity sector, Keyrus, an international leader in data intelligence and digital transformation, has announced the acquisition of a minority stake in Axon Technologies, a premier provider of cybersecurity services based in Dubai, UAE. This strategic investment marks a major milestone in Keyrus’ cybersecurity strategy, signalling an ambitious step towards establishing a global cybersecurity powerhouse.

Strategic Expansion and Enhanced Cybersecurity Solutions
The collaboration between Keyrus and Axon Technologies is set to revolutionize the cybersecurity landscape in the Middle East and Africa, particularly with Keyrus’ entry into the lucrative Saudi Arabian market. This move enables Keyrus to pursue its investment in a newly formed cybersecurity business, offering enhanced data security solutions to both existing and new clients.
Eric Cohen, Founder and CEO of Keyrus, expressed his enthusiasm: “This investment in Axon Technologies marks a significant step in our cybersecurity strategy. We’re embarking on an exciting journey to amplify our cybersecurity capabilities and establish a world-class global player in this domain. Axon Technologies’ innovative approach to consulting and managed services aligns perfectly with our vision and culture. We eagerly anticipate integrating Axon into our ecosystem to bolster our cybersecurity solutions and address the digital security challenges of our clients.”
Hadi Hosn, CEO of Axon Technologies, also shared his thoughts: “This partnership marks a new era for Axon Technologies, propelling us further in our mission to protect organizations from cyber threats. We admire the Keyrus vision and believe that our combined strengths will lead to disruptive data and cybersecurity solutions, addressing critical challenges in digital identity, application security, API, and data security across various environments and industries.”
Hadi Darwiche, Chairman of DIV Capital & Co-founder of Axon Technologies: “It’s gratifying to see Axon Technologies grow from a concept into a key player in the cybersecurity field. With Keyrus joining forces with us, we anticipate a period of sustained growth, leveraging our combined experience and established reputations. We are confident that together, Axon Technologies will continue to extend its market presence and deliver top-tier solutions.”
Comprehensive Cybersecurity Portfolio and Global Reach
In a relatively short period, Axon Technologies, founded in 2020, has emerged as a beacon of excellence and innovation in the cybersecurity field, demonstrating remarkable growth and agility in its operations. With a revenue of $3.2 million USD in 2023 and a projected substantial increase of the activities, it represents a testament to its robust business model, exceptional service delivery, and the trust clients place in Axon Technologies. The team made of 30 dedicated professionals is its most valuable asset. Axon Technologies commits to growing its team, fostering a culture of innovation, collaboration, and continuous learning.
Axon Technologies, renowned for its expertise in cybersecurity, will now be able to leverage Keyrus global presence and capabilities. With headquarters in Dubai and a significant footprint in the Middle East, Europe and Africa, Axon Technologies is well-positioned to monitor threats and support client cybersecurity programs across these regions effectively. With the backing of Keyrus’s global network, Axon Technologies is poised for unprecedented growth and are dedicated to setting new standards in the cybersecurity landscape.
The partnership is also expected to enhance the offerings of both companies. Axon Technologies’ expertise in Data Security, Cloud Security, DevSecOps and Managed Security Services aligns seamlessly with the Keyrus strategic objectives in digital, data, AI and cloud transformation initiatives.
About Axon Technologies
Axon Technologies offers comprehensive cybersecurity services including consulting, managed security services, engineering, and testing. The company is a leader in addressing critical infrastructure customers’ cybersecurity needs, from strategic consulting to hands-on management and technical security engineering support and managed security services, ensuring a robust and comprehensive approach to cybersecurity. The company’s service portfolio includes:
Technical Security Consulting & Advisory: Guidance and expertise for technical cybersecurity programs.Advanced Security Testing: Rigorous cybersecurity testing across the environment to identify and address vulnerabilities.Security Engineering & Architecture: Designing and implementing robust security architectures across on-premises and cloud environments.Managed Security Services: Ongoing management and support of cybersecurity operations. About Keyrus
Keyrus, an international player in the consulting and technology sectors and a specialist in data and digital technology, is dedicated to helping enterprises take advantage of the data and digital paradigm to enhance their performance, facilitate and accelerate their transformation, and generate new drivers of growth and competitiveness.
Placing innovation at the heart of its strategy, Keyrus develops a value proposition that is unique in the market and centred around five major service groups, each comprised of multiple solutions:
Automation and Artificial IntelligenceHuman-Centric Digital ExperienceData and Analytics enablementCloud and SecurityBusiness transformation and InnovationBuilding on the combined expertise of more than 3,500 employees active across 27 countries and 4 continents, Keyrus is one of the leading international experts in data, consulting and technology.
Keyrus is listed on Euronext Growth Paris. (ALKEY – ISIN Code: FR0004029411 – Reuters: KEYR.PA – Bloomberg: ALKEY: FP).
About DIV Capital
DIV Capital, originally starting as a family office, now operating as a strategic investment holding firm, specializing in bespoke advisory services. The firm focuses on fortifying family capital through comprehensive offerings that encompass support for early-stage enterprises, strategic asset allocation, and robust governance infrastructure development. The firm operates out of Geneva and Dubai and provides three core services:
Family Asset Support: Tailored support to construct an asset allocation that meets wealth goals.Family Financial Sponsorship: Reinforcement for family-operated businesses, aimed at fostering enduring value creation.Governance and Reporting: Consultation on governance frameworks and the enhancement of reporting standards for comprehensive asset oversight.Forward Looking Statements
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Axon Technologies, Keyrus or DIV Capital do not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will the companies and the affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.
Contact: [email protected]
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NDC Group and Valantic form a strategic partnership in EPM solutions

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PRAGUE, Feb. 27, 2024 /PRNewswire/ — NDC Group, a leading company in enterprise performance management (EPM) consultancy and data analytics is pleased to announce a strategic partnership with valantic, renowned digital solutions, consulting, and tech innovation company. Through this partnership, the companies aim to offer a joint portfolio of solutions and services in SAP planning and analytics.

Central to this collaboration is the delivery of NDC Financial Consolidation, which offers an automated and streamlined approach to legal and managerial consolidation. While the solution draws inspiration from the concept and functions of previously popular SAP consolidation solutions, it utilizes the modern technologies to enhance automation, performance, user experience, and seamless data integration.
The partnership also gives the chance to offer additional products, including SAC workforce planning content, SAP BusinessObjects migration accelerators, and pre-built content for SAC financial planning. Overall, the combined expertise and product offering enhance the ability of both companies to support customers in driving data-driven transformations within their organizations.
Stefan Blinkmann, Head of SAP Analytics at valantic, emphasizes: “We are very pleased about our new partnership, and we are convinced that our customers will benefit greatly from it. Above all, the NDC Group’s products create added value in the area of consolidation based on SAP Analytics Cloud, and they expand valantic’s range of services. An integrated solution for reporting, planning, and consolidation in SAP Analytics Cloud provides multiple benefits for our customers and enables them to streamline their system landscape.”
Karel Jirik, Head of Products at NDC Group, is also convinced of the benefits of this collaboration: “Our partnership with valantic is an excellent opportunity to leverage the synergies between our teams to streamline and transform our customers’ data landscape. The jointly offered EPM solutions enable precise and swift decision-making and enhance operational efficiency, crucial elements in today’s competitive landscape. I’m particularly pleased we found a lot of commonalities with valantic, and I am convinced together we can deliver better solutions in a shorter time.”
Vladislav Stefanak, CEO of NDC Group, reflects on the partnership’s potential: “This partnership embodies my vision of equipping our clients with advanced functionalities reminiscent of those found in SAP BPC and SAP Financial Consolidation, yet significantly enhanced by leveraging top-tier SAP technologies. Our collaboration with valantic commenced with remarkable synergy from the outset, underpinned by their extensive expertise and knowledge base.”
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