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Sidetrade: accelerated growth in Q1 2023 driven by international activities with +17% in revenue and +21% in SaaS subscriptions

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Bookings, in line, with nearly €1 million in new Annual Recurring Revenue

Accelerated growth in revenue, up 17%, with +21% from SaaS subscriptions

Surge in activities in the United States, up 58%

Impressive growth with multinational corporations, up 60%

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Sidetrade, a global AI-powered Order-to-Cash platform, announces accelerated growth in revenue for the first quarter of 2023, up 17%, and driven by the excellent performance in SaaS subscriptions, up 21%, as well as a surge in activities in the United States.

Olivier Novasque, CEO of Sidetrade commented:
“We kick-started 2023 with vigorous growth in our subscriptions, which were up 21% in the first quarter, reflecting continued momentum on the back of a successful 2022. This trajectory highlights the enormous potential of Sidetrade in the years ahead. On the one hand, our initial steps in the United States – which are already proving to be a robust growth driver – have exceeded expectations. On the other, our presence on both sides of the Atlantic, combined with our technological edge in Artificial Intelligence, enables us to increasingly achieve major successes with multinational corporations.

Sidetrade is scaling up and becoming a global-leading player in its industry. At a time when Gartner has recognized Sidetrade as a Leader in its Magic Quadrant for the second year in a row, we expect to sustain a double-digit growth trajectory throughout 2023 and beyond, while maintaining strong profitability, which forms the cornerstone of our balanced development model.”

Bookings, in line, with nearly €1 million in new Annual Recurring Revenue
In Q1 2023, new Annual Recurring Revenue (“ARR”) for Sidetrade totaled €0.89 million. This figure is in line with the usual level of quarterly bookings, of around €1 million in new ARR (excluding exceptional records). As expected, bookings were down year-on-year, which were significantly boosted when Sidetrade signed the largest contract in its history (see press release of February 21 2022). This contract alone accounted for €1.36 million, representing 62% of the total €2.17 million posted in Q1 2022. Restated for this exceptional base effect, the level of bookings in new ARR increased by 10% (€0.89 million versus €0.81 million).

SaaS bookings are supplemented by €0.94 million of additional services on an annual basis (implementation, configuration, training, recurring services, etc.) compared with €1.09 million in Q1 2022, which also benefited from €0.3 million related to this exceptional contract. As a result, the Annual Contract Value (“ACV”) of new bookings in Q1 2023 was €1.83 million.

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The initial contract period for new customers (excluding renewals) extended to 48 months, compared with 40.8 months in the same quarter of the previous fiscal year.

Sidetrade continued to increase international orders in Q1 2023, achieving more than 25% of bookings in the United States.

Accelerated growth in revenue, up 17%, with +21% from SaaS subscriptions

Sidetrade

(€m)

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Q1 2023 Q1 2022 Change
‘Order-to-Cash’ Activities 9.6 8.1 19%
of which SaaS Subscriptions 8.0 6.7 +21%
‘Sales & Marketing’ Activities 0.2 0.3 -29%
Revenue 9.8 8.4 +17%

2023 information is from consolidated, unaudited data.

In Q1 2023, ‘Order-to-Cash’ activities, which are a core business of the Company’s strategy (98% of total revenue), were up 19%, while SaaS subscriptions increased by 21%. As part of the Company’s strategy, ‘Sales & Marketing’ activities continued to decline in subscription terms, accounting for only €0.2 million in Q1 2023, i.e. 2% of total revenue. As a result, their impact on total growth will diminish in the quarters ahead.

Revenue for Q1 2023 totaled €9.8 million, representing an increase of 17% compared to the same period in the previous fiscal year which confirms Sidetrade’s solid start to the year. This accelerated growth is attributable to two factors:

  • Surge in activities in the United States, up 58%

In Q1 2023, Sidetrade’s revenue was underpinned by growth in international markets, which now represent 55% of total revenue, including 26% in North America. Sidetrade’s international expansion strategy is producing the desired results, particularly in the United States where revenues surged 58%. As such, the United States is now a robust growth driver for Sidetrade.

  • Impressive growth with multinational corporations, up 60%

When analyzing customer profiles for ‘Order-to-Cash’ activities, the share of subscriptions with multinational corporations, on annual subscription contracts in excess of €250,000, recorded impressive growth of more than 60% in Q1 2023.

Sidetrade’s presence in Europe and North America, combined with its technological edge in Artificial Intelligence, has enabled the Company to achieve multiple commercial successes with multinational companies that seek to deploy an ‘Order-to-Cash’ solution on a global scale. This market segment accounts for 43% of Sidetrade’s total subscriptions and is expected to remain an important growth driver in the months ahead.

Quarter after quarter, Sidetrade stands out as a global leader in the Order-to-Cash segment. Sidetrade was recently recognized as a Leader in the Gartner latest Magic Quadrant for Integrated Invoice-to-Cash Applications (see press release of May 8 2023), demonstrating the relevance of the Company’s solution which meets the needs of customers the world over.

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With its business model based on 90% recurring revenue, Sidetrade is strongly positioned to address economic uncertainties with resilience. It should also be noted that all Sidetrade subscription contracts, including new contracts, provide an annual automatic price re-indexation clause based on the Consumer Price Index (CPI) for the relevant country. To that end, the Company’s pricing power protects its future revenue against inflationary pressures.

Next investor meetings
TP ICAP Annual Conference: May 11, 2023 (France, Pavillon Gabriel, Paris 8th arrondissement)
Oddo BHF NextCap Forum Days: June 6 and 8, 2023 (France, Oddo BHF headquarters)
Annual Shareholder General Meeting: June 15, 2023 (France, Sidetrade headquarters, from 11:00 a.m. CEST)

Investor & media relations
Christelle Dhrif                  +33 6 10 46 72 00              [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 $4.6 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, 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.

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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

ZA Tech Rebrands as Peak3, Raises US$35M Series A led by EQT

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SINGAPORE, June 19, 2024 /PRNewswire/ — ZA Tech, the next-generation insurance core system SaaS provider, has rebranded as Peak3. With the successful completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures, Peak3 now accelerates its expansion in the EMEA region and investments in complementary data and AI solutions.

In a market dominated by fragmented legacy technology, Peak3 has pioneered a cloud-native, modular insurance core and distribution system that combines comprehensive capabilities for life, health, and property and casualty (P&C) insurance. Since its founding in 2018, Peak3 has become a trusted technology partner to global insurers such as AIA, Generali, Prudential, and Zurich for their digital and traditional business. It has also partnered with leading digital platforms such as Carro, Grab, Klook, and PayPay to build and scale their embedded insurance businesses.
Besides the successful fundraising, Peak3 has recently achieved key milestones underpinning the rebranding. These transformative achievements include launching its first multi-country, multi-tenant core modernisation in Europe, rolling out an integrated customer data and big data platform for scaling analytics and AI capabilities, and establishing its first technology centre in Europe. The rebranding coincides with another major milestone: Issuing over a billion insurance policies on Peak3’s systems – including the first policies issued to North American customers and the first ones to be issued in Africa.
“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry,” said Bill Song, Peak3 Group CEO and Co-Founder. “Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation.”
Bill Song also emphasised the growth opportunity: “There is an incredible tech investment backlog in the US$7-trillion global insurance industry. Continued digitalisation and the proliferation of AI will require structural investments by insurers over the next decade to modernise their core systems. We are uniquely positioned to capture this opportunity by providing the tech core foundations and innovation use cases.” 
To accelerate its growth journey, Peak3 completed its Series A fundraising and welcomed two new investors on its cap table: EQT, a major global technology investor with a deep heritage in Europe, and Alpha JWC Ventures, a leading venture firm in Southeast Asia. With the funding, Peak3 will advance its analytics and AI capabilities toward an intelligent core insurance solution, grow its EMEA operations and establish new system integrator partnerships. Peak3 targets double-digit ARR growth this year and is on the path to reach cashflow breakeven over the coming quarters.
“Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA. As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network,” stated Clara Ho, Partner at EQT.
J.P. Morgan acted as exclusive financial advisor to Peak3 for this Series A fundraising.
For media inquiries and interview requests, please contact Carling Sia, Global Head of Branding and Marketing, at [email protected].
For more information on Peak3, please visit www.peak3.com. For more information on EQT, please visit www.eqtgroup.com.For more information on Alpha JWC Ventures, please visit www.alphajwc.com.
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Artificial Intelligence

Lucinity Recognized as One of the Top 100 AI Fintech Companies Globally

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REYKJAVIK, Iceland, June 18, 2024 /PRNewswire/ — Lucinity has been featured in the AIFinTech100 list for 2024, marking its recognition as one of the top AI companies in the financial services industry. The AIFinTech100 list, curated by industry experts, highlights the most innovative fintech companies globally. Lucinity was selected from over 2,000 fintech firms for its problem-solving, market potential, innovation, and customer engagement. Earlier this year, Lucinity was also highlighted as a RegTech100 company.

 
 
This recognition comes amid rapid AI adoption in fintech. According to Fintech Global, research predicts the AI market in fintech will grow from $42.83 billion to $44.08 billion by 2024, reaching $50.87 billion by 2029. Banks alone are expected to spend $4.9 billion on AI platforms by 2024, with a 21.8% annual growth rate since 2019.
Lucinity’s inclusion in the AIFinTech100 list reflects its success in developing AI solutions that enhance efficiencies and cost savings for financial crime operations teams. Notably, Luci, the world’s first Generative AI copilot for financial crime investigations, launched in 2023, leverages Microsoft OpenAI technologies to augment human analysts’ capabilities, reducing investigation times from 3 hours to just 30 minutes. 
Lucinity also recently launched Luci as a copilot plugin at Money20/20. Financial institutions are now able to integrate Luci with any web-based enterprise application including CRM systems, Case Manager systems, and Excel, delivering immediate ROI with zero upfront integration. 
Security remains a significant challenge in AI adoption. Lucinity addresses this by partnering with Microsoft Azure develop a secure infrastructure. With a strong emphasis on compliance, Luci offers comprehensive auditability through its detailed Audit Log functionality.
Guðmundur Kristjánsson (GK), CEO of Lucinity, comments, “Being named in the AIFinTech100 showcases our impact amongst banks and fintech through advanced AI. It underscores our platform’s ability to empower compliance teams, deliver ROI, and reduce operational costs.”
Richard Sachar, Director of FinTech Global, added, “AI is revolutionizing financial services, increasing efficiencies and offering personalized products. This year’s AIFinTech100 list includes top innovators transforming the industry with AI applications.”
Lucinity’s inclusion in the AIFinTech100 list for 2024 follows several achievements, including winning the Microsoft Partner of the Year Awards for Sustainability and Social Impact and Partner of the Year – Iceland. Lucinity was also included in Chartis Research’s FinCrime and Compliance 50 Ranking for 2024 and was recognized as the best tool for Workflow Automation.
Name: Celina PabloEmail: [email protected] +354 792 4321
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CRISIL wins Model Validation Tools and Accelerators category award, other recognitions from Chartis

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Recognized among top 50 financial services firms for analytics and risk tech
MUMBAI, India, June 18, 2024 /PRNewswire/ — CRISIL, a global provider of advanced analytics and risk management solutions, has won the Solution Category award for Model Validation Tools and Accelerators as part of the latest Chartis STORM 2024 report.

Published by Chartis Research, the leading provider of research and analysis on the global market for risk technology, STORM 2024 is an annual report on quantitative technologies and the computational infrastructure supporting it.
Following an extensive evaluation process, which included a risk technology survey, product demo, customer reference checks, and third-party sources of information, CRISIL won the following recognitions:
Solution category award for Model Validation Tools and AcceleratorsRanked Top 25 (#24) in QuantTech50 2024 rankingsRanked Top 25 (#24) in BuySideRisk50 2024 rankingsRanked Top 50 (#38) in RetailFinanceAnalytics50 2024 rankingsThe recognitions reflect the unparalleled value CRISIL brings to its clients through deep domain expertise, specialized analytical and technical knowledge and our global perspective.
Says Jan Larsen, President and Head, CRISIL Global Research & Risk Solutions, “CRISIL is honored by the recognition across multiple STORM50 award categories this year, including being named first place for Model Validation Tools and Accelerators. This is a great testament to the contributions of our team in giving clients and their regulators confidence in the models they use for making critical decisions.”
The core tenets of CRISIL’s value proposition include expertise across asset classes and risk stripes, analytical excellence and regulatory experience, tailored solutions focused on client delight, continuous improvement and technological innovation. 
Says Ashish Vora, President, CRISIL Market Intelligence and Analytics, “This prestigious recognition underscores the global acceptance of our risk management solutions and highlights our unwavering commitment to excellence in the risk technology space. Our Credit+ technology solutions have been instrumental in offering AI-enabled advanced analytics and driving efficiency, and we are particularly proud of the exceptional client feedback we have received for these solutions. We are constantly exploring new ways to enhance customer value and are investing in cutting-edge technology and domain expertise to maintain our position at the forefront of the industry.”
Notable examples of CRISIL’s platforms that help demonstrate this value proposition include: 
Model Infinity: A leading platform for model inventory management and model risk management. This innovative platform empowers our client to centralize all model activities, eliminates manual processes and operational risk, and provides a full audit trail of approvals for modeling assumptions and updates. Scenario Expansion Manager (SEM): A platform for clients to expand, analyze and track all regulatory and internal scenarios used for stress testing. As a centralized repository of scenarios, SEM allows institutions to eliminate redundant internal work and even provide clients the ability to share internal scenarios with one another. Credit+ ICON: The platform enables credit decision-making through its extensive financial spreading and front-end based credit risk scorecard hosting capabilities. Powered by deep domain expertise, AI-driven analytics and extensive configurability, it serves 40+ global clients across 15 countries.Credit+ Early Warning Signals: The AI-powered solution provides banks with actionable insights to monitor their credit quality, lower loan-loss contingencies and track corrective action plan.About CRISIL Market Intelligence & Analytics
About Global Research & Risk Solutions
About CRISIL Limited
Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK 
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Disclaimer
This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.
CRISIL has taken due care and caution in preparing this press release. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
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