Sidetrade, the AI-powered Order-to-Cash platform, has released its 2021 Q1 income figures.
Bookings remain very strong
In Q1 2021, Sidetrade saw a very sharp rise in new bookings, representing additional Annual Recurring Revenue of €0.94m vs €0.27m in Q1 2020 (period hit hard by the sudden halt in the economy due to the first lockdown).
This sharp rise follows up on the record bookings posted in the last three quarters of 2020.
New customers represent 74% of these bookings, against an annual mean of 55% in 2020. In Q1 2021, Sidetrade signed on prestigious firms in a range of industries, such as Konica Minolta (IT equipment), Antargaz (Energy), Tarkett (Construction materials), MIQ (Media-advertisement), Distrupol (Chemistry) and Klépierre (Property).
The mean commitment period for these new subscribers is 36.2 months, representing €2.46m in SaaS contracts (vs. €0.83m in 2020), as well as €0.81m worth of new bookings for professional services.
14% rise in SaaS recurring revenue, 10% rise in income
|2021 Q1||2020 Q1||Variation|
2021 information is from consolidated, unaudited data.
SaaS subscriptions have maintained momentum with 14% growth in Q1 2021.
Sidetrade posted revenue of €7.5m in the period, up 10%. Beyond strong growth in SaaS subscriptions, overall growth was slightly impacted by less dynamism in services, due to delays in project implementation stemming from the lockdown situation in some countries.
That Sidetrade is riding out the crisis so well can be explained by the resilience of its SaaS business model- 89% of Sidetrade’s income is Annual Recurring Revenue.
As a reminder, on 12 April 2021, Sidetrade announced the definitive acquisition of Amalto, a Texas-based leader in paperless Order-to-Cash operations. Amalto will be consolidated into Sidetrade’s accounts as of 1 April 2021.