The research titled ‘SPARK Matrix™: Account Receivable Application, 2021’, assessed the global industry intersection of providers’ customer impact and technology excellence, and categorised vendors into either aspirants, challengers, or technology leaders. Sidetrade was categorized into the most advanced category of ‘Technology leaders’.
This is the third instance in 2021 alone that Sidetrade has been recognised in global industry-wide analysis and research into the Accounts Receivable and Order-to-Cash market.
In June, Sidetrade was recognised in the 2021 Gartner Market Guide for Integrated Invoice-to-Cash Applications Report, and in January, Sidetrade was named as a “Major Player” in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Receivable Automation Applications for Enterprise 2020–2021 Vendor Assessment (Doc # US46791520, December 2020).
The Order-to-Cash market has been increasingly attracting attention from consultancies and industry analysts recently due to its significant potential: according to Midcap Partners, the global Order-to-Cash market is worth $10bn, but less than 5% of businesses that could benefit from Order-to-Cash technology are currently leveraging it.
Rob Harvey, Chief Product Officer of Sidetrade commented: We are delighted to be recognised once again as a global industry leader in the Order-to-Cash space; one that has significant high growth opportunities as businesses across all industries look to unlock customer value and secure cashflow.
We truly believe in the power of bringing together the very best of human and machine intelligence and enabling businesses to be more data driven with enhanced predictive capabilities: it is this approach that is revolutionising the traditional Order-to-Cash process. With over 20 years of expertise, and our unrivalled next generation AI and machine learning technology powered by an extensive data lake of invoices worth over +$4.5tn, Sidetrade is well-positioned to take full advantage of this opportunity as one of the leading providers worldwide.
First piloted in 2018, Sidetrade’s Code Academy has seen over 80 applicants to the programme since its inception, with 40 accepted on to the intensive month-long programme and eight offered a full-time job after graduation of the course.
The course is designed for adults with minimal to zero tech expertise to provide them with the opportunity not only to learn to code, but to gain valuable experience of the world of work, and insight into how a fast growth fintech business operates. The curriculum focuses heavily on offering hands on experience, in addition to theoretical training.
Mark Sheldon, CTO of Sidetrade commented: We are delighted to get Code Academy back up and running in 2021. We have had some fantastic candidates come through the programme since we first launched in 2018, and the majority of those that went on to be recruited at Sidetrade are still with us, demonstrating the strength of the programme and the calibre of individuals we receive interest from. I am excited to see what fresh talent this year will bring.
Previous Code Academy graduates reflected on their experience of the programme and subsequent career development:
Natasha Rollason, QA Engineer at Sidetrade and 2019 Code Academy graduate: My experience of coding prior to going through Sidetrade’s Code Academy was minimal. At the time I was working in a retail job and wanted to try something new. The Code Academy didn’t just teach me coding skills, it gave me valuable insight into the working world, collaboration with teams, and so much more. I have benefitted so much from my career here at Sidetrade, none of which would have been possible without Code Academy.
Kieran Raine, Application Engineer at Sidetrade and 2018 Code Academy graduate: The Code Academy was a real game-changer for me. Before I joined, I was selling Hi-Fi gear at a small indie shop, with no real career prospects, but Sidetrade gave me the opportunity to fix that. Now, after more than two years here, I’m a full-stack developer working alongside some great people and helping drive our solution to be the best on the market.
The re-launch of Code Academy comes as the UK focuses on its economic recovery out of the pandemic, with digital skills cited as a vital contributor to getting the nation back on track. However, the UK is currently grappling with an all-time high of digital skills shortages, including coding skills.
Mark Sheldon, Chief Technology Officer of Sidetrade added: One of the biggest challenges in the tech industry is not the shortage of skillsets readily available for open roles, but rather the common misconception that to get into a career in tech, you need to have all the technical and academic training under your belt already. This is simply not the case. Gone are the days that you need a university degree to get into technology or years of experience, in fact, some of the best talent that we have hired here at Sidetrade in the past have come through non-university routes.
The Code Academy was set up to send the message to anyone of any background that with the right attitude and desire to learn, a career in tech is entirely possible, even if you’re starting from scratch.
Applications are now open, with an intensive assessment day taking place in mid-August at Sidetrade’s Birmingham Tech Hub in the City Centre. For further information and to apply please visit here.
Strong bookings momentum
In Q2 2021, Sidetrade saw a jump in bookings representing an additional €1.2m in annual recurring revenue (ARR) vs €0.94m in Q1 2021. On top of this, it earned €1.05m from set-up and training services for new customers. Overall, Sidetrade gained the equivalent of €2.25m in annual contract value (ACV).
In Q2 2021, Sidetrade onboarded several new global customers due to its capacity to roll out solutions internationally such as XPO Logistics, Tarkett, Sodexo, and Veolia. In fact, Sidetrade is particularly well-positioned, both technologically and geographically, and has recently been selected by Veolia Group and its subsidiaries, as its exclusive global supplier for digital dunning and payment dispute resolution.
Promising US market kick-off
In other news, Sidetrade’s North America operations have had a strong start, representing over a third of new bookings this quarter. Sidetrade has gained a firm foothold in the North American market, through crossselling, bringing on new customers Tarkett US and XPO Logistics US (subsidiaries of European groups who are successful Sidetrade customers), or via upselling to existing customers, such as Tech Data US, Bunzl Canada, and Expedia.
Furthermore, the new Augmented Invoice module, a paperless billing solution developed by Texas-based firm Amalto, recently acquired by Sidetrade, contributed to clinching deals this quarter with US industrial leaders including ProMach (packaging machinery), Imperative Chemical Partners (specialty chemicals) and Johnston Equipment (material handling equipment).
As of February 2021, Sidetrade has 22 employees in North America (11 from Amalto), with a 9-person sales force consisting of 2 managers, 1 pre-sales, and 6 reps, all seasoned O2C experts. Under Sidetrade’s Fusion100 growth plan, this salesforce is expected to double by the end of the financial year.
SaaS recurring revenue up 19%; overall income up 14%
| Sidetrade (millions euros) |
2021 Q2 | 2020 Q2 | Variation |
| SaaS revenue | 7.1 | 6.0 | +19% |
| Overall income | 8.6 | 7.5 | +14% |
2021 information is from consolidated, unaudited data.
Q2 2021 saw strong growth, with SaaS subscription business up 19% and overall income up 14%.
This sustained progress is now backed by solid growth drivers outside Sidetrade’s home market, which now represent 47% of total revenues, including 16% for North America.
The April 2021 Acquisition of Amalto, a Texas based leader in paperless B2B transaction solutions, has enriched Sidetrade’s product offering, with Augmented Order and Augmented Invoice modules. These modules contributed to the success of Q2 2021, and are expected to dramatically increase sales in the years to come, since they enable companies to meet new requirements for paperless B2B transactions coming into force in Europe and the USA.
Moreover, in June 2021, Sidetrade was cited in a Gartner report on integrated Invoice-to-Cash solutions, yet another sign of Sidetrade’s leadership position in a global market estimated to be worth $10bn.
Given the strength of the first half of the year, Sidetrade’s management confidently projects double-digit growth for FY2021.
Veolia Group, which aims to be the benchmark company for ecological transformation, has made digitalization a core element of their strategic plan, Impact 2023. This is why, in 2018, they opted for a comprehensive software suite to support the transformation of their finance department.
Cashflow generation, which has been among Veolia Group’s top financial objectives, has become even greater since the onset of the COVID crisis. At the height of the crisis, insight into our customer exposure and control of our DSO became even more critical, as these elements have a direct impact on our cash generation explained Patrick Houssin, Head of Group Working Capital Optimization, Veolia.
A request for proposal was launched in August 2020 for a complete Credit Management solution (collection, dispute settlement, and risk assessment). Beyond technical features, the solution had to be suitable for BUs varying greatly in size, (from a few million euros of revenue to several billions), with different operations, in over 50 countries.
Claude Laruelle, Group CFO at Veolia, commented: We picked Sidetrade for two reasons: firstly the advanced features of their solution, based on AI, machine learning and automation, which increase the efficiency of dunning and dispute-resolution processes; and secondly, the quality of a partnership with a firm that has an international footprint, and solid experience with large global groups.
Sidetrade’s experience rolling out complex international projects was a decisive factor. Our aim was to choose not just a technical solution, but also a solid partner, with experience in projects of this scale, who could support us in our different locations, and help guide our technological development, added Patrick Houssin.
Days Sales Outstanding (DSO) is a critical issue for a group of Veolia’s size, with revenue of €27bn. In fact, reducing DSO by even one day can bring in an additional €100m in cash.
Olivier Novasque, CEO and founder of Sidetrade commented: Being selected by Veolia as the leading technology in international O2C management is extremely gratifying for us. We are indeed proud to contribute to the success of their Impact 2023 strategic plan. Furthermore, analyzing the payment behavior patterns of millions of businesses worldwide in this ecosystem will enable us to further enhance the effectiveness of our algorithms, and our technological lead in artificial intelligence.
This worldwide partnership comes just after Sidetrade’s 12 April acquisition of Amalto, a leader in paperless B2B transactions in North America. This acquisition enriches Sidetrade’s O2C offering, and helps accelerate market penetration in the US and Canada.
The report, titled ‘2021 Market Guide for Integrated Invoice-to-Cash Applications’, is the first of Gartner industry-leading reports dedicated entirely to the Invoice-to-Cash applications (also known as Order-to-Cash), signaling the increasing market interest in this space and the technologies available within it.
The potential for the $10bn global Order-to-Cash market is significant, with less than 5% of businesses that could benefit from Order-to-Cash technology currently leveraging it, according to Midcap Partners.
Founded in 2000, Sidetrade is a world-leading Order-to-Cash software solutions provider leveraging AI technology. IDC this year ranked Sidetrade as a “major player” among vendors of “Worldwide SaaS and Cloud-Enabled Accounts Receivable Automation Applications” in its release of their MarketScape dedicated to Order-to-Cash.
Olivier Novasque, Founder and CEO of Sidetrade commented: The Order-to-Cash space is an increasingly high interest area, further heightened by the Covid-19 crisis which forced businesses to truly recognise the importance of cash flow for survival and turn to technology such as Sidetrade’s to accelerate and secure cash flow.
Sidetrade is a world leader in the Order-to-Cash market, and we are delighted to be recognised by yet another industry behemoth such as Gartner as we continue on our mission of helping organisations unlock customer value and gaining an advantage over their competitors.
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Gartner, ‘Market Guide for Integrated Invoice-to-Cash Applications’, Nisha Bhandare, May 17, 2021
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