As part of this certification, Sidetrade customers can exchange e-Invoices with all public and private organizations that are members of the network, free of charge, and in compliance with EU standards.
Launched in 2007 under the guidance of the European Commission, Peppol (Pan-European Public Procurement OnLine) is a set of widely-recognized specifications maintained by the OpenPeppol non-profit organization.
Its aim is to standardize cross-border, electronically supported procurement procedures, and has been widely adopted by EU member states and associated states as they respond to the public procurement laws introduced in 2014 under the European Directive 2014/55/EU.
A growing number of public bodies and governmental agencies around the world have already, or plan to, join the Peppol network. For example, in 2014 the NHS in England adopted Peppol as one of the two standards recognized by the Department of Health for the management of its suppliers; in France, its Peppol membership enables connection to Chorus Pro, the portal dedicated to electronic invoicing in the public procurement sector in France; and in 2019, Australia and New Zealand announced the nationwide adoption of the Peppol framework for e-invoicing.
Data or documents are exchanged by accessing the OpenPeppol network via Access Points. OpenPeppol now has certified access points in 29 European countries as well as in Australia, Canada, New Zealand, Singapore and the United States.
By joining the Peppol network and becoming a certified access point, Sidetrade enables its customers, at no extra cost, to connect directly, securely and in a standardized way to the administrations of a growing number of countries around the world that have adopted this legislation on e-invoicing of public outsourcers. In addition to public bodies, Sidetrade clients can also communicate seamlessly with the many private B2B companies that now require their electronic invoices to be received via the Peppol network.
Olivier Novasque, CEO of Sidetrade, commented: This is an important development in Sidetrade’s strategy in the field of B2B dematerialization, offering our clients even more flexibility. Sidetrade’s Order-to-Cash platform has been enhanced in recent months with one of the most technologically advanced solutions in the field of e-invoicing. By joining the PEPPOL network, we are continuing to develop our offering, with the goal of providing our customers with the most comprehensive Order-to-Cash platform to create new business opportunities for them and for us, as we grow together.
Double-digit growth in SaaS recurring revenue, up 16%
| Sidetrade (million euros) |
Q3 2021 | Q3 2020 | Variation (%) |
|---|---|---|---|
| SaaS revenue | 6.8 | 5.9 | + 16% |
| Overall income | 8.2 | 7.3 | + 13% |
2021 information is from consolidated, unaudited data.
Despite the third quarter traditionally being the weakest period of the year, we saw continued double-digit growth in Q3 2021 – a trend sustained from FY21 Q1 and Q2. In fact, overall income rose €8.2m in 2021 Q3, up 13% against 2020 Q3.
Bookings intake leaps 22%
Q3 saw a sharp rise in new bookings which are expected to generate €0.95m in annual recurring revenue (ARR) vs. €0.78m in 2020 Q3; a 22% increase. The total contract value (TCV) of these new subscriptions amounts to €2.42m for the firm contract period (not counting renewals).
Beyond SaaS orders, Sidetrade earned €0.63m via its services offerings (e.g., implementation, set-up, training) vs. €0.38m in 2020 Q3. All in all, total 2021 Q3 order intake represents an annual contract value (ACV) of €1.58m against €1.16m in 2020 Q3 (i.e., a 36% increase).
Nearly 60% of orders are international
With new deals penned in North America including Bunzl US, Trescal US (cross-sell), as well as Expedia and Kal Tire (upsell), new North American contracts represent 24% of the total this quarter, clearly sustaining the momentum developed earlier in the year.
Also notable was Sidetrade’s continued international expansion with prestigious groups such as Veolia (Veolia España and Veolia Water Technologies UK), as well as the Page Group with the roll-out of Sidetrade technology in Asia-Pacific. Overall, international SaaS orders represented 58% of the total this quarter, indicating Sidetrade’s enormous growth potential for the years to come.