Software editor Sidetrade has earned Euronext’s coveted European Rising Tech label recognizing 98 top performers among the over 350 technology companies listed on Euronext Amsterdam, Brussels, Dublin, Lisbon or Paris.
As of 31 May 2020, these 98 companies had a market capitalisation of 23 billion euros for 21 billion euros traded in one year. This dynamism reflects the strong appeal of fast-growing tech companies for investors.
This recognition is the culmination of the work of over 250 Sidetrade staff, who, day by day, have dedicated their skills and energy to the growth of our company. Our strong, recurrent SaaS business model gives us the resilience to weather the present crisis. Furthermore, the pandemic is catalysing digital transformation, with companies accelerating investment in automation and AI dedicated to business processes. This is a wonderful opportunity for Sidetrade, and it is highly motivating for each and every member of our staff.”
— Olivier Novasque, CEO of Sidetrade.With this label, the Euronext committee recognizes Sidetrade’s solid economic and stock market performance.
Sidetrade has been listed on Euronext Growth since 2005 and has been part of the EnterNext PEA-PME 150 index since 2014. In financial year 2019, Sidetrade turnover was 25.7 million euros, up 17%, like for like. Sidetrade management has every confidence that 2020 will be another year of growth. A pioneer in SaaS and AI, Sidetrade is squarely ahead of the game in their market. Sidetrade solutions are ideally positioned to support companies now urgently striving to generate and secure cash. Let us recall that Sidetrade is officially recognized as an “innovative” company by Bpifrance (the French public investment bank) which makes the company eligible for French innovation funds (FCPI).
Sidetrade has today launched a new feature called CashTarget, which uses gamification for businesses who are restarting treasury performance.
As businesses emerge from pandemic lockdown, the dash for cash will intensify. With revenue proving unpredictable and loans running out, the focus needs to turn to accounts receivable – invoices which remain unpaid. Rob Harvey, global director of solutions consulting at Sidetrade, said:
‘Cash is king’ is truer than ever. For business leaders, it is crucial to create a much stronger cash culture, where every team is thinking about cash, whether that’s around sales, credit terms, receivables, or customer relations.”
CashTarget enables managers and cash collection teams to track, allocate and manage collection targets at both individual and team level. It creates a more comprehensive ‘cash culture’ throughout the business, right acoss the order-to-cash process, for all the staff involved.
Linking fun and gamification to serious KPIs
The Sidetrade R&D and product teams thought about how they could motivate users, to boost cash collection as businesses plan for recovery after the pandemic. They turned to game theory techniques, integrating game features into CashTarget. Dashboards are replete with graphs, charts, and goals, creating greater visibility among teams and a healthy competition feel. Rob Harvey, added:
Everybody loves a competition, so injecting a little fun into a cash collection application has a big impact on performance and user experience. CashTarget adds value to individuals and teams, and gives employees greater visibility on their own actions. Who says cash collection can’t be fun?”
Sidetrade has redefined the accounts receivable automation market, with its powerful, yet easy-to-use, augmented cash solution. Since 2018, Aimie, Sidetrade’s AI assistant, has brought predictive payment behaviours, and the best dunning strategy recommendations, to the cash collection market. Aimie helps over 2,700 customers in every industry accelerate cashflow generation, on average by 50%.
Since 22 April, Sidetrade, the AI specialist, has been publishing a B2B unpaid invoice tracker. Freely accessible to all private sector decision-makers and public authorities, it shows the payment behavior, week by week, of over 3.7 million businesses in six European countries: France, the United Kingdom, Spain, Italy, Belgium and the Netherlands.
A clear picture of the impact of the Covid-19 crisis per business sector
A first of its kind, the Sidetrade tracker analyses the impact of the Covid-19 crisis on twelve business sectors. As of 25 May, the UK sectors hardest hit by payment delays tied to the crisis are:
- Finance, Insurance, Real Estate: 76% of invoices over 10 days overdue
- ICT (Information, Communication, Technology): 60% of invoices over 10 days overdue
- Leisure, Hospitality: 55% of invoices over 10 days overdue
Note that Finance, Insurance, Real Estate, as well as ICT are areas where late payment rate was already high prior to the pandemic: 56% and 53% respectively.
Sectors least impacted by the crisis include Food industry (19% invoices over 10 days overdue), retail (22%) and manufacturing (23%).
Hard hit by the crisis, the UK seems to be seeing the first effects of lockdown exit
Evidence from the Sidetrade tracker shows a strong correlation between payment behaviour and economic activity. The latest tracker release was highly awaited this week to see the effect of exit from lockdown. With 38% unpaid invoices as of 25 May 2020, the UK has seen a slight improvement in customer-supplier relations. This is the first positive effect of lockdown exit.
Nonetheless, the unpaid rate remains extremely high, representing a threat for many businesses. Late payment deterioration in the UK rose +26%.
For the first time, all six countries tracked showed a significant improvement, even though the unpaid rate is still high. The UK has the highest rate (39% unpaid), whereas the Netherlands can boast the lowest figure: 18% unpaid, not far from their pre-pandemic rate of 15%.
The Sidetrade tracker is a trusted reference for payment behaviour trends. In the coming weeks, it will be a crucial to analyze the reality of the economic upturn in Europe.
About the Sidetrade Unpaid invoice tracker
The Sidetrade tracker, shows the payment behaviour, week by week, of over 3.7 million businesses in six European countries: France, the United Kingdom, Spain, Italy, Belgium and the Netherlands.
Since 1 January 2020, Sidetrade has analyzed over 26 million invoices representing €54 bn in B2B transactions.
The tracker is freely accessible to all private sector decision-makers and public authorities.
Researchers in charge of the barometer, operated by industry analyst Sidetrade, stressed that the finance, insurance, real estate, as well as ICT, are areas where late payment rates were already high prior to the pandemic.
Sidetrack monitors six countries to see how their payment flows are progressing. The UK has the highest rate of unpaid invoices (39% unpaid), whereas the Netherlands can boast the lowest figure (18% unpaid), not far from their pre-pandemic rate of 15%.
The Sidetrade tracker shows the payment behaviour, week by week, of over 3.7 million businesses in six European countries: Belgium, France, Italy, Spain, The Netherlands and the UK.
Since the beginning of the year, Sidetrade has analysed over 26 million invoices representing €54bn in B2B transactions.
The tracker is freely accessible to all private sector decision-makers and public authorities