In the current economic landscape, marked by unpredictability due to persistent inflationary pressures and a shortage of qualified talent, businesses are facing cash flow challenges. However, they have the opportunity to enhance their financial resilience and productivity through technological innovation.
Sidetrade has undertaken a survey in partnership with PwC France and Maghreb to explore the dynamics of corporate finance, with a specific focus on digital transformation. This exclusive study, titled ‘Cash Maturity 2023’, captures the insights of companies and gathers valuable perspectives on the implementation of financial transformation projects across the globe.
PwC France and Maghreb Partner Arthur Wastyn said: “In the current context, the imperative to enhance productivity takes center stage for organizations. Escalating costs and the demand for operational efficiency only serve to underscore the significance of optimizing Order-to-Cash processes. The Cash Maturity 2023 study provides leaders with valuable insights into the specific challenges and untapped potential related to the financial function transformation. Current technologies have reached a level of maturity that allows for tangible short and medium-term gains. Waiting too long to adopt these technologies now carries the risk of being caught off guard by the market.
Key findings of the Cash Maturity 2023 study:
- Despite the widespread recognition of financial transformation projects as a crucial element of modern business strategy, there’s a notable reluctance to allocate the necessary financial resources, which hinders performance. While an impressive 88% of companies have either initiated or are considering finance transformation projects, only 54% are contemplating increased investments in the next 12 months.
- Consequently, this cautious budgeting approach perpetuates inefficiencies and non-value-added tasks within finance teams. Surprisingly, 36% of the workforce dedicates time to activities that could easily be automated, such as order entry, invoicing, payment capture or matching.
- What’s even more noteworthy is that over two thirds (69%) of companies openly admit to not fully capitalizing on their data assets. Instead, they opt for ad hoc analysis, historical reporting, or, in some cases, neglect data analysis altogether.
- HR strategy, essential to support financial transformation, focuses primarily on skills outsourcing, accounting for 52% of investments. However, it is crucial to recognize that this outsourcing carries a potential risk for the sustainability of the changes underway. Technological transformation cannot be successfully achieved without the contribution employees within the company, as they are the guarantors of the project’s success and the sustainability of the benefits obtained.
Commenting on the study’s findings, Sidetrade Partner Jean-Claude Charpenet said: It’s time for financial leaders to choose: inertia is now synonymous with imminent disruption. By fully exploiting mature technologies, financial transformation projects can deliver powerful results in the short and medium term. However, our analysis reveals a critical under-exploitation of data and artificial intelligence, hampering the optimization and securing of cash flow. What’s more, many simple automation opportunities remain untapped. Real-time data is positioning itself as the central pillar of financial excellence, driving innovation, operational efficiency and proactive risk management.
The complete Cash Maturity 2023 study can be accessed here.
Methodology
The study Cash Maturity 2023 was collaboratively conducted by PwC France et Maghreb and Sidetrade during the second quarter of 2023.
The research encompassed responses from a carefully selected sample of 172 companies, representing a diverse spectrum of functions, including Finance Departments, General Management, and key operational roles such as CFOs and Shared Services Center Directors.
To ensure the robustness of our findings, it intentionally designed the survey sample to be highly heterogeneous, encompassing companies of varying sizes, from Small and Medium-sized Enterprises (SMEs) to large corporations, and spanning across a multitude of industry sectors.
This methodological approach was undertaken to provide a comprehensive and representative analysis of the finance transformation landscape, offering insights that cater to a wide range of organizations.
Olivier Novasque, CEO of Sidetrade commented:
In line with H1 2023, the performance in Q3 – traditionally a weak period for bookings – confirms the relevance of the strategic decisions we made over the last eighteen months. Our technological edge in AI, which is increasingly recognized by major customers, coupled with our expanded offering and our impressive foothold in the United States all provide strong advantages to continue our ramp-up in the quarters ahead. On the back of these first nine months, we are now just 20% short of our all-time record for bookings which we achieved in 2022, with €10.3 million in Annual Contract Value. In this context, we are confident of delivering great bookings on a full-year basis in 2023. Supported by our economic model, we can expect the bookings in 2023 to ensure another year of double-digit growth in 2024 despite all present and future economic uncertainties. Now more than ever, we remain committed to offering our shareholders, employees and customers a sustainable development model that combines growth and profitability.
€2.5 million in new Annual Contract Value, up 10%
| Sidetrade (€m) |
Q3 2023 | Q3 2022 | Change |
|---|---|---|---|
|
New SaaS subscriptions (New ARR) |
1.33 | 1.38 | – 4% |
|
Services bookings |
1.17 | 0.89 | +32% |
|
New Annual Contract Value (ACV) |
2.49 | 2.27 | + 10% |
2023 information is from consolidated, unaudited data.
In Q3 2023, despite prevailing economic uncertainties, Sidetrade maintained double-digit growth in bookings. New Annual Contract Value (ACV) totaled €2.49 million, up 10% versus Q3 2022. This represents the Group’s best-ever performance in a third quarter, which is traditionally the weakest of the year. This increase in bookings was impressive since it occurred despite a challenging base effect with Q3 2022 already setting a historic record for Sidetrade with €2.27 million in ACV.
New SaaS bookings totaled €1.33 million, remaining almost stable versus Q3 2022 (-4%). This performance was mostly driven by the United States, which accounts for 53% of total new SaaS bookings, partly thanks to major contracts won with players including OpenText, a Nasdaq-listed company and global-leading provider of Cloud and cybersecurity solutions.
In parallel, services bookings, which are almost all invoiced within twelve months of their signing, totaled €1.17 million, up 32% compared to Q3 2022 (€0.89 million). This performance is largely due to the growing number of deployment projects signed on a large scale.
In Q3 2023, bookings by new customers (“New Business“) accounted for 59% of the total new bookings, while 23% of total new bookings were driven by Cross-selling. Lastly, Upselling of additional modules to existing customers represented the remaining 18% of bookings.
As observed in H1 2023, Q3 performance for 2023 was due to 1/ a business strategy kick-started eighteen months ago, with a focus on companies generating $1 billion-plus revenue, 2/ increased recognition by multinationals of Sidetrade’s technological edge in artificial intelligence, and 3/ the development of a comprehensive Order-to-Cash software suite, resulting from a strategy of continuous innovation.
Robust growth in revenue, up 21%, with SaaS subscriptions up 23%
| Sidetrade (€m) |
Q3 2023 | Q3 2022 | VARIATION (%) |
|---|---|---|---|
| ‘Order-to-Cash’ Activities | 11.1 | 9.1 | + 22% |
| of which SaaS Subscriptions | 9.5 | 7.7 | + 23% |
| ‘Sales & Marketing’ Activities | 0.1 | 0.2 | – 11% |
| Revenue | 11.2 | 9.2 | + 21% |
2023 information is from consolidated, unaudited data.
In Q3 2023, revenue for ‘Order-to-Cash’ SaaS subscriptions continued its brisk growth, up 25% at constant exchange rates and 23% on a reported basis.
Sidetrade’s revenue for Q3 2023 totaled €11.2 million, up 23% at constant exchange rates and 21% on a reported basis.
This performance is attributable to three factors:
- Successful expansion in the United States
In Q3 2023, the United States was a growth driver for Sidetrade, posting revenues up 30%. As a result of this successful expansion, international markets now represent 58% of the Company’s total revenue, including 28% in North America. Going forward, the United States will continue to be pivotal for Sidetrade’s growth.
- Increasing demand from multinational corporations
Analysis of customer profiles for ‘Order-to-Cash’ activities is underpinned by impressive growth of 59% in subscriptions with multinational corporations on annual recurring revenue (ARR) contracts in excess of €250,000. These subscriptions now account for 45% of Sidetrade’s total subscriptions and are expected to remain an important growth driver in the months ahead.
- Consolidation of CreditPoint Software business
Effective July 1, 2023, the consolidation of the CreditPoint Software business has positively contributed to Sidetrade’s performance. In Q3 2023, CreditPoint Software generated revenue of €0.4 million with a 4% impact on quarterly growth.
Sidetrade, a leader in Order-to-Cash applications, plays a crucial role for national and multinational companies in over 85 countries. To extend its influence in South America – a region experiencing rapid economic growth – the company has chosen to partner with Latinafinance.net, a consulting firm specializing in treasury, financing, risk management and financial transformation.
Latinafinance.net has been present on the South American continent since 2009. Headquartered in Uruguay, it covers Brazil, Mexico, Argentina, Chile, Peru and Uruguay. Thanks to the combined expertise of both organizations, local companies will benefit from advanced solutions to optimize their performance in the Order-to-Cash cycle, while multinationals will find two strategic partners capable of supporting them in their financial activities in South America and beyond.
Florent Michel, Managing Partner of Latinafinance.net, commented: In South America, there are some 900 companies with sales in excess of 500 million dollars, two-thirds of which are located in Brazil and Mexico. At the same time, European and American multinationals are centralizing their financial operations for the South American region through shared service centers in these countries and are often looking for global solutions to collaborate effectively with their headquarters. By working together with Sidetrade and Latinafinance.net, these companies will secure and accelerate their cash flow generation. This partnership will enable them to benefit from the combined expertise of the two companies to optimize their financial processes and strengthen their position in a booming South American market.
In South America, the automation and digitization of financial processes have experienced very strong growth in recent years and have become a top priority for large enterprises. The region’s cash culture is deeply rooted, driven by periods of high inflation rates and restricted access to bank financing and capital markets. Against this backdrop, companies need to ensure that they have sufficient, stable liquidity to meet their financial obligations and ensure sustained growth. As such, rigorous cash management is essential if they are to prosper in a rapidly changing economic environment.
Jean-Claude Charpenet, VP Sales Director Europe at Sidetrade, commented: Thanks to our support of major companies such as Saint Gobain, Geodis, Veolia, Air Liquide, Edenred, and Sodexo on the South American continent, we have in-depth knowledge of the regional context, as well as the business and technological needs specific to this geography. Companies in South America are prioritizing digital transformation, with initiatives focused on generating and securing cash flow.
Sidetrade’s ongoing commitment to innovation and excellence in O2C solutions makes us extremely confident in our ability to succeed in this dynamic environment and create value, Indeed, our SaaS technology offers the flexibility and adaptability essential to meet the specific needs of every financial department, whether South American or international. The partnership with Latinafinance.net will enable us to fully seize the opportunities offered by this booming market.
Sidetrade and Latinafinance.net will initiate a progressive development strategy, first focusing on Brazil and Mexico, where the companies already have many customers, and whose presence of numerous shared service centers offers them considerable opportunities. In a second phase, they plan to extend their reach to Chile, Colombia, Uruguay and Peru.
Gilles Rigal and Jean-Luc Robert’s career paths are marked by leadership roles in leading international software companies. Effective immediately, these appointments will bring a collective 85 years of expertise whilst accelerating Sidetrade’s international development.
Gilles Rigal has had a remarkable career with successful software vendors, including as EMEA Vice President at BMC Software and Chief Operation Officer at Systar. He also served as a Partner at Seven2 (formerly Apax Partners) for 22 years, where he led the tech investments in companies such as Altran, Inetum (formerlyGFI), Graitec Infovista, and Cartesis. His achievements testify to his deep expertise in the software industry. Gille’s leadership will be instrumental in driving Sidetrade’s sustained growth and ensuring long-term success, making him an invaluable addition to the company’s Board of Directors.
Jean-Luc Robert, a well-known CEO in the SaaS industry who has built over the last 20 years the global leader of cloud-based finance and liquidity solutions, Kyriba. Recently stepped down in his role as CEO, his track record of success, coupled with his expertise in cash management and the US market, along with his mastery of the SaaS entrepreneurship, position Jean-Luc as an incredible asset in guiding Sidetrade towards ongoing growth and successful expansion, especially for the US market.
Olivier Novasque, CEO and Chair of Sidetrade’s Board of Directors commented:
We are very pleased to welcome Gilles and Jean-Luc to our Board of Directors. With their skills and wealth of expertise in business strategy and commercial development in the SaaS industry, they are invaluable assets in guiding Sidetrade towards new horizons and accelerating its future success.
By appointing two new non-executive directors, Sidetrade strengthens the independence of its Board, thus supporting its Corporate Social Responsibility (CSR) strategy and maintaining high corporate governance standards. On this topic, both Directors embody Sidetrade’s core values of integrity and commitment to strong corporate governance.
These appointments expand the size of Sidetrade’s Board of Directors to five members including: Pierre-Yves, Dargaud Managing Partner and Deputy Managing Director, Amala Partners; Christelle Dhrif, Chief Communications Officer, Sidetrade; and Olivier Novasque, CEO, Sidetrade.
Profitable growth model
| Sidetrade (m€) |
H1 2023 | H1 2022 | VARIATION (%) |
|---|---|---|---|
| Revenue | 20.9 | 17.8 | + 17% |
|
of which ‘Order-to-Cash’ SaaS subscriptions |
17.4 | 14.3 | + 21% |
| Gross margin | 16.9 | 14.2 | + 19% |
| as a % of Revenue | 81% | 80% | |
| Operating expenses (OPEX) | (14.4) | (11.8) | + 22% |
| of which North America | (3.8) | (2.7) | +41% |
| Operating profit | 2.5 | 2.4 | + 2% |
| as a % of Revenue | 12% | 14% | |
| Net profit | 2.2 | 2.3 | – 8% |
2023 information is from consolidated, unaudited data.
Olivier Novasque, CEO of Sidetrade commented:
In H1 2023, Sidetrade reported an all-time high in bookings, with nearly €6 million in new Annual Contract Value, representing an increase of more than 20%. This performance was all the more remarkable for two reasons. On the one hand, it was achieved in a market environment of cautious major contractors. On the other, it followed a demanding base effect with record bookings for Sidetrade in H1 2022. Our ambitious investment policy is now paying off, with the goal of 1/ accelerating our development in North America, 2/ expanding our AI-based product offering to provide the most comprehensive Order-to-Cash software suite on the market, and 3/ targeting multinational companies with revenue over $1 billion. By simultaneously implementing all three of these strategic decisions, we have increased our credibility, boosted our appeal to major customers, and ultimately, won multiple contracts internationally.
To date, the United States represents a robust growth driver, with revenue up 45% for the period. What’s more, our newly launched CashApp solution helped us win tenders the world over. Lastly, the share of subscriptions with companies generating $1 billion-plus revenue now accounts for 76% of Sidetrade’s total subscriptions. In the months ahead, we must continue our efforts while staying focused on our development model that combines growth with profitability.
Record first half in 2023 with nearly €6 million in bookings in new Annual Contract Value, up 21%
| Sidetrade (m€) |
H1 2023 | H1 2022 | CHANGE |
|---|---|---|---|
| New SaaS subscriptions (New ARR) | 3.30 | 3.04 | + 9% |
| Services bookings | 2.54 | 1.77 | + 44% |
| New Annual Contract Value (ACV) | 5.84 | 4.81 | + 21% |
2023 information is from consolidated, unaudited data.
In H1 2023, Sidetrade delivered its best-ever performance in bookings with new Annual Contract Value (ACV) of €5.84 million, up 21% versus H1 2022 despite a challenging base effect since the latter period already set an historic record for the Group with €4.81 million in ACV.
New SaaS bookings totaled €3.30 million, mainly driven by an exceptional Q2 2023 when Sidetrade achieved the best quarterly performance in its history with €2.41 million in New Annual Recurring Revenue (“New ARR”) signed in one quarter. Parallel to this, services bookings (with almost all invoiced within twelve months of their signing) totaled €2.54 million, up 44% compared to H1 2022. This performance is largely due to the growing number of deployment projects signed worldwide.
In H1 2023, the initial contract period for new customers (excluding renewals) rose to 44.8 months versus 43.2 months a year earlier, demonstrating new customers’ confidence in Sidetrade. This extended contract period increases the economic model’s strong predictability. Attrition remained extremely low for the industry (generally around 10%) with a churn rate of 2.51% at the end of the first half.
Sidetrade’s winning strategy: Ramp-up in new global contracts
The commercial successes in recent months validate Sidetrade’s strategic decision to target companies generating revenue in excess of $1 billion. As such, this first-half performance is largely attributable to the ramp-up in new global contracts with multinationals including Bayer AG, BIC, NIELSENIQ and Dassault Systèmes. Sidetrade benefits from 1/ a technological edge in artificial intelligence, 2/ increased credibility with a significant foothold on both sides of the Atlantic to implement and support international contracts, and 3/ an effective salesforce that fosters collaboration between teams in Europe and North America.
Sidetrade also cemented its market position following Gartner’s recognition for the second year in a row as one of the global Leaders for Integrated Invoice-to-Cash applications.
Expansion of Sidetrade’s offering: a complete suite for Order-to-Cash cycle and the success of CashApp
Another crucial factor behind this first-half performance is the expanded AI offering which aims to transform Sidetrade’s platform into the most comprehensive Order-to-Cash software suite on the market. It includes paperless order processing, real time credit risk management, electronic invoicing, dunning and dispute resolution as well as reconciliation of payments. With respect to the latter, Sidetrade secured its first contracts thanks to its all-new CashApp solution which automates the reconciliation of customers’ banked payments with open invoices by leveraging the capabilities of machine learning and deep learning algorithms. CashApp was a resounding success among major customers such as Bayer AG and BIC who both opted to deploy the application worldwide.
In H1 2023, bookings by new customers (“New Business“) accounted for 62% of the total new bookings while Cross-selling represented 13% of total new bookings, with the remaining 25% of bookings driven by Upselling of additional modules to existing customers.
Robust growth in revenue, up 17%, with SaaS subscriptions up 21%
In H1 2023, revenue for ‘Order-to-Cash’ SaaS subscriptions continued its brisk growth, up 21%.
Sidetrade’s revenue topped the €20 million mark for the first time in a half year, totaling €20.9 million, an increase of 17% compared to the same period in the previous fiscal year. This growth is attributable to two factors:
- Expansion in the United States
In H1 2023, the United States was a growth driver for Sidetrade, posting revenues up 45%. As a result of this successful expansion, international markets now represent 57% of the Company’s total revenue, including 27% in North America. Going forward, the United States will continue to be pivotal for Sidetrade’s growth.
- Increasing demand from multinational corporations
Analysis of customer profiles for ‘Order-to-Cash’ activities is underpinned by impressive growth of 46% in subscriptions with multinational corporations on annual contracts in excess of €250,000. These subscriptions now account for 42% of Sidetrade’s total subscriptions and are expected to remain an important growth driver in the months ahead.
In H1 2023, the impact of exchange rates on Sidetrade was not material.
Strong results in a context of accelerating investment
Record gross margin at 81% of revenue
Sidetrade achieved a record gross margin in H1 2023, representing 81% of total revenue, with an impressive rate of 93% in SaaS subscriptions. This remarkable performance results from Sidetrade’s strategy to promote its technological edge, coupled with strict cost control in an inflationary environment.
Sidetrade continues to illustrate the robustness of its SaaS model, which generates significant incremental gross margin, year after year.
Double-digit profitability at 12%, despite investment of €3.8 million in North America
Operating profit for H1 2023 totaled €2.5 million (vs. €2.4 million in H1 2022), representing 12% of revenue. Profitability slightly increased, remaining in double digits under the combined impact of vigorous revenue growth, an excellent gross margin and efficient cost control.
Bolstered by its robust economic model, Sidetrade stepped up investment in North America, which amounted to €3.8 million in H1 2023, up €1.1 million compared to the same period in the previous fiscal year. This investment mainly focused on building a regional team of more than 50 colleagues.
Operating profit for H1 2023 includes a French Research Tax Credit of €1.3 million, equivalent to that of H1 2022, as well as activation of €0.2 million in marginal R&D costs. It should be noted that H1 2022 included an innovation subsidy (EuroFirmo project) of €0.5 million. Restated for this exceptional item, operating profit would have increased by €0.6 million, up 25%.
Corporate income tax for H1 2023 totaled €0.3 million, versus €0.2 million a year earlier.
All told, Sidetrade’s net profit for H1 2023 was almost stable at €2.2 million, demonstrating that continued growth and profitability are achievable while strategically investing.
Note that the acquisition of CreditPoint Software on June 30, 2023, will be consolidated into the Group’s financial statements from July 1, 2023.
Solid financial position
On June 30, 2023, Sidetrade reported €24.2 million in gross cash (vs. €20.4 million on December 31, 2022). As of June 30, 2023, the Company also holds 86,000 of its own shares with a value of €12.1 million.
Sidetrade’s financial debt stands at €11.4 million (fixed rate at 1.1%), giving the Group significant investment capacity to accelerate its expansion.
Reinforced commitment to responsible growth with a full CSR assessment
In addition to its robust financial results, Sidetrade is committed to a CSR (Corporate Social Responsibility) approach. The latter centers on integrating ESG (Environmental, Social, Governance) challenges into its company strategy.
While Sidetrade is not yet bound by regulatory requirements, as an industry-recognized leader, the Company understands the significant role it has in shaping a more responsible and sustainable future. Against this background, Sidetrade has already performed a comprehensive Carbon Assessment (scopes 1, 2 and 3) for FY 2022, which applies to activities and regions across the board. This assessment helped the Group to pinpoint the main greenhouse gas emission sources and identify concrete actions to regulate them.
On top of this, Sidetrade published its first-ever CSR report (in compliance with the European Union’s new Corporate Sustainability Reporting Directive – CSRD), showcasing its commitment towards corporate sustainability (see press release of July 26, 2023). Through this approach, the Company is convinced that it will further cement its industry-leading position.
In the ever-evolving landscape of business operations, choosing the right partner for global processes is paramount. For BIC, a multinational corporation renowned for its stationery, lighter, and razor products sold in more than 160 countries, the drive to optimize its Order-to-Cash (O2C) cycle and reduce payment delays led to the decision to select Sidetrade.
Facilitating BIC’s O2C transformation
Powering BIC’s O2C transformation are an array of Sidetrade’s collections and dispute management offerings, as well as its new Cash App to automate the reconciliation of customers’ banked payments with open invoices. Sidetrade was selected for its impressive specialization in shared service centers worldwide, profound expertise in this domain, and analytical capabilities which aligned with BIC’s objective to further extend data-driven decision-making across its commercial operations.
Eric Balay, Vice President, Group Commercial Finance at BIC commented: Sidetrade’s global presence and ability to deliver tailored solutions at a regional level offers significant benefits for our business. As well, their expert data analysis will provide us with insightful and actionable insights as we continue to optimize our customer service capabilities.
The global reach factor
This new customer acquisition is the latest in a series of global contracts secured by Sidetrade in 2023, highlighting the continued significance of its expanded worldwide presence. Sidetrade maintains a distinct advantage in catering to the varied requirements of international companies, offering tailored assistance and swift regional and local responsiveness.
In addition, Sidetrade’s renowned reputation for delivering Customer Success excellence, backed by seasoned O2C experts, played a pivotal role in BIC’s decision. Sidetrade’s customer-centric approach offers complimentary expertise to every single customer to maximize their value and results.
Timothy Ray, North America Area VP Sales at Sidetrade, commented: As Sidetrade assumes the role of BIC’s global Order-to-Cash supplier, our commitment is clear: to strengthen their global expansion while cultivating heightened collaboration and enhancing efficiency, transparency, and data- driven insights.
The selection of Sidetrade’s Cash App stands as a testament to our innovation in AI and predictive analytics. The partnership with BIC is exciting and showcases Sidetrade’s collaboration with global enterprise organizations seeking the versatility of adaptable O2C solutions.
BIC joins the ranks of international players in the manufacturing sector who already rely on Sidetrade to optimize the full O2C lifecycle and provide continuous improvements to their O2C efficiency.
Sidetrade’s publication of its CSR report for FY 2022 – which includes a comprehensive Carbon assessment covering scopes 1, 2, and 3 – marks a significant milestone for the company.
Cash culture, productivity, financial performance, visibility and predictability in business today are taking on a new dimension. These values can only blossom harmoniously if they are integrated into an essential reflection and a global approach consistent with the societal and environmental responsibility of the economic world. I’m convinced that by integrating these values, we can create a sustainable environment where business success is aligned with the well-being of society and the preservation of our precious planet.
As the inventors of tomorrow’s world, high-tech companies have a special responsibility. Sidetrade wishes to contribute to the development of a learning, stimulating and pleasant working environment for its employees, while striving to be exemplary and helping to promote this responsible attitude within our economic environment. – Sidetrade CEO, Olivier Novasque
This CSR report highlights Sidetrade’s policies, initiatives, accomplishments, and ongoing efforts to make a positive impact on its employees, customers, stakeholders and the environment. The key commitments outlined in this 2022 CSR report include:
- Sidetrade’s journey towards sustainability through control of its carbon footprint
- Driving innovation and investing in talent to achieve collaborative excellence and growth
- Securing data for a secure future by ensuring digital responsibility
- Building sustainable, ethical and transparent relationships to lead with trust and maintain ethical business practices
Since 2021, Sidetrade’s social and environmental commitment has been recognized through assessments by Ecovadis and EthiFinance ESG ratings (formerly Gaïa Research). As a member of the United Nations Global Compact, Sidetrade’s CSR actions and commitments, as presented in its CSR 2022 report, are directly aligned with the United Nations’ sustainable development goals.
Philippe Gangneux, Sidetrade CFO and Sidetrade CSR Ambassador, commented:
Profitable and sustainable growth, combined with a solid financial base, have always been part of our fundamentals. We have repeatedly demonstrated the resilience of our business model. This approach, which is natural for Sidetrade, enables us to go further and faster in taking into account our social and environmental responsibilities.
We’re only at the beginning of the road. For the coming year, two words will sum up our commitments: humility and ambition. Humility, because just as we are convinced of our strengths, we are also aware of the progress that remains to be made. Ambition, because we have chosen to be responsible and to act today without waiting for tomorrow. Armed with this vision, Sidetrade looks forward to 2023 with confidence and enthusiasm.
Please visit https://www.sidetrade.com/sidetrade-2022-CSR-report to view the Sidetrade 2022 CSR report.