- Annual Revenue for 2022Tuesday 24 January 2023 after stock market closes
- Annual Results for 2022Tuesday 4 April 2023 after stock market closes
- First Quarter Revenue for 2023Wednesday 10 May 2023 after stock market closes
- Annual Shareholder general meetingThursday 15 June 2023 from 11:00am to 12:30pm (CEST)
- First Half Year Revenue for 2023Tuesday 18 July 2023 after stock market closes
- First Half Year Results for 2023Tuesday 12 September 2023 after stock market closes
- Third Quarter Revenue for 2023Tuesday 17 October 2023 after stock market closes
- Annual Revenue for 2023Tuesday 23 January 2024 after stock market closes
Sidetrade Code Academy is a free, four-week coding course with employment opportunities on offer after graduation. Now in its fourth year, this initiative was launched in Birmingham (UK) to enable anyone to kick start a technology career in West Midlands, regardless of their previous programming experience. The programme welcomes a wide variety of levels, including total beginners.
Interested participants are invited to apply to the programme by Wednesday 14th December. An assessment day will take place in Birmingham on Friday 6th January 2023, and successful applicants will start the four-week course on Monday 16th January 2023, with one in-person day a week and four days remotely.
Since its inception, Sidetrade Code Academy has empowered over 50 students to unlock their potential through coding and offered 12 full-time tech skills-based jobs at Sidetrade UK.
Emily Lamidieu, co-founder of local community group, Women in Tech Birmingham, said: One of the things we notice a lot when working in tech is the lack of diversity. Sidetrade Code Academy is a fantastic initiative for giving anyone of any background the tools they need to start building an incredibly successful career in technology.
During the four-week course, participants are coached by Sidetrade’s senior engineers, who provide a mix of fundamental and practical knowledge on top of mentorship. The programme culminates in a presentation day for trainees to showcase what they’ve learned.
Mark Sheldon, Chief Technology Officer of Sidetrade, commented: At Sidetrade, we are always looking to hire talented people, and as a CTO of a rapidly growing company, I am all too familiar with the challenges of the digital skills shortage. The tech sector is currently hindered by the misconception that programmers must have years of technical or academic training before launching their careers. Sidetrade Code Academy is proof that this isn’t the case, and I’m convinced that we will attract great talents. A career in tech is within anyone’s reach, even if they’ve never coded a day in their life and even if you were not a rock-star student! We are so proud to help people succeed in tech careers.
With Sidetrade Code Academy, the AI firm has developed a proactive and unique approach to the nation-wide coding skills gap which. The programme has seen continued growth in popularity with a 53% increase in applications each year, as well as widespread support from leaders within Birmingham’s local technology and business communities including Women in Tech Birmingham, a local community networking group.
Luke Hennerley, Principal Engineer at Sidetrade who spearheaded the idea for Sidetrade Code Academy, commented: With the Sidetrade Code Academy, we offer participants the opportunity to work on real-world projects. I think it’s important to be really grounded in the professional world from the beginning. We, enable them to apply what they’ve learned into practice, and grow in confidence in tech. Moreover, the atmosphere at the Siderade Code Academy is really positive, and gives participants early insight into what it’s like to work with the team here at Sidetrade and the tech world in general!
Learn more about Sidetrade Code Academy or apply here
Sirius Solutions is a trusted company that provides IT consultancy for efficient and effective digital change management projects in North America; a market in which Sidetrade has been rapidly expanding over the last year.
Through this technical partnership program, Sidetrade customers will be provided with change management and implementation support throughout the entire project to ensure an efficient and fast deployment of Sidetrade’s solution.
Sidetrade and Sirius Solutions bring together a combined 40+ year track record of delivering exceptional digital business transformation projects across a wide range of industries.
Bob Diana, Area Vice President of Sales for North America at Sidetrade, commented: This partnership is an exciting moment for Sidetrade as we accelerate our footing in North America and respond to the increasing demand for Sidetrade’s AI-powered Order-to-Cash solution.
The current macroeconomic challenges of high inflation, rising costs and supply chain disruption have led businesses to place an even greater emphasis on the urgent need for enhanced cash flow management.
In a technical project, change is the only constant. It’s important therefore to ensure our customers receive the highest quality expertise and technical capabilities throughout the project. We are confident that Sirius Solutions understands our customers’ business and strategic objectives and will be the perfect partner for us.
Strong track record of ensuring project success
Sirius Solutions operates in more than 30 industries and provides businesses with solutions and expertise to drive enhanced efficiencies and profitability. The consultancy has been committed to value creation and quality since their founding in 1998.
The professional services firm is made up of former senior industry executives and expert professionals, who are performance-focused and understand business challenges, complexities, nature, and timing.
Molly Pryor, Director of Transformation Solutions, Credit & Treasury at Sirius Solutions commented: We are excited to partner with Sidetrade, one of the three recognized leaders in the first-ever Gartner® Magic Quadrant™ for Integrated Invoice-to-Cash. Successful finance teams must operate as strategic business partners, bringing data-driven insights gleaned from advanced analytics and predictive modeling. We have entered an era post-pandemic of accelerated digital transformation where SaaS solutions will explode for the office of the CFO.
Sirius Solutions is thrilled to join Sidetrade on this journey in helping our current and future clients. As an experienced participant and early adapter of cloud OTC solutions, Sirius is pleased to partner with Sidetrade on delivering leading Order-to-Cash solutions and working together to deliver a level of excellence for our customers. We look forward to growth in the North American market with so many opportunities.
The partnership deal is Sidetrade’s first in North America and further cements the AI firm’s international expansion into the region one year since the successful launch of operations there. In Q3 2022, 41% of Sidetrade’s new bookings came from the North America region, and the SaaS provider has already been recognized as one of three Leaders in the 2022 Gartner Magic Quadrant for Invoice to Cash applications there. As a result of this success, Sidetrade has committed to accelerating its growth plans in North America, most notably with the recent opening of its new North America business hub in Calgary.
Diana added: At Sidetrade, we uphold the highest standards in selecting our partners to ensure that our customers receive the best possible service and expertise.
This partnership forms part of Sidetrade’s North America growth plans and support our ambitions to be the world leading Order-to-Cash provider.
Olivier Novasque, CEO of Sidetrade commented:
The third quarter, which is traditionally the weakest period of the year, posted record bookings of close to €1.4 million in new ARR during Q3 2022. With a +46% increase in new bookings, this quarter is in line with our first half year 2022 performance of +42%. These business results are mainly driven by international markets, notably our successes in North America which already represents 41% of total bookings for the period. In addition to this, and for the first time in its history, Sidetrade has achieved more than half of its revenue, 53%, internationally with 23% generated in North America. The ramp-up in our North American salesforce, supported by our new business hub in Calgary (Canada), will further accelerate this momentum in the quarters ahead. Sidetrade is definitively taking an important step in its development.
Record new bookings in Q3 2022 with a +46% increase
After reporting a +42% increase for SaaS orders in the first half of 2022, Sidetrade delivered a record-high third-quarter performance, generating €1.38 million in Annual Recurring Revenue (“ARR”) in Q3 2022, compared with €0.95 million in Q3 2021; a +46% increase. The total value of these new subscription contracts over their initial contract periods (excluding renewals and services) represents €3.87 million of Total Contract Value (“TCV”) in Q3 2022 versus €2.42 million in Q3 2021; a +60% increase.
68% of total bookings were international, and 41% from North America
In Q3 2022, international orders represented more than 68% of all bookings with significant business successes in Europe, Latin America and North America.
Just over one year after the Company launched operations in North America, this market has become a major growth driver, accounting for 41% of total bookings in Q3 2022 (58% in the first half of 2022). Note that this performance surpassed the Company’s initial target of achieving more than one-third of its bookings in North America by the second half of 2022.
To these SaaS bookings should be added €0.89 million of services on an annual basis (implementation, configuration, training, recurring services, etc.), compared with €0.63 million in Q3 2021, a +41% increase. In total and considering that almost all of these services will be invoiced over the next twelve months, Q3 2022 enables Sidetrade to add the equivalent of €2.27 million in Annual Contract Value (“ACV”) compared to €1.58 million in Q3 2021, a +44% increase.
Overall, in Q3 2022, bookings by new customers (“New Business”) and Cross-selling represented 81% of the total versus 75% on average in recent quarters, with the remaining 19% of bookings accounting for Upselling of additional modules to existing customers.
Lastly, it should be noted that as with all existing contracts, the new contracts include an annual automatic price re-indexation clause based on changes in price indices for the relevant country.
In an inflationary market environment, now more than ever, businesses must deploy efficient solutions to manage their Order-to-Cash process as they face a twofold challenge: to consolidate cash reserves with multiple hikes in interest rates while generating productivity gains to address salary increases and recruitment difficulties. This trend is expected to continue over the next 12 to 24 months with an additional increased future risk of future recession in certain countries. In this disrupted context, the management of operating working capital, and particularly accounts receivable, is a major challenge for all finance departments.
Acceleration in Order-to-Cash SaaS subscription revenue by 23% and revenue by 12%, driven by international orders
| Sidetrade (€m) |
Q3 2022 | Q3 2021 | VARIATION (%) |
|---|---|---|---|
| ‘Order-to-Cash’ Activities | 9.1 | 7.7 | + 19% |
| of which SaaS Subscriptions | 7.7 | 6.2 | + 23% |
| ‘Sales & Marketing’ Activities | 0.2 | 0.6 | – 72% |
| Revenue | 9.2 | 8.2 | + 12% |
2022 information is from consolidated, unaudited data.
‘Order-to-Cash’ Activities grew very sharply by +19% in Q3 2022, driven by +23% growth in SaaS subscriptions. The growth in this recurring revenue is the result of record bookings in the 2021 fiscal year, which will continue to impact revenue growth throughout the 2022 fiscal year.
‘Order-to-Cash’ Activities, a core business within the Company’s strategy since 2019, now represent 98% of total revenue as of Q3 2022.
The ‘Sales & Marketing’ Activities, which have become secondary to Sidetrade’s activities, now account for only 2% of total revenue in this quarter, and will continue to decline, with estimated revenue of €0.9 million at end-2022.
Total revenue grew by +12% in Q3 2022, to €9.2 million. This performance is supported by solid growth drivers in international markets which, for the first time in the Company’s history, represent 53% of total revenue, including 23% for North America.
Sidetrade’s economic model provides its business with significant resilience, as 90% of its revenue is recurring, representing a significant advantage in the current and future environment.
All of these multi-year contracts are indexed to inflation (the Syntec for Southern Europe, the UK CPI for Northern Europe and the US CPI for the United States), which alters the total price of SaaS subscriptions each year by reference to changes in these price indices.
Sidetrade therefore has robust pricing power that protects the Company’s future revenue against uncertainties and inflationary pressures. At present, Sidetrade perfectly combines its sound fundamentals with a highly favorable growth outlook.
On Tuesday October 11, 2022 during a ceremony at the World Credit Congress & Exhibition in Dublin, Sidetrade was named the winner of the “Shared Service Credit Team of the Year” category at the Irish Credit Team Awards. Sidetrade bagged twice this award for the second year in a row.
The annual Irish Credit Team Awards are dedicated to celebrating excellence in the industry and providing an opportunity for members to meet and learn from other credit teams around the country.
Commenting on the award win, Sidetrade’s Chief Services Officer, Frédéric Dupont-Aldiolan, said: It is an honor to be recognized by our peers for the second consecutive year and this award testifies to Sidetrade’s exceptional focus on customer centricity.
We are committed to driving value for our customers and delivering excellence in the Order-to-Cash space. This award is further proof of how we are leveraging technology and highly skilled people to support our customers in their everyday challenges. We believe that it’s the combination of Aimie, our AI solution, and human touch that truly builds exceptional customer performance.
This follows on from Sidetrade’s success at the Cloud Excellence Awards previous month where Aimie, its AI-powered technology was revealed “Best Cloud Automation Solution” out of a list of 10 finalists.
The Cloud Excellence Awards celebrated annually recognize the best of the UK’s cloud industry, from the most innovative and compelling products and vendors, through to the top use cases from end-user firms.
Mark Sheldon, CTO of Sidetrade, commented: We believe our key differentiator is Sidetrade’s unique cloud-based Data Lake which is made up of more than $4.5trillion B2B payment experiences from 21 million companies worldwide. Thanks to our Data Lake, Aimie is able to deliver cutting-edge AI technology to help businesses secure and accelerate cash flow.
Aimie is loved by everyone at Sidetrade and across our customers, and this award is further recognition of her strengths and abilities in securing and accelerating cash flow.