Sidetrade, the Artificial Intelligence platform dedicated to accelerating company revenue and cashflow, once again announces double-digit growth, with 2020 Q3 revenue up 14%.
Olivier Novasque, founder, and CEO of Sidetrade, had this to say:
Even in the midst of a deep-seated health crisis, in a quarter which tends to be slower than the rest of the year, we managed to achieve double-digit growth. More than ever, in this period of unprecedented uncertainty, Sidetrade has shown the resilience of its SaaS growth model. Our Artificial Intelligence offerings are tailored for today’s global businesses. This is a vast market with untapped potential, and we intend to take the lead.”
Continued double-digit growth. Q3 revenue up 14%
(millions of euros)
|T2020 Q3||2019 Q3||VARIATION (%)|
Following up on two excellent quarters, Sidetrade continues with outstanding double-digit growth in Q3, a period which in fact tends to be the slowest in the year. 2020 Q3 revenue was €7.3m, up 14% against the same period last year.
The period saw several prestigious new clients come on board, including Azets (international auditing and accounting) for their Northern European operations; K2 Partnering Solutions (recruitment of technology consultants) for their British and US operations; and a promising pilot project for Vinci Construction in France.
One of the most exciting events in the quarter was confirmation that the American group Tech Data would be rolling out Sidetrade technology for all their business in the US, as well as in 26 European countries. This is no small feat, to say the least, considering that Tech Data is a multinational leader in the distribution of IT products and services, with revenue of 36.78 billion USD and ranked 88th on the Fortune 500. The go-ahead stems from the successful 2019 pilot phase in the US, France and Switzerland. On an annual basis, this new client represents an additional B2B transaction flow of around $45m to be managed in the Sidetrade cloud, making Tech Data one of Sidetrade’s biggest accounts.
In other news, Midcap Partners, a broker and investment bank specialized in small and midcaps, initiated coverage of Sidetrade on 9 October 2020, considerably boosting Sidetrade’s visibility to European and North American investors. You can read the report by Midcap Partners on the Investors page of the Sidetrade website.
Sidetrade confirms their perspective of double-digit growth in FY2020.