Sidetrade acquires Amalto for $16 million
European Order-to-Cash leader Sidetrade has acquired North American firm Amalto for $16 million, a move expected to enhance its offerings and accelerate growth in the North American market.
Sidetrade Acquires Amalto to Bolster North American Operations
Sidetrade, a European provider of AI-powered Order-to-Cash (O2C) management solutions, announced today its acquisition of Amalto, a key player in North America for the dematerialization of inter-company financial transactions. The deal, valued at $16 million, is designed to enrich Sidetrade's O2C offering and accelerate its expansion into the North American market.
Amalto specializes in integrating and automating O2C documents, particularly serving the Oil and Gas industry where managing high Days Sales Outstanding is common. The company operates offices in Houston, Calgary, and Paris. Its client portfolio includes major corporations such as Chevron, General Electric, and Schlumberger, who have demonstrated long-term loyalty with a low attrition rate.
This acquisition is a strategic move for Sidetrade as it pursues its "Fusion 100" plan, which aims for $100 million in revenue by 2025. The integration of Amalto's technology is expected to complement Sidetrade's AI platform. Sidetrade CEO Olivier Novasque stated the deal serves as a "powerful accelerator" for international growth. Amalto's CEO, Emmanuel Thiriez, will join Sidetrade's executive committee as Chief Customer Officer.
Amalto reported revenues of $4.3 million in 2020 with profitability (EBITDA) exceeding 20%. The acquisition will be financed through bank debt, preserving Sidetrade's cash reserves for potential future opportunities. Sidetrade intends to establish its U.S. headquarters at Amalto's Houston office and develop a new tech hub in Calgary.