Sidetrade Reports 20% Revenue Growth for 2017
Software company Sidetrade announced its 2017 annual results, showing a 20% increase in revenue to €21.6 million and a 13% rise in net profit to €2 million. The company's backlog also grew significantly.
Paris – Sidetrade, a software company specializing in AI for customer engagement, has reported its financial results for the fiscal year 2017. The company announced a 20% increase in revenue, reaching €21.6 million, and a 13% rise in net profit, totaling €2 million.
The company attributes this performance to its strategic investments and its position in the AI solutions market. CEO Olivier Novasque highlighted 2017 as a significant year, marked by record growth in both revenue and net profit. He noted the company's extensive data and technological advancements in Artificial Intelligence.
Sidetrade also saw a substantial increase in its backlog, which grew by 20% to €31 million. This backlog, comprised of recurring SaaS revenue from multi-annual contracts, provides medium-term visibility. The growth was driven by new Sidetrade Growth solutions, with several deals signed in the latter half of the year across various sectors.
Operating profit stood at €2.13 million, a 3% increase compared to the previous year. This figure accounts for the initial losses from the acquisition of three AI startups – BrightTarget, Iko System, and C-Radar – which were consolidated in 2017. Excluding these acquisitions, the underlying operating profit saw a 65% increase.
Looking ahead to 2018, Sidetrade management anticipates continued double-digit revenue growth. Key priorities for the year include the launch of an integrated AI Sales & Marketing platform incorporating its recent acquisitions and the expansion of its sales and marketing organization to capitalize on market opportunities. The company aims to double its revenue by 2020 as part of its AIM2020 strategy.