Sidetrade Reports Record Bookings in Second Quarter 2023

Sidetrade, a global provider of AI-powered Order-to-Cash applications, announced on July 18, 2023, robust performance in its second quarter of 2023. The company's new Annual Contract Value (ACV) saw a significant increase of 158%, reaching €4.1 million compared to €1.6 million in the prior year's second quarter.

Specifically, new SaaS subscription Annual Recurring Revenue (ARR) grew by 178% to €2.41 million. Bookings for services also rose by 133% to €1.7 million. Overall revenue increased by 17%, with SaaS revenue growing by 22%.

Olivier Novasque, CEO of Sidetrade, described the quarter as the company's best ever in terms of bookings. He cited substantial investments in AI and the development of a B2B payment transaction data lake as key factors contributing to its competitive edge and appeal to major clients.

During the second quarter, Sidetrade secured three global contracts with European multinational corporations, including Bayer AG, BIC, and Dassault Systèmes. The company's global presence and AI expertise were critical in winning these deals. Additionally, Sidetrade introduced its new AI-based CashApp solution to streamline incoming payment reconciliation.

Sidetrade also reinforced its industry leadership position, being recognized by Gartner for the second consecutive year in the Magic Quadrant for Integrated Invoice-to-Cash applications. The company continues to pursue its growth strategy, aiming to solidify its position in the rapidly expanding and globalizing Order-to-Cash market.