Olivier Novasque, CEO and Founder of Sidetrade, commented:
After a challenging first half marked by weaker bookings, driven by both the macroeconomic environment and an exceptionally unfavorable comparison base effect following the record first half of 2024, Sidetrade gradually regained consistent commercial momentum in the second half of the year. This momentum is expected to continue and potentially accelerate over the coming quarters.
The launch of Sidetrade’s AI Cash Collection Agent, fully autonomous and scheduled for commercial release in the first quarter of 2026, has already secured pre-orders from four multinational companies. Currently in the qualification phase and undergoing advanced testing, the planned deployment into live production of 15 agents by the end of the first quarter of 2026 will enable the qualification of tens of thousands of invoices involving thousands of B2B debtors, without human intervention. A world first in the Order-to-Cash industry. In the context of the agentic AI transformation, reshaping entire sectors of the economy and redefining the relationship between humans and work, the launch of this autonomous Agent marks only the first phase of Sidetrade’s AI strategy. An even more disruptive roadmap will be unveiled shortly.
From a business perspective, Sidetrade sustained its growth trajectory in 2025, with revenue up 14% including 20% growth in subscriptions at constant currency. This performance, particularly strong in subscriptions, reflects an equal contribution from organic growth of 10% and the relevance and effective execution of our external growth strategy, also contributing 10%, driven by the successive acquisitions of SHS Viveon in Germany and ezyCollect in Asia-Pacific. The latter represents a new growth lever for the Group and is expected to accelerate the deployment of our agentic AI within the SME segment, which has a structurally strong demand for scalable, cost-efficient resources.
Over the past four years, Sidetrade has nearly doubled in size, reaching €36.8 million in revenue in 2022, and has become a global player, with 71% of revenue generated internationally. The Group now serves all market segments, from small businesses to multinational corporations. Beyond the financial metrics, the AI strategy initiated in 2016 continues to deliver tangible results and is expected to accelerate further in 2026, making the next three years particularly exciting.
Gradual Recovery in Commercial Momentum in H2 2025
Sidetrade closed Q4 2025 with new Annual Contract Value (ACV) of €3.25 million, down by 14% year over year compared with Q4 2024. This performance included €1.3 million in new Annual Recurring Revenue (ARR) subscriptions and €1.95 million in services bookings.
After a first half marked by a 21% decline, driven by a challenging economic environment and a particularly demanding comparison base (with H1 2024 representing an all-time record), booking activity stabilized in the second half of 2025. For H2 2025, ACV bookings totaled €5.16 million, compared with €5.31 million in H2 2024, representing a limited decrease of 2.8%. This comprised €1.88 million in new ARR subscriptions and €3.28 million in services bookings.
…offsetting the full-year decline in 2025
For full-year 2025, ACV bookings totaled €11.04 million, compared with €12.73 million in 2024, including €4.32 million in New ARR subscriptions and €6.71 million in services bookings. The improvement observed in the second half reduced the contraction from 21% in the first half to 13% for the year as a whole. Beyond the macroeconomic headwinds, which prompted increased caution among large enterprise customers, the level of bookings achieved in 2025 (€11.04 million) remained close to that of 2023 (€11.3 million), the reference year preceding the all-time record set in 2024.
Strong Revenue Growth in 2025: 14% Overall, Including 20% Growth in SaaS Subscriptions at Constant Currency (Up 12% and 18%, Respectively, on a Reported Basis)
| Sidetrade (€m) |
2025 | 2024 | Change |
| SaaS subscriptions | 53.5 | 45.5 | +18% |
| Revenue | 61.4 | 55.0 | +12% |
2025 figures are based on unaudited consolidated data.
Sidetrade delivered sustained growth in 2025, with consolidated revenue of €61.4 million, up 14% at constant currency (12% on a reported basis). SaaS subscription revenue for 2025 reached €53.5 million, representing growth of 20% at constant currency (18% on a reported basis). On a like-for-like basis (excluding the consolidation of SHS Viveon in H2 2024 and ezyCollect in Q4 2025), organic growth at constant currency amounted to 10% in 2025, underscoring the resilience of Sidetrade’s recurring revenue base in a volatile macroeconomic environment.
The Group’s enterprise-focused commercial strategy continues to deliver results. Subscriptions from companies generating more than €2.5 billion in annual revenue increased by 23% and accounted for 54% of the Enterprise portfolio. This performance confirms the relevance of Sidetrade’s positioning with multinational organizations.
International expansion remains a key growth driver. In 2025, 71% of revenue was generated outside France, reflecting Sidetrade’s expanding geographic footprint and global scale. Within this dynamic, North America recorded growth of 25% at constant currency, becoming the Group’s leading region and representing 30% of total revenue.
In FY 2025, ezyCollect contributed €2.2 million in revenue following its integration on October 1, 2025. Its activities, now reported within the Asia-Pacific region (Australia, New Zealand, and the Philippines), represented 13% of Group revenue in the fourth quarter of 2025. This newly established region is emerging as an additional growth engine for the Group.
Autonomous AI Agent: Four Multinationals in the Deployment Phase
Sidetrade has reached a technological threshold by equipping Aimie with agentic capabilities. This marks the first building block in an architecture of specialized AI Agents designed to collaborate and industrialize execution across the Order-to-Cash cycle.
In May 2025, Aimie was introduced as the first autonomous, interactive AI Cash Collection Agent, capable of executing dunning actions and interacting with humans by phone. This agentic AI has since evolved from intelligent automation and conversational assistance to closed-loop execution with controlled autonomy. Within a defined governance framework, Aimie can leverage transactional and behavioral signals from the Sidetrade Data Lake to call customers at the optimal time, qualify an outstanding invoice with the debtor, and then deliver a contextualized transcript into the Sidetrade platform providing traceability and faster execution for customer-facing teams.
For large organizations, maintaining control over rules and ensuring traceability of actions, under supervision aligned with credit policies and compliance requirements, are prerequisites. For finance teams, the objective is to increase productivity and systematize the use of phone calls, which is recognized as the most effective channel in cash collection. The ultimate goal is to accelerate cash generation and standardize execution at scale.
During the pre-launch phase, four multinationals chose to evaluate the Aimie Agent in real-world conditions. The objective is to move 15 autonomous Cash Collection Agents into production by the end of the first quarter of 2026, enabling these multinationals to scale their collections operations, reaching thousands of debtors and qualifying tens of thousands of invoices without human intervention, a world first in corporate finance.
ISO 27001 Certification Renewed and SOC Type II Reports Published
Sidetrade strengthens its trust foundation for global enterprise customers with the renewal of its ISO/IEC 27001 certification, aligned with the latest version of the norm (2022), and the publication of SOC 1 Type II and SOC 2 Type II reports.
These certifications provide auditable proof of the maturity of Sidetrade’s controls, governance, and risk management, as expected by IT, Risk, and Procurement teams within large organizations. The result: reduced friction during security due diligence, shorter validation cycles, and the ability to deploy solutions at scale across multi-entity and multi-country environments without compromising operational control.
Leading ESG Performance Recognized by EthiFinance and EcoVadis
In 2025, Sidetrade validated the maturity of its ESG approach through two benchmark assessments:
- EthiFinance awarded Sidetrade a Gold medal with a score of 79/100, an increase of 6 points vs. 2024.
- EcoVadis ranked Sidetrade in the top 15% worldwide and in the “Advanced” category for its sector, above industry standards.
These recognitions serve as valuable external proof points for enterprise customers, partners, and investors. They reflect the continued strengthening of ESG policies, controls, and performance indicators, and reinforce Sidetrade’s credibility in procurement, risk, and compliance processes at a time when CSRD requirements demand more auditable and comparable reporting.
Sidetrade enters the 2026 fiscal year with confidence, a clear strategic vision, and the resources required to deliver on its ambitions.
The SOC (System and Organization Controls) reporting framework provides independent assurance on the design and operating effectiveness of controls over time. Following audits conducted by EY France, Sidetrade received SOC 1® Type II and SOC 2® Type II reports with an unmodified auditor’s opinion, confirming that its internal controls were suitably designed and operated effectively throughout the audit period.
Notably, these results were achieved while Sidetrade integrated acquisitions, expanded its global footprint, and introduced new agentic AI capabilities, indicating a level of control maturity capable of absorbing structural and technological change without degradation.
In parallel, the ISO 27001:2022 full recertification confirms the continued effectiveness of Sidetrade’s Information Security Management System (ISMS), aligned with international best practices, with no material nonconformities recorded. Sidetrade has been ISO 27001 certified since 2019.
According to Laurent Pontier, Sidetrade CTO Chief of Staff:Achieving these SOC1, SOC2 and ISO 27001 results, while scaling rapidly and introducing new agentic capabilities required a disciplined, cross-functional operating model, and I’m incredibly proud of the teams involved. Security and compliance at Sidetrade are designed as proactive control layers, developed to remain robust as our products, AI architecture and market conditions evolve.
A trust signal for regulated and US-based enterprises
For enterprises operating under Sarbanes-Oxley (SOX) or equivalent regulatory regimes, SOC 1® Type II remains a core assurance mechanism, confirming that software supporting financial processes is governed by reliable and consistently applied, auditable controls. SOC 2® Type II, increasingly required by US enterprises during vendor due diligence, provides independent assurance over security, availability, and confidentiality controls across infrastructure and development operations.
AI at scale cannot be treated as an experiment. It must be governed, observable, and resilient by design, said Pontier. The SOC reports reflect how we design our AI platform to meet the control standards expected in SOX-regulated environments. Trust is not declared. It is demonstrated, year after year.
Issued by EY CertifyPoint, Sidetrade’s latest ISO 27001 recertification adds a complementary layer of assurance, signaling a mature and embedded approach to information security governance. In 2025 Sidetrade transitioned to the latest version of the norm: ISO/IEC 27001:2022.
AI platform and data sovereignty built into security framework
With AI central to Sidetrade’s platform, the company’s ISO/IEC 27001:2022 certified ISMS scope explicitly includes its artificial intelligence systems, including Aimie, its agentic AI, alongside its core Order-to-Cash applications and services.
Sidetrade’s SOC 1® Type II report covers controls relevant to customer-facing applications supporting financial processing, while the SOC 2® Type II report covers the organization’s controls across people, processes and technology, including operational processes and its software development lifecycle.
While SOC reports do not provide AI-specific assurance, AI capabilities are developed and operated under the same standard development and security controls applied across Sidetrade’s platform.
Since its inception, Sidetrade has taken a deliberate approach to sovereignty by operating its infrastructure, AI models and payment data within a controlled environment. This ensures full segregation of customer data and keeps it within, secure, controlled boundaries. The approach is designed to meet the highest standards of privacy, security and regulation, including GDPR.
Preparing for the next regulatory wave
The audit outcomes also support Sidetrade’s preparation for emerging regulatory frameworks, including the EU AI Act, which is expected to increase formal expectations around risk management, transparency, and control design for AI companies such as Sidetrade.
While SOC reports are distributed under NDA and ISO 27001 certification applies strictly to the defined ISMS scope, the combination remains a key trust signal for enterprises evaluating AI vendors in mission-critical financial workflows.
As businesses accelerate AI adoption while tightening vendor oversight, Sidetrade’s latest audit outcomes position it among AI providers treating security assurance as continuous operational discipline rather than a marketing milestone.
Find out more about Sidetrade’s commitment to effective governance and Corporate Social Responsibility here.
Sidetrade received a Gold Medal with a score of 79/100 in the most recent rating published on December 2, 2025, by EthiFinance, the extra-financial rating agency specializing in listed European SMEs. The assessment confirms a consistent upward trajectory. Sidetrade improved from 62/100 in 2023 to 73/100 in 2024, then to 79 out of 100 under EthiFinance’s new 2025 ESG rating framework. This progression reflects the strength of the company’s operational discipline across governance, social responsibility, and environmental management.
EthiFinance highlights the Group’s strong performance in human rights, diversity and inclusion, responsible procurement, and transparency in extra-financial reporting, as well as its alignment with emerging European regulatory requirements, including the CSRD.
EcoVadis, the world’s most trusted business sustainability rater, confirmed the strength of Sidetrade’s ESG profile with a score of 70/100 and Silver Medal, placing the Group among the top 15% worldwide. Sidetrade ranks in the “Advanced” category for its industry. This level is well above the industry norms, where most companies cluster between 45 and 60/100 and only a limited number reach the “Advanced” tier.
EcoVadis also recognized Sidetrade’s advanced management systems across labor and human rights, ethics, and sustainable procurement, and reported no findings in third-party risk and compliance databases. Sidetrade’s results position the Group among the strongest performers in the sector, supported by a mature ethics framework, robust social practices, responsible procurement program, and structured environmental management.
Philippe Gangneux, Chief Financial Officer and CSR Ambassador at Sidetrade commented: These ratings reflect the dedication of our teams and the consistency of our ESG ambition. We are proud to see our sustained progress recognized across multiple years of independent assessment. This momentum strengthens our resolve to build a resilient, trusted, and responsible AI company for the long term.
Learn more about Sidetrade’s CSR commitments.
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Belgium and Switzerland consistently rank near the bottom of the European league table for payment punctuality, a growing challenge for finance teams in the region as they battle with market volatility. NX Partners will act as Sidetrade’s implementation partner in the Benelux region (Belgium, the Netherlands, Luxembourg) and Switzerland, embedding the company’s AI-driven Order-to-Cash platform into clients’ finance-transformation programs.
CFOs today are being asked to deliver stability in unstable markets. Our role is to stand shoulder to shoulder with them, said Henri Vandermeersch, Managing Director, NX Partners. So, we’re selective about the partners we work with, choosing only best-in-class solutions. Sidetrade’s technology stands out. Their agentic AI converts complexity into foresight, giving finance leaders the capacity they need to move faster, with greater resilience.
At the core of the alliance is Aimie, Sidetrade’s agentic AI that masters Order-to-Cash processes, recommends follow-up actions, and acts autonomously on cash collection freeing finance teams to focus on higher-value work. Aimie learns continuously from the industry’s most unique Data Lake, leveraging more than $7.7 trillion in B2B payment behaviors. Acting as an extension of Sidetrade’s professional services, NX Partners will deploy Aimie as a new co-worker, driving new team capacities for their customers.
Through this partnership, Sidetrade enhances its presence in Benelux and Switzerland, said Jean-Claude Charpenet, VP Sales Europe, Sidetrade. By partnering with an advisor that understands the CFO mindset in Continental Western Europe, we will bring the power of agentic AI to enterprise finance, empowering CFOs with a new co-worker. NX Partners and Aimie are a great match to help organizations protect their working capital and sustain growth.
Announced on October 13, 2025 (cf. press release), the transaction marks another milestone in Sidetrade’s international growth strategy. Already established in Europe and North America, Sidetrade is now expanding its footprint into Asia-Pacific. The addition of ezyCollect provides the Group with a new growth engine in a highly dynamic, fast-growing market.
The transaction values ezyCollect at €37.3 million (A$66.5 million), including €34.7 million (A$61.9 million) paid in cash at closing and €2.6 million (A$4.6 million) in Sidetrade free shares, designed to retain the company’s two founders and key team members for a minimum of three years. In addition, the founders may be eligible for an earn-out of up to €5.6 million (A$10 million), based on ezyCollect’s Annual Recurring Revenue (ARR) growth through the end of 2028. This earnout is currently estimated at approximately €3.3 million (A$6 million) and would be settled equally in Sidetrade shares and cash.
Sidetrade also plans to align long-term incentives for selected ezyCollect key employees by granting additional Sidetrade shares over the coming years as part of a dedicated equity plan.
The acquisition is financed with Sidetrade’s cash on hand and a €25 million long-term credit facility with an interest rate of approximately 3.1%, fully hedged. This structure allows the Group to preserve liquidity while maintaining flexibility for future M&A initiatives.
The transaction will be consolidated retroactively as of October 1, 2025. The addition of ezyCollect strengthens Sidetrade’s mission to democratize its agentic AI platform, Aimie, now set to transform financial performance for mid-market and large enterprises alike.
Sidetrade was advised by King & Spalding LLP (Laurent Bensaid, Julien Vicariot, and Carla De Checchi). ezyCollect was advised by AGC Partners, a US-based investment bank, and Thomson Geer, a leading Australian law firm.
Commenting on the results, Olivier Novasque, CEO and Founder of Sidetrade, stated:
Revenue for the first nine months of 2025 was fully in line with our expectations, despite a volatile and challenging economic environment that weighed on new project signings during the first half. The rebound in bookings in the third quarter, particularly in the US, points to a gradual return to normal activity over the coming quarters. It is precisely in such demanding times that our teams have always shown their ability to turn constraints into opportunities. Beyond the promising rollout of our two new growth driver for the years ahead, agentic AI and the development of a partner network, Sidetrade has taken a major step toward its global ambitions with the October 13 announcement of the planned acquisition of ezyCollect, a leading Order-to-Cash player in the Asia-Pacific region. This transaction will extend our presence to three continents, open access to a global mid-market of several million companies, and accelerate the large-scale deployment of our AI agents, whose impact on small and midsize businesses will be transformative. Finally, the recent Gold and Silver distinctions from EthiFinance and EcoVadis highlight that AI and sustainability are not opposing forces; they complement each other in value creation. As we enter the final quarter of the year, we confirm our profitable growth objectives for 2025 and look ahead to 2026 with confidence, backed by a stronger-than-ever model and clearly identified growth levers for the years to come.
Q3 2025 Rebound in Bookings (27%) Narrows the Gap at the End of September Compared to the First Nine Months of 2024
For the first nine months of 2025, Sidetrade’s new Annual Contract Value (ACV) reached €7.81 million, compared to €8.94 million in the same period of 2024. As announced during the investor presentation on September 18, 2025, the expected rebound in Q3 2025 bookings (up 27%), traditionally the slowest quarter, helped narrow the year-to-date gap compared to 2024 to down 13%, from down 21% at the end of June 2025. Note that 2024 marked a record year for bookings.
After a cautious first half of 2025 marked by macroeconomic uncertainty, new projects are gradually picking up momentum, especially in the US. In Q3 2025, new Annual Recurring Revenue (ARR) rose 20%, while services bookings increased 30%. The rollout of our two growth engines, Sidetrade’s agentic AI and the development of a global partner network, will have a significant impact on next year’s bookings in 2026 and underpin the Group’s long-term confidence.
Strong Revenue Growth of 12%, Including 17% in SaaS Subscriptions
| Sidetrade (€m) |
First nine months of 2025 | First nine months of 2024 | Change |
| SaaS subscriptions | 38.7 | 33.0 | +17% |
| revenue | 44.4 | 39.7 | +12% |
2025 figures are from unaudited consolidated data.
Sidetrade continues to deliver sustained revenue growth. For the first nine months of 2025, the Group reported consolidated revenue of €44.4 million, up 13% at constant currency and 12% on a reported basis.
SaaS subscription revenue reached €38.7 million, an increase of 19% at constant currency (17% reported). On a comparable scope basis (excluding SHS Viveon), organic growth reached 12%, confirming the resilience of Sidetrade’s recurring revenue base in a challenging economic environment.
The Group’s strategic focus on enterprise accounts continues to drive growth. Subscriptions from companies with annual revenue above €2.5 billion rose 30% and now account for more than half of the customer base (54%). This strong performance underscores Sidetrade’s strong traction among multinational clients.
International operations remain a key growth driver for the Group, with 69% of revenue in the first nine months of 2025 generated outside France, reflecting continued expansion and strengthened global footprint.
Gold Medal from EthiFinance for Sidetrade, now ranking among the top 15% of high-performing companies evaluated by EcoVadis
Sidetrade has further strengthened its Environmental, Social, and Governance (ESG) credentials by ranking among the top 15% of companies assessed by EcoVadis, the global benchmark in sustainability ratings. The Group once again earned the Silver Medal, with a score of 70/100, recognizing the maturity of its ESG program.
Sidetrade also received the Gold Medal from EthiFinance, an independent ESG rating agency recognized for its alignment with the EU sustainability standards (Taxonomy and CSRD), achieving an ESG score of 77/100. This distinction places Sidetrade among Europe’s leading tech companies in governance, social impact, and environmental performance. The Group stood out for its advanced initiatives in human rights, diversity, responsible procurement, and carbon management, as well as the transparency of its non-financial reporting.
With this dual recognition, Sidetrade reaffirms its status as a sustainability leader in enterprise technology.
Already number one in Europe and among the top 3 leaders in North America, Sidetrade is now preparing to expand its footprint to the Asia-Pacific region with ezyCollect, the market leader in Order-to-Cash (O2C) solutions in its domestic market. Together, the two SaaS providers will enable thousands of SMBs across both hemispheres to leverage the power of agentic AI, drawing on a Data Lake whose richness in corporate payment behavior will be unique in the world.
During our visit to Sydney, I was impressed by the expertise and talent of the ezyCollect teams, their forward-thinking vision of the mid-market, and their amazing speed of execution, said Olivier Novasque, Sidetrade’s founder and CEO. With ezyCollect, Sidetrade has now all the assets required to achieve its global ambitions. This proposed acquisition opens immediate access to Asia-Pacific, one of the world’s most dynamic economic regions, while enhancing our ability to support the subsidiaries of our multinational clients operating in the area. Beyond geographic expansion, ezyCollect’s SMB total addressable market is huge and represents a tremendous opportunity for Sidetrade’s agentic AI. AI agents will have a massive impact on this segment, where cash is critical, and companies often lack the scale to build specialized Order-to-Cash teams. By combining ezyCollect’s simplicity of deployment and usage with the power of our agentic AI, we aim — together with the ezyCollect teams — to roll out these mid-market solutions across all the regions where we are already operating, marking a major step forward in Sidetrade’s global development.
ezyCollect, the Australian SaaS leader in Order-to-Cash for SMBs
Founded in 2014 in Sydney (Australia), ezyCollect is a leading SaaS player in O2C solutions dedicated to the mid-market. With 53 employees, more than 1,100 client companies representing A$19 billion in B2B receivables managed in its Cloud and about 320,000 debtors, ezyCollect has become the best in class in Australia and New Zealand and recently began its expansion into the United States.
Within just 90 days, ezyCollect clients typically see a 40% reduction in late payments and an 80% decrease in bad debt. The company stands out through:
- Comprehensive O2C cycle coverage (credit risk management, collections and payment portal);
- Advanced electronic payment technology, a strong growth driver amid the accelerating digitalization of B2B transactions;
- Outstanding customer retention for this market segment, with 89% of gross retention, reflecting a solid delivered value;
- Very high business growth, with a 28% CAGR over the past three years.
For the 2025 calendar year, ezyCollect expects revenue of approximately A$14 million (around €8 million), up 28% from 2024. Despite funding its strong growth, the company is nearing operating breakeven (EBITDA break-even) as early as 2025, confirming the strength of its recurring model and cost discipline.
In 2026, ezyCollect’s revenue is projected at A$18 million (just over €10 million), representing expected growth of 29%. Synergies from rolling out ezyCollect’s offerings in all Sidetrade regions (notably Europe and the U.S.), combined with the integration of Sidetrade’s agentic AI technology into ezyCollect solutions, should significantly accelerate ezyCollect’s revenue trajectory in the coming years.
To preserve the entrepreneurial culture and mid-market DNA that have driven ezyCollect’s success so far, its management team will remain primarily responsible, independently from Sidetrade’s enterprise sales force, for leading the go-to-market of the new AI offering, “ezyCollect by Sidetrade,” targeting SMBs in all markets where the Group operates.
ezyCollect’s integration into Sidetrade would be effective retroactively as of October 1, 2025. Starting next year, the new Asia-Pacific (APAC) region is expected to represent nearly 13% of the Group’s consolidated revenue, further strengthening its international profile. France would then account for only about 25% of consolidated 2026 revenue — a new global balance, a rare achievement for a company of this scale, that will diversify income streams, enhance the Group’s resilience to regional economic cycles, and reinforce the visibility of its mid-term growth profile.
Asia-Pacific expansion, extending into SMBs and B2B payments
The global O2C solutions market is estimated at US$8.8 billion by 2030, with an average annual growth rate of 12.9% (source: Accounts Receivable Automation Market Size Report, 2024-2030, Grand View Research).
With this acquisition, Sidetrade will now have a global presence across three continents:
- Europe, its historical core market;
- North America, strengthened by the 2024 acquisition of CreditPoint Software;
- Asia-Pacific, with ezyCollect becoming Sidetrade’s regional headquarters in Sydney.
This new base will enable Sidetrade to operate seamlessly across all time zones and fully extend its follow-the-sun model on a global scale.
ezyCollect: new global distribution channel for Sidetrade’s agentic AI
Finance functions are undergoing a revolution. After a decade of algorithmic automation, they are entering the era of AI agents, capable of understanding, learning, and deciding. Sidetrade’s agentic AI, Aimie, pioneered autonomous finance for enterprises: systems that act and self-optimize continuously, without human intervention in certain processes.
With this project, ezyCollect would become the first player to bring agentic AI to the mid-market, a segment often constrained by limited resources. ezyCollect adds a client base of over 1,100 companies, growing at nearly 30% annually.
By integrating Aimie, ezyCollect customers will gain enterprise-level capabilities without increasing headcount or organizational complexity. Aimie works continuously, like a team member in remote, sending reminders, tracking payments, detecting delays, and adapting to each situation without human input. Where time and staff shortages limit efficiency, agentic AI delivers constant presence, precise execution, and real-time visibility into cash flows.
Joining Sidetrade is a major step forward for ezyCollect and a giant leap for all mid-market companies we already help succeed said Arjun Singh, CEO and co-founder of ezyCollect. We are proud to join forces with the world’s leader in Order-to-Cash, whose advance in agentic AI is unmatched worldwide. With the power of Aimie agents, our clients will benefit from efficiency and intelligence standards previously reserved for large enterprises. This partnership gives us global scale, accelerates our innovation, and preserves our agile DNA and customer proximity.
AI learning on a global scale, from SMBs to multinationals
Sidetrade would offer two complementary O2C solutions: Augmented Cash, recognized by Gartner® as a Leader in the Magic Quadrant™ and designed for large enterprises; and ezyCollect by Sidetrade, tailored for the mid-market. Together, they will cover the full O2C spectrum from small businesses to multinationals and combine innovation, geographic coverage, and operational excellence to generate both technological and commercial synergies.
We are delighted to welcome ezyCollect’s team at Sidetrade, added Olivier Novasque. This partnership goes beyond geography; it unites two teams that share the same values and the same ambition: to invent the Order-to-Cash of tomorrow. By aggregating proprietary payment-behavior data from the Americas, Europe, and APAC, we will further elevate the intelligence of our Aimie agents to deliver tangible performance, from mid-market firms to global enterprises, around the clock and across time zones.
Sidetrade’s Data Lake, already the largest repository of B2B corporate payment behavior worldwide, analyzing US$7.2 trillion in transactions, will be significantly enriched by APAC mid-market data. This new input will provide Aimie with deeper regional insight into intercompany credit dynamics and enhance the autonomy of its agentic algorithms. In practice, weak signals captured in Sydney or Wellington will inform Aimie’s decisions in Paris, London or Houston – a distributed machine learning loop where each transaction feeds collective intelligence and refines global accuracy, speed, and adaptability.
At the heart of the B2B payments revolution
From Sidetrade’s perspective, a key technological advancement lies in integrating ezyCollect’s payment digitalization module into its platform. This integration will extend the functional scope of Augmented Cash by adding native payment management capabilities, delivering a fully digitalized end-to-end solution, from order to payment, including e-invoicing and collections.
This upcoming feature will position Sidetrade at the forefront of the fast-growing electronic payments wave, a rapidly growing segment that is reshaping the digital customer experience. The goal is to deliver frictionless cash-flow management and pave the way for global monetization of B2B transactions.
A major acquisition for Sidetrade
The contemplated transaction covers 100% of ezyCollect’s share capital, Sidetrade’s tenth since the Group’s creation, and will also be its largest acquisition in both scale and value. It is marking a strategic turning point in its international expansion.
The deal represents an estimated value of around €37 million, including an initial payment upon closing and a potential earn-out based on revenue growth through 2028.
Based on ezyCollect’s forecast for 2026, the EV valuation of ezyCollect represents approximately 3.7 times its projected next-twelve-month revenue (NTM), a reasonable multiple for a fast-growing SaaS player nearing operational profitability, and uncommon within the regional market.
The cash component of the contemplated transaction will be financed through a combination of the Group’s available cash resources and a long-term bank loan facility of €25 million, bearing a fixed rate of approximately 3.1% secured through hedging instruments.
As a reminder, Sidetrade treasury totaled €48.7 million as of June 30, 2025, including €21.5 million in treasury shares, prior to this transaction.
This financing structure allows Sidetrade to maintain a solid cash position and capacity for future inorganic growth opportunities, while preserving financial discipline.
The acquisition of ezyCollect is expected to close in the next few weeks, subject to customary closing conditions.
Sidetrade was advised by King & Spalding LLP (Laurent Bensaid, Julien Vicariot, and Carla De Checchi) as legal counsel. ezyCollect was advised by U.S. investment bank AGC Partners and law firm Thomson Geer.
| Sidetrade (€m) |
H1 2025 | H1 2024 | Change (%) |
|---|---|---|---|
| Revenue | 29.3 | 24.8 | + 18% |
|
of which SaaS subscriptions |
25.4 | 20.5 | + 24% |
| Gross margin | 22.6 | 19.9 | + 14% |
| as a % of Half-year Revenue | 77% | 80% | |
| EBITDA* | 5.6 | 4.2 | + 33% |
| as a % of Half-year Revenue | 19% | 17% | |
| Operating margin** | 4.6 | 3.6 | + 29% |
| as a % of Half-Year Revenue | 16% | 15% | |
| Net profit | 4.1 | 3.6 | + 15% |
* EBITDA corresponds to operating margin before depreciation and amortization of tangible and intangible fixed assets and impairment losses.
** Operating margin corresponds to operating profit based on 2024 accounting standards in France, including the French Research Tax Credit.
In an adverse macroeconomic environment, both in Europe and in the US, Sidetrade succeeded this semester in sustaining a growth trajectory while delivering very high profitability, once again underscoring the strength of our model. The Group maintained a booking level comparable to the first half of 2023, just before the record performance set in H1 2024, by leveraging its installed customer base and product innovation. While bookings and revenue from related services were temporarily impacted by market conditions, SaaS subscription revenue was up 24% overall, including 12% organic growth. This momentum validates our international expansion strategy undertaken in 2022, with nearly two-thirds of revenue now generated internationally. Aside from our focus on international markets, which is rather unique for a company of our size, the growing share of multinational clients, accounting for more than two-thirds of our SaaS subscriptions, serves to strengthen the visibility and resilience of our business model, said Olivier Novasque, CEO and Founder of Sidetrade. 2025 also marks the launch of two new growth drivers that will accelerate bookings starting in 2026. The first is Aimie, a new autonomous and interactive AI Cash Collection Agent, hailed by analysts as a game changer in Order-to-Cash and sparking strong enthusiasm among clients. The second is the development of a global partner network, fronted by a dedicated team already initiated through a first worldwide distribution agreement with a leading player in Order-to-Cash services. This lever has significant potential for bookings growth, considering that indirect sales account for more than half of our main competitor’s bookings, while still in their infancy at Sidetrade. Lastly, the demanding economic environment prompted us to reinforce operational discipline, combining strict cost management with optimized resource allocation. Results are already surpassing our expectations. For the first time in our history, EBITDA topped the symbolic €5 million mark (€5.6 million), up a significant 33%, while operating margin surged 29%, reaching 16% of H1 revenue, 17% on a like-for-like basis. With nearly 90% recurring revenue, profitability among the highest in its category, and a strong financial position, Sidetrade has all the resources to seize targeted opportunities for external growth.
Bookings resilience and new growth drivers for 2026
In the first half of 2025, Sidetrade recorded €5.88 million in ACV bookings, including €2.44 million in new SaaS subscriptions and €3.44 million in services.
The average initial period of new contracts remained high at 44.5 months, well above SaaS industry standards, ensuring visibility and resilience. In a depressed economic environment across Europe and the US, this performance was down 21% from the record €7.42 million in H1 2024 but stable compared to €5.83 million in H1 2023.
Commercial momentum, propelled by the installed customer base, helped offset reduced enterprise investment in new projects. For the first time, Cross-Selling (45%) and UpSelling (25%) represented a combined 70% of bookings, compared to 30% for New Business. This trend reflects customer satisfaction, with clients both deepening adoption of existing solutions and implementing new features regularly released by Sidetrade.
- New growth catalysts: agentic AI and global partnerships
During the period, Sidetrade activated two new growth drivers expected to contribute from 2026: the industrialization of Aimie, the first autonomous AI Cash Collection Agent (see press release), which is already igniting strong interest from large enterprises (see press release), and the expansion of its distribution channels through global alliances, paving the way for business with the Global 2000 Companies.
Strong revenue growth, up 18%, with 24% SaaS subscription
In H1 2025, Sidetrade reported consolidated revenue of €29.3 million, up 19% at constant exchange rates (+18% reported basis). SaaS subscriptions, the main growth driver, totaled €25.4 million, up 25% at constant exchange rates (+24% reported basis). On a like-for-like basis (excluding SHS Viveon), SaaS growth was 12%, confirming the strength of Sidetrade’s recurring revenue model.
Momentum with large key accounts continues. Subscriptions from companies with more than €2.5 billion in annual revenue grew +42% and now represent more than half of the portfolio, cementing Sidetrade’s positioning with multinationals.
International markets remain a pillar of Sidetrade’s growth strategy. In H1, 69% of revenue was generated outside France, confirming the Group’s global expansion and elevating its international status.
Profitability exceeding expectations
- Robust gross margin at 77% of revenue (80% like-for-like), up 14%
Gross margin stood at €22.6 million, up €2.7 million compared with the first half of 2024, against a continued challenging macroeconomic background. The gross margin rate came out to 77% of H1 revenue (vs. 80% a year earlier). On a like-for-like basis (excluding SHS Viveon), it reached 80% and remained stable at 92% for SaaS subscriptions, confirming the structural resilience of the model.
- EBITDA up 33% to €5.6 million, reaching 19% of H1 revenue (20% on a like-for-like basis)
In addition to the financial indicators traditionally published, Sidetrade now includes EBITDA, a benchmark indicator for assessing operating performance before depreciation and amortization.
In the first half of 2025, EBITDA amounted to €5.6 million, exceeding the symbolic €5 million milestone for the first time, with a surge of +33%, bringing the margin to 19% of H1 revenue. On a like-for-like basis (excluding SHS Viveon), the margin reached 20% of H1 revenue, an improvement of 3 points versus the first half of 2024.
- Record operating margin of 16% of H1 revenue (17% on a like-for-like basis), representing strong growth of +29%
The operating margin in the first half of 2025 reached €4.6 million, up 29% compared to €3.6 million in H1 2024, representing 16% of H1 revenue (vs. 15% a year earlier). On a like-for-like basis (excluding SHS Viveon), the margin climbed to 17% of H1 revenue, up 2 points compared to the first half of 2024.
This record level of profitability attests to the full impact of operational leverage. In a tense market environment, characterized by companies adopting a wait-and-see approach to investment, Sidetrade successfully capitalized on the momentum of its recurring revenue while strengthening its budgetary discipline. Cost control, particularly in the sales and marketing functions, was accompanied by an improvement in operational efficiency.
This remarkable improvement in profitability indicators in the first half of 2025 enabled Sidetrade to maintain an ambitious investment policy, with €1.3 million in additional R&D spending, primarily devoted to the development of agentic AI.
The operating margin for the first half of 2025 also includes a €1.7 million Research Tax Credit (vs. €1.4 million in H1 2024) and a marginal activation of R&D expenses (€0.15 million, or 2% of R&D costs for the half-year).
Overall, the increase in the operating margin to 16% (17% on a like-for-like basis), compared with 15% in the first half of 2024, reflects continued operational efficiency gains and the achievement of a new profitability milestone.
Half-year net profit up 15% to €4.1 million
The financial result, which stood at €0.1 million for the first half of 2025 (vs. €0.3 million in H1 2024), mainly reflects interest income from short-term cash investments.
Corporate income tax expense is estimated at €0.6 million for the first half of the year, up slightly from €0.4 million in the same period last year.
All told, the 15% increase in Sidetrade’s net income in the first half of 2025, to €4.1 million, marks a new level of profitability and confirms the Group’s ability to reconcile revenue growth with improved profitability, despite a continued challenging economic environment.
Strengthened financial position
As of June 30, 2025, Sidetrade reported €27.2 million in gross cash, up €2.0 million compared to December 31, 2024, excluding the calendar effect related to the reimbursement of the Research Tax Credit. The Group also held 85,600 of its own shares for a value of €21.5 million at the end of June 2025.
Meanwhile, net financial debt remains very low, with gross debt reduced to €6.8 million (-€1.1 million in six months).
With a strong net cash position and controlled debt, Sidetrade has the flexibility to finance its investments and support its expansion, while maintaining a robust balance sheet profile.
Structured in accordance with the voluntary CSRD VSME framework, Sidetrade’s 2024 report tells a standout story in the tech industry: a company that, in 2024, achieved remarkable revenue growth (+26%) while reducing its carbon footprint by 3.3%. This contrast reflects Sidetrade’s core ambition: to decouple business growth from environmental impact.
Cash is still the oxygen that fuels business growth. But that growth must no longer come at any cost. We have set a new standard, one that aligns performance with purpose, said Olivier Novasque, CEO and founder at Sidetrade. Our agentic AI, Aimie, must be useful, efficient, and capable of delivering business value, operational excellence, and positive societal impact.
In 2024, Sidetrade launched an ambitious digital sobriety program. With a virtualization rate of 95.6%, data centers powered by renewable energy (both in Europe and North America), and a Power Usage Effectiveness of 1.39 (well below the EU average*), Sidetrade is redefining SaaS industry benchmarks.
Sidetrade also made a notable impact in non-financial ratings, earning a Platinum Medal from EthiFinance and a Silver Medal from EcoVadis, placing it among the top 15% of rated companies in Europe. This recognition highlights both its tangible carbon reductions and the strength of its CSR governance, led by a dedicated committee reporting to executive leadership.
Excellence and ambition are the dual engines of our CSR journey, said Philippe Gangneux, CFO and CSR Ambassador at Sidetrade. Excellence ensures discipline in our commitments; ambition pushes us to aim higher, to reach further, and to generate lasting impact.
As an active member of the United Nations Global Compact, Sidetrade has aligned its roadmap with 10 of the UN’s Sustainable Development Goals, including climate action, workplace equity, ethical governance, and digital resilience.
The 2024 Sidetrade CSR report, with detailed performance indicators, is available here.