In her role as Chief of Staff, Benichou will act as a strategic advisor to Sidetrade’s CEO Olivier Novasque. She will play a key role in instrumentalizing Sidetrade’s vision and go-to-market strategies, creating added value with a unified global approach. Furthermore, Benichou will spearhead the development of strategic alliances worldwide with an emphasis on ‘the Big 4’ consulting firms and will also contribute to M&A initiatives.
Olivier Novasque, Sidetrade CEO commented: Carole’s remarkable career trajectory in the Software industry, coupled with her leadership and expertise in navigating complex sales cycles at a global level, position her as a key asset in driving Sidetrade’s future.
Benichou brings to Sidetrade an exceptional strategic acumen with two decades of experience spent devising marketing, go-to-market, alliances, pre-sales and customer success strategies at large American corporations, Procter & Gamble and Microsoft. Prior to joining Sidetrade, she was Senior Director in Azure Data & AI at Microsoft where she led pre-sales and customer success.
Reflecting on her new role, Carole Benichou, Sidetrade Chief of Staff, said: It is a privilege to be joining Sidetrade as Chief of Staff, and I’m eager to contribute to the group’s impressive trajectory. Sidetrade’s AI vision for the future is not only ambitious, but also firmly within reach, and I’m thrilled to be part of the journey as we accelerate our path to revenue growth.
This appointment underscores Sidetrade’s commitment to expanding its Order-to-Cash footprint, supported by a strategy focused on leadership and optimizing go-to-market.
For the first time, Sidetrade has achieved a Gold medal by EthiFinance, the rating agency for European listed SMEs, for its extra-financial performance. For 2022, Sidetrade secured an impressive score of 76/100, marking a clear improvement up from 65/100 the previous year. Notably Sidetrade’s environmental score saw the biggest jump with a 43-point increase, whilst achieving a near perfect score in the social category with 93/100.
Sidetrade has also secured a Silver medal for the 2023 sustainability rating by EcoVadis, the world’s most trusted business sustainability ratings. With an overall score of 68/100, Sidetrade achieved its best rating to date, registering a significant 15-point increase on 2022. The company improved its social and ethics score by 20 points, and its environmental score by 10 points. This performance places Sidetrade in the 91st percentile of companies assessed by EcoVadis in terms of environmental, social and ethical performance.
Philippe Gangneux, CFO and CSR Ambassador at Sidetrade commented: These ratings by EthiFinance and EcoVadis are a remarkable recognition of our commitment to Corporate Social Responsibility (CSR). By encouraging teams at all levels and across all functions, we cultivate a firm commitment to minimizing our environmental impact. We are determined to work for positive change, both within our company and beyond.
Since 2021, Sidetrade’s social and environmental commitment has been recognized through ESG assessments by Ecovadis and EthiFinance. Having previously been ranked Silver by EthiFinance and Bronze medal by EcoVadis in 2021, Sidetrade has embarked on a journey of progress to achieve advanced ratings by both rating agencies.
Recognizing the importance of reducing carbon emissions, Sidetrade has carried out its first full carbon assessment (scopes 1, 2 and 3) for the fiscal year 2022. This initiative is designed to record precise data on its global greenhouse gas (GHG) emissions globally, and adopt a targeted strategy to reduce its carbon footprint.
In 2023 Sidetrade published its Corporate Social Responsibility strategy which encompasses its goals and activities aimed at fostering a positive influence on its employees, customers, stakeholders and the environment.
The key commitments outlined in this CSR report include:
- Controlling its carbon footprint
- Driving innovation and investing in talent
- Securing data
- Building sustainable, ethical and transparent relationships
Learn more about Sidetrade’s CSR commitments.
Sidetrade continues to be exemplary, reinforcing its commitment to safeguarding data. The globally recognized SOC audit report and distinguished ISO 27001 certification affirm the company’s commitment to maintaining the highest information security standards, cementing Sidetrade’s reputation as a guardian in protecting data integrity.
Establishing a foundation of trust and clarity between outsourced service providers and their customers is of critical importance. In this context, SOC 1 Type 1 (ISAE 3402) demonstrates that the financial reporting of our applications is trustworthy, and SOC 2 Type 1 (ISAE 3000) shows Sidetrade’s commitment to data security. Signed by EY, the SOC reports offer an independent assessment of Sidetrade’s internal control mechanism over processes, data, and systems.
Furthermore, Sidetrade has once again renewed the ISO 27001 certification, an international standard established for information security, issued by EY CertifyPoint. It guides companies in adopting best practices for data security and management. Sidetrade’s ongoing effort to enhance its Information Security Management System (ISMS), since the first certification in 2019, reflects a steadfast determination to continue strategic security initiatives.
Sidetrade’s AI-Aimie powered by the most unique Order-to-Cash Data Lake, epitomizes the nexus of trusted certification and forward-looking innovation. This ground-breaking technology provides a predictive, secure, real-time analysis, enabling businesses to harness the full potential of their customer relationship on the Order-to-Cash. This triple achievement significantly amplifies Aimie’s security and skills with Sidetrade’s clients now benefitting from an elevated level of data protection, ensuring that their most sensitive financial information is handled with the highest degree of integrity.
Laurent Pontier, Sidetrade’s CTO Chief of Staff, commented: These compliance confirmations are not just accolades; they’re a concrete affirmation of our commitment to the highest standards of security and proficiency in our services. Today, we are setting a new standard of excellence in the Order-to-Cash industry. Our commitment to our clients is unwavering.
Achieving this excellence in security establishes the bar in operational efficiency and safety. Every day, we strive to strengthen the trust our clients place in us for handling their most sensitive and confidential information.
These milestones also further reinforce Sidetrade’s commitment to Corporate Social Responsibility, as outlined in its latest report as part of its focus on transparency and ethical practices.
Olivier Novasque, CEO of Sidetrade commented:
On the back of record 2022 bookings, in 2023, we successfully stayed the course, achieving a 9% increase in new Annual Contract Value coupled with an extension to the initial contract period for new customers. As a result, 2023 marked a record year in bookings for Sidetrade despite a difficult macroeconomic environment. Given our business‘ inherent lag between bookings and revenues, we now know that revenue growth in 2024 will be in double digits.
Sidetrade delivered a remarkable 2023 performance in revenue terms, up 20% at constant exchange rates. This additional growth is mainly due to our successful expansion in the United States, with revenues up 40%, to more than €12 million, representing almost a third of the Company’s total revenue less than three years after we launched business in the region. In parallel, our business strategy targeting multinationals significantly contributed to this momentum; subscription revenues from this segment were up 48% and now account for nearly half of total recurring revenue. With this in mind, our technological edge in AI is increasingly recognized by major customers who are now noticeably more mature in the field. This competitive advantage is illustrated by our commercial success rate for contracts won in preference over North American market leaders – increasing from 45% in 2021 to 68% in 2022 and 79% in 2023.
In addition to considerably stepping up our investment, 2023 also saw us relentlessly focusing on Group-wide productivity and efficiency enhancements. This endeavor to optimize performance should result in a higher-than-expected operating margin, from the fiscal year 2023.
With €11.2 million in bookings, Sidetrade exceeds its record in 2022, up 9%
| Sidetrade (€m) |
2023 | 2022 | Change |
|---|---|---|---|
| New SaaS Subscriptions (new ARR) | 6.2 | 6.4 | -4% |
| Services bookings | 5.0 | 3.8 | +31% |
| New Annual Contract Value (ACV) | 11.2 | 10.3 | +9% |
| of which North America (ACV) | 4.1 | 3.4 | +22% |
On a full-year basis, for the fiscal year 2023, Sidetrade succeeded in slightly exceeding its record bookings achieved in 2022, in an uncertain economic environment. New Annual Contract Value (ACV) totaled €11.2 million, up 9%. As a reminder, ACV bookings in 2022 posted record revenue of €10.3 million, with impressive growth of 36% versus 2021. 2023 therefore set a record for Sidetrade bookings. The United States contributed to Sidetrade’s 2023 growth, with a 22% increase in bookings which accounts for 37% of total bookings. Also of note is the start of a recovery in the Northern Europe region (mainly the United Kingdom) with ACV of €1.09 million in 2023 versus €0.36 million in 2022 (+200%), paving the way for additional growth in 2024.
New SaaS bookings totaled €6.18 million, remaining almost stable versus 2022 (-4%). Against a backdrop of economic uncertainties, the Company is committed to increasing visibility of its future revenues in contract negotiations. To this end, in 2023, the initial period for new contracts continued rising, up to 45.5 months versus 44.9 months the previous year. As such, Total Contract Value (TCV) for 2023 slightly increased to €21.1 million versus €20.7 million in 2022. In parallel, services bookings, which are almost all invoiced within twelve months of their signing, totaled €5.04 million, up 31% compared to 2022 (€3.84 million). This strong increase is largely due to the growing number of global deployment projects.
Overall, the 2023 bookings performance was due to 1/ a business strategy kick-started eighteen months ago, with a focus on companies generating $1 billion-plus revenue, 2/ increased recognition by multinationals of Sidetrade’s technological edge in artificial intelligence, particularly in the United States, and 3/ the development of a comprehensive Order-to-Cash software suite, resulting from a strategy of continuous innovation.
In 2023, Sidetrade’s appeal was powerfully demonstrated by contracts won with industry giants including BIC, Agfa, NielsenIQ, Dassault Systèmes, Bayer, Nutrien and Morningstar, Inc. This wealth of leading brands not only serves as a testament of confidence, but also a tangible validation of the relevance and efficiency behind Sidetrade’s solutions.
In the fiscal year 2023, bookings by new customers („New Business„) accounted for 58% of the total new bookings, while 20% of total new bookings were driven by cross-selling. Lastly, upselling of additional modules to existing customers represented the remaining 22% of bookings.
Robust revenue growth, up 20% at constant exchange rates, with SaaS subscriptions up 23%
| SIDETRADE (€m) |
2023 | 2022 | Change |
|---|---|---|---|
| ‘Order-to-Cash’ activities | 43.1 | 35.9 | +20% |
| of which SaaS Subscriptions | 36.6 | 30.1 | +22% |
| ‘Sales & Marketing’ activities | 0.6 | 0.9 | -33% |
| Revenue | 43.7 | 36.8 | +19% |
In 2023, revenue for ‚Order-to-Cash‘ SaaS subscriptions grew substantially, up 23% at constant exchange rates and 22% on a reported basis.
Sidetrade’s revenue for 2023 totaled €43.7 million, up 20% at constant exchange rates and 19% on a reported basis.
This performance is attributable to three factors:
- Successful expansion in the United States
Quarter after quarter in 2023, the United States was a key growth driver for Sidetrade, posting revenues up 40% on a full-year basis to €12.1 million. As a result of this successful expansion, international markets now represent 58% of the Company’s total revenue, already including 28% in North America. Going forward, the United States will continue to be pivotal for Sidetrade’s growth.
- Increasing demand from multinational corporations
Analysis of customer profiles for ‚Order-to-Cash‘ activities is underpinned by impressive growth of 48% in subscriptions with multinational corporations on annual recurring revenue (ARR) contracts in excess of €250,000. These subscriptions now account for 43% of Sidetrade’s total subscriptions and are expected to remain an important growth driver in the quarters ahead.
- Consolidation of CreditPoint Software business
Effective July 1, 2023, the consolidation of the CreditPoint Software business has positively contributed to Sidetrade’s performance. In H2 2023, CreditPoint generated revenue of €0.9 million with a 2% impact on annual growth.
It should be noted that all multi-year Sidetrade contracts are routinely indexed to inflation (the Syntec for Southern Europe, the UK CPI for Northern Europe and the US CPI for the United States). This measure alters the total price of SaaS subscriptions each year by reference to changes in these price indices, without the need for contract renewals.
Sidetrade looks ahead to the fiscal year 2024 with confidence and a clear vision, and has the resources to fulfill its ambitions.