Sidetarde
20% increase in revenue for Q1 2024, with SaaS subscriptions up 20% - Seite 3
Overall, the first-quarter 2024 performance reflects the upward trend in bookings observed during the 2023 fiscal year, further validating the relevance of the Company's strategic decisions, namely: 1/ a business strategy kick-started twenty-four months ago, with a focus on companies generating $1 billion-plus revenue, 2/ an increased recognition by multinationals of Sidetrade's technological edge in AI, particularly in the United States, and 3/ the development of a comprehensive Order-to-Cash software suite, resulting from a strategy of continuous innovation.
Strong revenue increase of 20%, with SaaS subscriptions up 20%
Sidetrade (€m) |
Q1 2024 | Q1 2023 | Change |
'Order-to-Cash' SaaS subscriptions | 9.6 | 8.0 | +20% |
Revenue | 11.8 | 9.8 | +20% |
2024 information is from consolidated, unaudited data. Reported basis
In Q1 2024, Sidetrade reported strong growth in revenue for 'Order-to-Cash' SaaS subscriptions, up 20%.
The Company's revenue for the first quarter of 2024 totaled €11.8 million, also reporting an increase of 20%.
On a Group-wide basis, this double-digit growth is attributable to:
- Robust revenue growth in the United States, up 40%
Quarter after quarter, the United States is a growth driver for Sidetrade, posting revenues up 40% to €3.6 million in Q1 2024. Successful US expansion has meant that, for the first time, international markets account for 60% of the Company’s total revenue, with 31% coming from North America. Going forward, the United States will continue to be pivotal for Sidetrade's growth.
- Ever-increasing demand from multinational corporations
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Analysis of customer profiles for 'Order-to-Cash' activities is underpinned by growth of 24% in subscriptions with multinational corporations on annual recurring revenue (ARR) contracts in excess of €250,000. These subscriptions now account for 45% 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 Q1 2024, CreditPoint generated revenue of €0.45 million, with a 4% impact on quarterly growth.