Order-to-Cash platform Sidetrade signs global digital transformation deal with Veolia Group
06 Juli 2021 - 8:49AM
Order-to-Cash platform Sidetrade signs global digital
transformation deal with Veolia Group
Sidetrade (Euronext Growth :
ALBFR.PA), the Artificial Intelligence
Order-to-Cash (O2C) platform dedicated to accelerating and securing
cashflow, has been selected by Veolia Group and its subsidiaries,
as their exclusive global supplier for digital dunning and payment
dispute resolution. The initial three-year contract will give
Veolia a clearer vision of customer payment behavior worldwide, and
help lay the groundwork for optimal management of accounts
receivable.
Veolia Group, which aims to be the benchmark
company for ecological transformation, has made digitalization a
core element of their strategic plan, Impact 2023. This is why, in
2018, they opted for a comprehensive software suite to support the
transformation of their finance department.
Cashflow generation, which has been among Veolia
Group’s top financial objectives, has become even greater since the
onset of the COVID crisis. “At the height of the crisis, insight
into our customer exposure and control of our DSO became even more
critical, as these elements have a direct impact on our cash
generation” explained Patrick Houssin, Head of Group
Working Capital Optimization, Veolia.
A request for proposal was launched in August
2020 for a complete Credit Management solution (collection, dispute
settlement, and risk assessment). Beyond technical features, the
solution had to be suitable for BUs varying greatly in size, (from
a few million euros of revenue to several billions), with different
operations, in over 50 countries.
Claude Laruelle, Group
CFO at Veolia, commented: “We picked
Sidetrade for two reasons: firstly the advanced features of their
solution, based on AI, machine learning and automation, which
increase the efficiency of dunning and dispute-resolution
processes; and secondly, the quality of a partnership with a firm
that has an international footprint, and solid experience with
large global groups.”
Sidetrade’s experience rolling out complex
international projects was a decisive factor. “Our aim was to
choose not just a technical solution, but also a solid partner,
with experience in projects of this scale, who could support us in
our different locations, and help guide our technological
development”, added Patrick Houssin.
Days Sales Outstanding (DSO) is a critical issue
for a group of Veolia’s size, with revenue of €27bn. In fact,
reducing DSO by even one day can bring in an additional €100m in
cash.
Olivier Novasque, CEO and founder of
Sidetrade commented: “Being selected by Veolia as the
leading technology in international O2C management is extremely
gratifying for us. We are indeed proud to contribute to the success
of their Impact 2023 strategic plan. Furthermore, analyzing the
payment behavior patterns of millions of businesses worldwide in
this ecosystem will enable us to further enhance the effectiveness
of our algorithms, and our technological lead in artificial
intelligence.”This worldwide partnership comes just after
Sidetrade’s 12 April acquisition of Amalto, a leader in paperless
B2B transactions in North America. This acquisition enriches
Sidetrade’s O2C offering, and helps accelerate market penetration
in the US and Canada.
Investor
relationsChristelle Dhrif +33 (0)6 10 46 72 00 /
cdhrif@sidetrade.com
Media
relationsBecca Parlby+44 7824 5055 84 /
bparlby@sidetrade.com
About
Sidetrade (www.sidetrade.com)Sidetrade (Euronext Growth:
ALBFR.PA) offers a SaaS platform specialized in generating and
securing cash flow. Aimie, its Artificial Intelligence, analyzes
more than $2.4 trillion in B2B transactions in Sidetrade's Cloud on
a daily basis to predict payment behavior and risk of customer
churn of more than 5 million companies worldwide. Aimie recommends
the best dunning strategies, automates actions on the order-to-cash
cycle, and dematerializes customer transactions, improving
productivity, performance, and ultimately working capital.
With offices in Paris,
London, Birmingham, Dublin, Houston and Calgary, Sidetrade serves
more than 2,700 companies of all sizes and in all industries in
over 85 countries, including Tech Data, KPMG, Nespresso, Hearst,
Expedia, Manpower, Securitas, Randstad, Engie, Veolia, Vinci, Saint
Gobain, Inmarsat and Bidfood.
For further
information, visit us at www.sidetrade.com and follow us on Twitter
@sidetrade.
In the event of any discrepancy between the French and English
versions of this press release, only the French version is to be
taken into account.
- Sidetrade signs global digital transformation deal with Veolia
Group
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