Kyriba and Sidetrade: The First SaaS Solution Covering the Entire Financial Chain
February 7, 2012
Paris, May 14th, 2009 – Sidetrade, the market leader of SaaS financial relation management solutions, and Kyriba, the leader of SaaS cash and treasury management solutions, announce a technological partnership aimed at covering the entire financial chain. With this solution, financial managers of national and multinational groups have a single environment in which to manage their treasury, invoice customers, collect payments, control the risks inherent to commercial transactions and to have total visibility on their cash flows.
“Currently, financial managers seek a balance between offensive management of their receivables and improving client relationships. Far from being antagonistic, these objectives can become convergent once modern management of the financial relationships with customers and treasury is implemented,” stated Olivier Novasque, President of the Sidetrade Group. Economic uncertainty presents a window of opportunities for the installation of information systems by offering better operational effectiveness, increased profitability and improved visibility of the companies.
Sidetrade’s SaaS technology communicates natively with the Kyriba SaaS platform starting with a simple Internet connection. “Companies need solutions that can be implemented quickly in order to improve their cash visibility. Our SaaS model makes it possible to guarantee a high level of automation and traceability of financial relationships with Sidetrade/Kyriba customers, a major goal of financial managers and accountants today. Thanks to this partnership customers can manage their financial flows in real-time, share operational performance and can apply workflow procedures according to the needs of the group, subsidiary, department, etc...” confirmed Jean-Luc Robert, CEO of Kyriba.
Independent group listed on Nyse Euronext Paris (ticker: ALBFR), Sidetrade is the leader in optimisation solutions for Customer Financial Relationship Management provided as SaaS (Software as a Service).
Sidetrade’s solutions are used by more than 200 medium and large companies in Europe to reduce DSO (Day Sales Outstanding) and Bad Debts. Since 2005, Sidetrade has been following the annual performance of its subscribing customers. The 2008 survey was undertaken on the basis of the payment behaviour of more than a million debtors and of the settlement of 12.8 million invoices, representing more than 33 billion Euros in financial transactions (+43% as compared to 2007).
For 20 of the best performing companies in terms of generation of cash, the results are as follows:
- An average reduction of 12 days in DSO
- 214 M€ in additional cash generated over the year, i.e. an average cash flow gain of 10.7 M€ per company.
- An even representation across sectors (9 companies operating in the Service Sector, 3 in Transport and Logistics, 3 in the Industrial sector, 3 in Media…)
- A cash gain varying from 43 M€ for the most performing company (Industrial) to 0,7 M€ (Life Sciences)
Despite the inter-company credit tensions observed in 2008, this survey shows that companies that decided to upgrade their systems for optimising customer financial relationships outperform their sector in cash generation.