Sidetrade (Euronext Growth: ALBFR.PA), French developer of an AI powered platform dedicated to the management of the Order-to-Cash (O2C) cycle, acquired Amalto, a provider of dematerialization services of inter-company financial transactions in North America, for approx. $16m.
With this deal, Sidetrade enhances its O2C offering and accelerates its penetration of the North American market.
With offices in Houston (USA), Calgary (Canada) and Paris (France), Amalto has is a North American integration specialist for the exchange and automation of O2C documents in the Oil and Gas industry. The business helps companies in a variety of industries where companies face a very high Day Sales Outstanding (DSO); and Environmental, where vertical markets present different business processes.
Amalto does 90 percent of its business sales in North America and employs 21 people, including 15 in North America. Customers include Chevron, General Electric, and Schlumberger.
In 2020, the company had revenues of $4.3m and recorded high growth and profitability with EBITDA above 20%. As of 31st December 2020, Amalto had a net cash position of over $1.2m.
To facilitate synergy and carry out the strategic plan, Sidetrade intends to set up a new organisation, resulting in:
- Emmanuel Thiriez, Co-Founder and CEO of the Amalto group, joining the Sidetrade Executive committee as Chief Customer Officer
- Bryan Pederson, CEO of Amalto Corp, becoming AVP Customer Success,…