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CloudTrade doubles transaction volumes, with 50% increase in revenue

November 25, 2016  |  Electronic Invoicing, Invoice Automation

CloudTrade looks back on a year of fantastic growth as a UK and global business. CloudTrade provides a non-disruptive way for trading partners to send electronic invoices, orders and other business documents, straight into a company’s processing application.

Transaction volumes – that is, the number of e-invoices and other documents being processed –  more than doubled from 2015-16, and revenue has increased 50% year on year. CloudTrade forecasts another 50% increase to March 2017.

In this period CloudTrade has grown the business through new partners, including IBM and Hewlett Packard Enterprise, and from an increase in projects through existing partners. This corresponds to a 20% increase in partners, and a 30% increase in end-customers using the service.

As planned for 2016 CloudTrade is launching exciting new products, including Cloud Capture which processes customers’ ‘long tail’ suppliers using machine learning algorithms.  The main objective of Cloud Capture is to allow our customers to on-board suppliers, not typically addressed by more traditional e-invoicing service providers.

Richard Manson, Commercial Director CloudTrade:
“Transaction volumes are the key to growing our business and the fact that we have doubled these volumes in a year demonstrates our strong business growth.”

“2015-16 has been a year of solidifying the business to futureproof it. In terms of our customers we feel very much that we have ‘crossed the chasm’ as a technology company and have moved in to an ‘early majority’ customer audience”.

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