Unprecedented Market Momentum Attributed to Strategic Acquisitions, Increased Value for Customers and Unmatched Global Capabilities
10/08/2021 — CHICAGO — (BUSINESS WIRE)
project44, the global leader in real-time supply chain visibility, announced record growth in Q2, including enterprise net dollar retention of 129% and 123% year-over-year growth in ARR. Already the largest visibility platform company as measured by ARR, customer count, and carriers, project44’s ARR in Q2 was more than the sum of the next top six visibility companies combined for the same quarter.
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project44 Closes the Quarter with More Q2 ARR than the Next Six Visibility Companies Combined (Graphic: Business Wire)
Global supply chain disruptions coupled with significant market excitement surrounding the acquisition of ClearMetal and Ocean Insights contributed to a surge in customers selecting project44 in Q2. The project44 Platform now supports more than 680 global shippers and third-party logistics providers and offers visibility into a network of more than 110,000 multimodal carrier integrations and 1.8M assets – the largest carrier network available in a visibility platform today.
“Over the past year, nearly every organization across the globe has dealt with the impact of supply chain disruptions caused by hurricanes, trade wars, port blockages, floods or the global pandemic,” said Jett McCandless, CEO and founder of project44. “These organizations are flocking to our multimodal visibility platform because it helps them get ahead of challenges before they happen and move from a reactive posture to a more agile, proactive approach.”
Continuously Adding Value for Customers
project44 is the largest ARR and fastest growing SaaS platform for real-time, end-to-end transportation visibility. In Q2, project44 closed its Series E investment of $202M co-led by investors Goldman Sachs Asset Management (Goldman Sachs) and Emergence Capital. The acquisition and subsequent integration of ClearMetal and Ocean Insights helped to drive 74 new customers to the platform in Q2 – including 44 new global shippers who chose project44 as their visibility platform of choice – a 573% year-over-year increase in new logo growth.
ClearMetal brought the world’s top data scientists and machine learning experts in logistics along with three data-quality related patents (pending). Ocean Insights added unmatched ocean visibility, together bringing more than 500% growth in combined quarterly ocean visibility sales and $2.9M ARR for Ocean in Q2.
“To say that project44’s Ocean Insights and ClearMetal acquisitions have been well-received by our customers and the market would be an understatement,” said McCandless. “With ClearMetal data science and machine learning expertise allowing us to solve the core challenges of multimodal transportation visibility and ETAs for our customers, and Ocean Insights allowing us to fill the ocean visibility gaps that customers had previously faced, the value that the project44 Platform delivers to our customers has increased exponentially, resulting in an explosive quarter.”
Today, more than 680 of the world’s leading brands rely on project44, including:
- The top three Fortune 100 companies
- 11 of the top 20 CPG conglomerates worldwide
- Nine of the top ten international freight forwarders
- Eight of the world’s top ten freight brokerages
- Eight of the Gartner Top 25 Supply Chain for 2021, including four of the five recognized as Masters
project44’s win rate against competitors continued to improve. For Q2 new business deals, customers selected project44 versus North American competitors 84% of the time, and versus European competitors 92% of the time.
Top reasons cited by customers include:
- Unmatched data quality resulting from industry-leading and patented machine learning techniques
- Rapid onboarding, low resource requirements, and speed to value from the industry’s first and best carrier onboarding program and SLA
- Global network coverage with strength in Europe, as well as physical presence in South America and Asia
- Strength in providing shippers with inbound visibility from non-controlled supplier shipments
“If the past 18 months have taught us anything, it’s that the global supply chain is in a state of flux, and will continue to be for the foreseeable future,” said Jamie Bragg, Chief Supply Chain Officer from Tailored Brands, Inc. “Enhanced visibility combined with state-of-the-art business intelligence of where our raw materials are, as well as the products we are manufacturing and purchasing around the globe, are going to be table stakes for the supply chains of the future. project44 will allow us to better manage our inventory, labor and consumer expectations in a way that positively affects both the top and bottom line of our business.”
The company’s hypergrowth in Q2 builds on its strong Q1 performance with more than 100% growth in ARR.
project44’s investment in geographic expansion resulted in unprecedented growth in Europe, with a 223% increase in new customers selecting project44 year-over-year. The company’s aggressive carrier network expansion and commercial efforts focused on several areas, including carrier recruitment and data science to deliver the industry’s most complete global data across all transportation modes and borders, and industry leading customer success.
In Q2, project44 signed a strategic global partnership with CEVA Logistics expanding project44’s footprint in growth regions, including Brazil, Italy, United Kingdom, Turkey, Netherlands and Australia.
“CEVA Logistics is a global organization, so we were looking for a partner that could help us manage very complex supply chain scenarios at scale. project44’s holistic supply chain vision and the size and quality of their carrier network, combined with their industry leading visibility platform and uniquely experienced, global team made them the right choice for CEVA,” said Xavier Bour, Global Head of Ground at CEVA Logistics. “After looking at the options available to us and speaking with some of their customers, I was convinced that project44 was the best organization to help CEVA Logistics deliver responsive logistics solutions to our customers,” he continued.
In Q2, the company continued to expand its commercial efforts in Asia. The company announced real-time shipment tracking services in China giving project44 customers the same transportation visibility in Asia Pacific that it offers across North America and Europe.
Market-Leading Platform for Innovation
project44 continued to invest in platform, ecosystem and data science capabilities that deliver the most complete end-to-end supply chain visibility. In the area of workflow automation, project44 customers experienced streamlined carrier onboarding processes, proactive shipment planning and enhanced transportation schedule management across modes of transportation and geographies. As a category leader, named as a Leader in the 2021 Gartner Magic Quadrant for Real-time Transportation Visibility, the company is uniquely positioned to attract and acquire other top companies in respective Logistics categories.
project44 closed Q2 with 511 global team members in 16 offices across 4 continents, including 13 offices in Europe. The company welcomed ~40 new team members though the ClearMetal acquisition and established a new center of excellence in San Francisco. Key new team members include Sanida Bratt, SVP Product, and Q Carlson, SVP Design. Michael Wallraven joined project44 as VP and Managing Director for Germany, Austria and Switzerland, where he is responsible for all commercial initiatives. He brings more than 25 years of experience in B2B growth leadership as well as supply chain expertise from his successful track record at LLamasoft and GT Nexus. For more information about career opportunities visit https://www.project44.com/about/careers.
To learn more about the technology that has established project44 as the industry leader in end-to-end supply chain visibility, visit http://project44.com.
project44 is the world’s leading advanced visibility platform for shippers and logistics service providers. project44 connects, automates and provides visibility into key transportation processes to accelerate insights and shorten the time it takes to turn those insights into actions. Leveraging the power of the project44 cloud-based platform, organizations increase operational efficiencies, reduce costs, improve shipping performance, and deliver an exceptional Amazon-like experience to their customers. Connected to thousands of carriers worldwide and having comprehensive coverage for all ELD and telematics devices on the market, project44 supports all transportation modes and shipping types, including Air, Parcel, Final-Mile, Less-than-Truckload, Volume Less-than-Truckload, Groupage, Truckload, Rail, Intermodal, and Ocean. In 2021, project44 was named a Leader among Real-Time Transportation Visibility Providers in Gartner’s Magic Quadrant. To learn more, visit www.project44.com.
SVP, Corporate Marketing