Project44 Breaks $ 50 Million In Annual Recurring Revenue (ARR) As Demand For Supply Chain Visibility Heats | Business
CHICAGO – (BUSINESS WIRE) – May 25, 2021 –
project44, the global leader in supply chain visibility solutions, achieved 100% year-over-year growth in annual recurring revenue (ARR), topping $ 50 million. By providing end-to-end supply chain visibility to a growing list of global companies, project44 has consolidated its leadership position in the market, making its software a critical component of the success of companies like Amazon, Walmart , Unilever, Lenovo and H&M.
“We are seeing signs of maturity in the market. It is estimated that 80% of Forbes Global 2000 companies will be looking at supply chain visibility in the coming year, ”said Tim Bertrand, global president of GMT and field operations at project44. “We have unparalleled technological and operational capacity to respond to market demands and events that have created a new awareness of supply chain visibility. These conditions create an incredible growth story for project44. “
This year, more than $ 100 billion in freight spend was spent through its platform, making project44 the market leader in supply chain visibility software. With visibility in 161 countries, including all maritime commercial routes and ports, 16 languages supported and 4.3 million drivers and 3.5 million trucks routing data through the platform, project44 seamlessly connects all parts of the transportation ecosystem, ensuring that customers can quickly unlock value.
The growing list of customers who rely on project44’s visibility products to optimize their supply chains includes three of the world’s largest retailers, the world’s third-largest clothing retailer, seven of the world’s largest food manufacturers and of beverages and two of the world’s largest cosmetics manufacturers. project44 advances the world’s leading manufacturers and distributors with the data needed to maximize throughput, minimize downtime and reduce inventory levels, helping businesses avoid supply chain threats and act proactively .
Another milestone this year was project44’s acquisition of Ocean Insights, a leading provider of ocean supply chain visibility and business intelligence. The acquisition provided project44 customers with full visibility of ocean freight just weeks before the Suez Canal incident devastated global maritime trade. Recently, Gartner named project44 a leader in the company’s first-ever Magic Quadrant for Real-Time Transportation Visibility Platforms (RTTVP). Gartner evaluated 14 vendors of which the project44 received the highest ranking for its ability to execute and was also recognized for the completeness of its vision.
To learn more about how project44’s technology is helping global businesses maintain inventory control, reduce costs and unlock value, contact project44 today.
project44 solves some of the world’s most critical logistics challenges by connecting, automating and providing real-time visibility into global transportation processes. With project44’s cloud platform, businesses can increase operational efficiency, reduce costs, improve shipping performance, and provide their customers with an exceptional Amazon-like experience. project44 supports all modes of transport and all types of shipment including air transport, parcel, last mile, partial load, lower volume than truck load, consolidation, truck load, rail, intermodal and the ocean. To learn more, visit www.project44.com.
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KEYWORD: UNITED STATES NORTH AMERICA CANADA ILLINOIS
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PUB: 05/25/2021 9:42 a.m. / DISC: 05/25/2021 9:42 a.m.
Copyright Business Wire 2021.