project44 Concludes Strong FY 2024 With Over 30% Year-Over-Year Growth in Both Software-as-a-Service and Total GAAP Revenue

Highlights Include AI Investments, an Expanded Global Presence and a Strengthened Executive Team

CHICAGO, May 30, 2024 /PRNewswire/ -- project44, the leader in supply chain visibility and the only High-Velocity Supply Chain Platform, today announced the company's strong financial and operational results in the 2024 fiscal year. In FY 2024, project44 successfully executed on multiple business initiatives including significant investments in AI to enhance Movement™ to solve the world's most complex supply chain challenges, expanding its international footprint, partnering with more major global enterprises and strengthening its executive team to position project44 for the next stage of growth.

"Over the past year, we were reminded of the fragility of supply chains as extreme weather and geopolitical conflicts continue to disrupt global trade," said Jett McCandless, Founder and CEO of project44. "Our innovations are equipping global brands to be resilient and maintain high-velocity in the face of never-normal supply chains."

project44 concluded FY 2024 with over 30% year-over-year growth in Software-as-a-Service (SaaS) and total GAAP revenue. With continued expansion of its network, project44's platform provided unmatched breadth and depth of visibility. To meet growing demand, project44 opened a new European hub in Kraków, Poland. The company also added new customers in FY 2024 — including notable global brands like Toyota, Coca Cola European Partners, Kawasaki Heavy Industries, Ltd. and Constellation Brands. 

New Products & Extended Capabilities

Among project44's most notable accomplishments in FY 2024 was its rapid pace of innovation. A few highlights include:

• Extended Visibility: Released multiple AI-powered enhancements, merging data from carriers and freight forwarders to deliver complete, door-to-door visibility and eliminate costly blind spots at interchanges
• Data Quality Enhancements: Invested in new technologies to help shippers and carriers identify and address carrier data quality issues, leveraging machine learning to fix errors before they degrade tracking capabilities
• China Over-the-Road (OTR) Visibility: Became the only vendor with authorization to transfer logistics data in and out of China, expanding the network by 8+ million vehicles and improving visibility into lanes used by 94% of the world's largest shippers
• Multimodal Ratin & Booking: Introduced APIs to source rates across the carrier network without costly integrations and centralize spot and contract rate data on Movement, which streamlines rate requests and tender processes
• Configurable Branded Tracking & Alerts: Rolled out self-service capabilities to transform the E-Commerce delivery experience and cut customer service calls by 50%, allowing retailers and brands to create differentiated post-purchase consumer experiences that drive loyalty and reduce "Where is my order?" queries

In recognition of its contributions to customer success, project44 won the Google Cloud Industry Solution Technology Partner of the Year Award for Supply Chain and Logistics and was named Customers' Choice in the Gartner® Peer Insights™ "Voice of the Customer" report. In addition, project44 received an SAP® Pinnacle Award in the Business Network category and maintained Leader status across multiple seasons of reports from G2.

Expanded Executive Team

In FY 2024, project44 bolstered its executive team to prepare for the next phase of growth. The company strategically appointed SaaS and logistics industry veterans with experience managing high-growth companies, including:

• Tim MacCarrick as Chief Financial Officer
• Renee Mauldin as Chief People Officer
• Rick Turco as Chief Revenue Officer
• AJ Wilhoit as Chief Product Officer

Customer Insights

"At ASICS, we value project44 for its comprehensive ocean analytics and the accuracy of the data it provides, which is critical for our decision-making processes. With real-time visibility and data-driven insights, project44 empowers our team to make informed decisions quickly," said Roy Nijman, Global Head of Business Transformation SCM at ASICS. "This operational agility enhances our ability to better serve our customers, making project44 an invaluable partner in our pursuit of supply chain excellence."

"We are thrilled with our partnership with project44, a significant step in advancing our supply chain operations and service excellence," said Antonino Arena, Specialties BU Supply Chain Sr. Manager at Prysmian. "This collaboration allows us to leverage project44's expertise in dynamic ocean visibility and predictive capabilities, which are critical for our complex logistics needs. By integrating these advanced technologies, we are set to enhance the reliability and efficiency of our cable deliveries worldwide. We anticipate a highly productive relationship with project44, as we continue to innovate and improve our operational capabilities to better serve our customers and lead in the market."

About project44 

project44 is on a mission to make supply chains work. Movement by project44, the only High-Velocity Supply Chain Platform, enables shippers, LSPs and carriers across the globe to reduce costs, optimize operations, deliver an exceptional customer experience and drive greater resiliency and sustainability. Having built the industry's largest and most connected ecosystem, project44 provides visibility into over 1 billion shipments annually for over 1,300 of the world's leading brands within manufacturing, automotive, retail, life sciences, food & beverage, CPG, and oil, chemical & gas.    

project44's commitment to excellence was recognized across organizations and awards including being named the Leader in the 2024 Gartner Magic Quadrant and as the "Customer's Choice" in Gartner's 2023 Voice of the Customer report, a twelve-time leader on G2's Supply Chain Visibility Grid, Google Cloud Partner of the Year, and SAP Pinnacle Award winner. project44 is headquartered in Chicago with a diverse team spanning 19 global offices including Amsterdam, Bangalore, Kraków, São Paulo, Shanghai and Tokyo. Learn more at project44.com. 

Media Contact:

[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/project44-concludes-strong-fy-2024-with-over-30-year-over-year-growth-in-both-software-as-a-service-and-total-gaap-revenue-302158719.html

SOURCE project44

[ Back To TMCnet.com's Homepage ]