11.01.2022 – 19:11
– With a $ 100 million return on sales, over 1,000 customers, 1,000 employees worldwide and over 1 billion parcels tracked per year, project44 is the market leader for supply chain visibility.
project44, the leading provider of supply chain visibility, announced today that the company has received a $ 420 million investment. A consortium led by Thoma Bravo, TPG and Goldman Sachs Asset Management (“Goldman Sachs”) with participation from Emergence Capital, Insight Partners, Chicago Ventures, Generation Investment Management, Sapphire and Sozo Ventures acquired shares at a pre-money Valuation of $ 2.2 billion, and Sixth Street committed to providing additional funds to support the company’s strategic acquisition program and product development, along with the $ 202 million investment round successfully completed in May 2021 project44 set a new funding record for SaaS companies in the logistics industry. With these investments, project44 is pursuing its mission to help leading brands optimize their product supply chains so that companies can offer their customers more resilience, sustainability and value creation.
“Project44 helps companies with all challenges within a supply chain, from inflationary pressures and lockdowns to unpredictable weather or port congestion. Our growth in the past year speaks for this macroeconomic tailwind and the competitive advantage that we can offer our customers “, says Jett McCandless, founder and CEO of project44.” Thanks to the continued support of our investors, we can now offer our customers even greater added value . We are thus consolidating our position as a global network and shaping the supply chain of the future. “
Leading provider of supply chain visibility
In 2021 project44 consolidated its position as a leading company in the field of supply chain visibility with global port-to-door coverage across all modes of transport. The company now generates more than $ 100 million in annual recurring revenue (ARR), making it the largest second-generation logistics technology company in the world. The most influential analysts in the logistics industry rank project44 above the competition. project44 took first place at FreightTech25 and was also at Gartner Voice of the Customer such as G2 with the highest awards. In addition, project44 was selected as one of the best places to work in the city by Chicago Inno, a portal for local startup and tech communities.
“Visibility within the supply chain is becoming increasingly important as bottlenecks, delays and failures increase. Project44’s potential to solve even the most complex of these problems is unparalleled, “said Robert (Tre) Sayle, partner at Thoma Bravo.” By continuously adapting to growing customer needs, project44 has developed a revolutionary platform that provides significant added value for represents the entire global supply chain. “
“Project44 has developed at an impressive pace and resolutely implemented its vision of a global end-to-end platform for supply chain visibility. Transparency in the supply chain has become a crucial technology for solving major challenges in today’s world, and project44 has become the global market leader, “said Malte Janzarik, Partner at TPG Capital in Europe.” The amount of data that project44 offers , and the ease of access for shippers, logistics providers and freight forwarders is unmatched. We are convinced that the future-oriented platform and the valuable network of project44 will continue to enable enormous growth. “
TPG invests in project44 from TPG Tech Adjacencies (TTAD), an investment vehicle that focuses on flexible capital solutions for the technology industry.
Meeting needs for global companies
As a link in the supply chain, project44 offers the largest network of all providers of supply chain visibility with more than 142,700 multimodal carrier integrations and 2.7 million trucks. Shippers and logistics service providers rely on project44 in many areas: For example, when it comes to managing today’s increasingly complex supply chains, improving their sustainability, increasing the resilience of transport and meeting the changing requirements of customers. project44 supports more than 1,000 companies from various industries, including leading brands such as Amazon, Baker Hughes, Coop, CNHI, Danone, Dollar General, FedEx, General Mills, Goodyear, Kuehne & Nagel, Lenovo, McKesson, Mondelez, Nestle, The Home Depot and Unilever.
The momentum of project44 speaks for the differentiation of the company and its immense lead in the area of supply chain visibility. After an outstanding third quarter of 2021, project44 generated $ 12.7 billion in newly booked annual recurring revenue (ARR) in the fourth quarter. During that period, the company closed 117 deals, resulting in a 170 percent year-over-year increase in bookings and a 216 percent increase in deals.
In addition to the new deals, the net commitment for 2021 is 133 percent, while the gross annual commitment is 96 percent. Project44’s annual recurring revenue is over $ 100 million. The gross margin has risen to 70 percent – compared to the previous year that is three percent. Building on this success, project44 will almost double its investments in products and technology in 2022 in order to be able to offer improved real-time visibility for more modes of transport in more regions.
Expansion of the international team
project44 continues to expand its international position and offers supply chain transparency in 166 countries. More than 1,000 team members work in project44’s 17 offices around the world. For the coming year, the company plans to hire hundreds of new talented team members in China, Europe, Latin America, North America and Japan.
project44 has also hired Ivana Savic-Grubisich, the first person responsible for diversity, equity, inclusion & culture. The company is committed to recruiting team members who reflect the wide variety of communities in which it operates.
Expansion of the management team
In 2021 project44 added five new strategic hires to its management team. Charlie Ungashick has been supporting project44 as Chief Marketing Officer since February. In addition, Diane Gordon has been with the company as SVP, Global Customer Success, since March 2021. In November, Elliot Rodgers joined as Chief People Officer, Jennifer Coyne served as General Counsel, and Andy Grygiel was named Chief Brand Officer. They all bring the extensive experience and expertise to further accelerate the growth of project44.
Big profits from M&A
In 2021 project44 was able to further increase its value for shippers and logistics service providers through strategic acquisitions of market-leading companies. The takeover of Convey in September, project44 made it possible to extend real-time transparency and exception management to the last mile. This includes parcel, courier and door-to-door deliveries as well as the visibility of returns. With the takeover of Ocean Insights in March project44 acquired the market leader for ocean visibility. The takeover of ClearMetal in May established project44 as a leader in AI and ML with automation capabilities that reduce costs along the entire supply chain.
“Project44 has enabled us to meet our obligations to our customers in a year of unpredictability,” said Pat Kenefick, AbbVie’s vice president, global distribution and logistics. “Knowing where our goods are, we can rely on Cease interruptions and make proactive decisions. This is how we ensure our distributors have inventory levels. Supply chain visibility is critical to our ability to drive growth and improve patient experiences in a difficult economic environment. “
“HARIBO strives to deliver its popular products on time and in the high quality for which our brand is known. This is a key element of our success. We benefit from the fact that we are a global company with a decentralized production structure. A perfectly coordinated global supply chain is essential for us and that is why we continuously invest in it. We therefore decided to work with project44, the market leader in real-time transport transparency, “says Stefan Sorce, Head of Global Logistics and Managing Director of Haribo Logistics Company.” These insights will help us increase the resilience of our supply chain and make our supply chain faster and smarter Making decisions so that Haribo products get better to our customers. “
“The events of the past two years have placed consumer goods manufacturers’ supply chains under unprecedented strain. This only made it even clearer to us how important it is to minimize risks and increase the resilience of the supply chain, “says Alessandro Bonanno, head of the Global Logistics and Customer Service department at Beiersdorf AG Beiersdorf has a better insight into its transport flows and shipments. This helps us to better cope with future disruptions in the supply chain and to meet consumer demand. “
“Our team chose project44 because of the global visibility of arrival and departure times for imports and exports,” says Hiroshi Etani, Managing Executive Officer at Yamato Transport Co. Ltd, Japan’s largest transport company Predictability in our business and helps us communicate better with our customers. “
project44 is the world’s leading platform for shippers and logistics service providers. project44 connects, automates and brings visibility to the most important transport processes in order to accelerate insights and shorten the time it takes to convert these insights into actions. By using project44’s cloud-based platform, companies can increase their operational efficiency, reduce costs, improve shipping performance and offer their customers an exceptional experience like that of Amazon. Connected to thousands of carriers worldwide and with extensive coverage for all ELD and telematics devices on the market, project44 supports all modes of transport and shipping types, including air, parcel, final mile, less-than-truckload, volume less-than-truckload , Groupage, truck load, rail, intermodal and ocean. In 2021, project44 was named a Leader in the Gartner Magic Quadrant among Real-Time Transportation Visibility Providers. To learn more, visit www.project44.de.
Jens Schwing / Caroline Street
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