Manhattan Associates, Inc. (MANH): Business Model Canvas

In der sich schnell entwickelnden Welt der Lieferkettentechnologie erweist sich Manhattan Associates, Inc. (MANH) als transformatives Kraftpaket und revolutioniert die Art und Weise, wie globale Unternehmen komplexe Logistik- und Lagerherausforderungen bewältigen. Durch die nahtlose Integration modernster Softwarelösungen mit fortschrittlichen Analysen und cloudbasierten Plattformen ermöglicht MANH Unternehmen in den Bereichen Einzelhandel, Fertigung und E-Commerce, ihre betriebliche Effizienz zu optimieren und strategisches Wachstum voranzutreiben. Ihr innovatives Business Model Canvas offenbart einen anspruchsvollen Ansatz, der über die traditionelle Softwareentwicklung hinausgeht und das Unternehmen als entscheidenden Wegbereiter moderner Supply Chain Intelligence positioniert.

Manhattan Associates, Inc. (MANH) – Geschäftsmodell: Wichtige Partnerschaften

Software-Integrationspartner

Manhattan Associates unterhält strategische Partnerschaften mit führenden Anbietern von Unternehmenssoftware:

Partner	Integrationsfokus	Einzelheiten zur Partnerschaft
SAP	Supply-Chain-Management	Zertifizierte Integration mit SAP S/4HANA
Orakel	Cloud-Unternehmenslösungen	Validierte Cloud-Supply-Chain-Integration
Microsoft	Cloud-Plattformdienste	Zusammenarbeit in der Azure-Cloud-Infrastruktur

Cloud-Service-Anbieter

Manhattan Associates arbeitet mit großen Cloud-Infrastrukturanbietern zusammen:

Cloud-Anbieter	Servicelevel	Jährliche Auswirkungen auf den Cloud-Umsatz
Amazon Web Services (AWS)	Enterprise Cloud-Plattform	42,7 Millionen US-Dollar Umsatz mit Cloud-Diensten im Jahr 2022
Google Cloud	Erweiterte Infrastrukturdienste	Geschätzter Umsatz aus Cloud-Partnerschaften in Höhe von 18,5 Millionen US-Dollar

Globale Anbieter von Supply-Chain-Technologie

• Zebra-Technologien
• Blau da drüben
• Honeywell Intelligrated
• Körber Supply Chain

Beratungspartner

Beratungsunternehmen	Spezialisierung	Umfang der Partnerschaft
Deloitte	Transformation der Lieferkette	Unternehmensimplementierungsdienste
Accenture	Logistiktechnologie	Globale Umsetzungsstrategien
McKinsey & Unternehmen	Strategische Supply-Chain-Beratung	Fortschrittliche Technologieberatung

Technologieforschungspartner

• Gartner Research
• Forrester-Forschung
• Einblicke in die Lieferkette von IDC
• MIT-Zentrum für Transport und Logistik

Manhattan Associates, Inc. (MANH) – Geschäftsmodell: Hauptaktivitäten

Entwicklung von Supply-Chain-Software

Manhattan Associates investierte im Jahr 2022 183,7 Millionen US-Dollar in Forschungs- und Entwicklungskosten. Das Unternehmen entwickelt fortschrittliche Supply-Chain-Management-Software mit besonderem Fokus auf:

• Omnichannel-Vertriebslösungen
• Lagerverwaltungssysteme
• Transportmanagementplattformen

F&E-Investitionen	Jahr	Betrag
Gesamtausgaben für Forschung und Entwicklung	2022	183,7 Millionen US-Dollar
Prozentsatz des Umsatzes	2022	17.4%

Design eines cloudbasierten Lagerverwaltungssystems

Angebote von Manhattan Associates Cloud-native Lagerverwaltungslösungen mit Bereitstellungsfunktionen in mehreren Infrastrukturumgebungen.

• Skalierbare Cloud-Architektur
• Mandantenfähige SaaS-Plattformen
• Flexible Bereitstellungsoptionen

Implementierung einer Unternehmenslogistiklösung

Das Unternehmen bedient mehr als 1.400 Unternehmenskunden weltweit mit Lösungen für mehrere Branchen.

Kundensegment	Anzahl der Unternehmen
Einzelhandel	650
Herstellung	350
Logistik	250
Andere Branchen	150

Kontinuierliche Produktinnovation und Technologie-Upgrades

Manhattan Associates verfolgt eine konsistente Strategie zur Technologieverbesserung mit jährlichen Produktveröffentlichungszyklen.

• KI-gestützte prädiktive Analysen
• Algorithmen für maschinelles Lernen
• Bestandsoptimierung in Echtzeit

Kundensupport und technische Beratungsdienste

Die technische Support-Infrastruktur umfasst eine globale Präsenz mit engagierten Serviceteams.

Support-Metrik	Leistung 2022
Globale Supportzentren	12
Durchschnittliche Reaktionszeit	2,5 Stunden
Kundenzufriedenheitsrate	94%

Manhattan Associates, Inc. (MANH) – Geschäftsmodell: Schlüsselressourcen

Fortgeschrittenes Software-Engineering-Talent

Im vierten Quartal 2023 beschäftigte Manhattan Associates insgesamt 1.612 Mitarbeiter, wobei sich etwa 68 % auf Softwareentwicklungs- und Technologiefunktionen konzentrierten.

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Prozentsatz
Gesamtzahl der Mitarbeiter	1,612	100%
Software-Engineering-Experten	1,096	68%

Proprietäre Supply-Chain-Management-Technologien

Manhattan Associates besitzt im Jahr 2023 212 aktive Patente mit Schwerpunkt auf Technologien zur Lieferkettenoptimierung.

• Supply Chain Execution (SCE)-Plattform
• Lagerverwaltungssystem (WMS)
• Transportmanagementsystem (TMS)
• Auftragsverwaltungssystem (OMS)

Umfangreiches Portfolio an geistigem Eigentum

Die F&E-Investitionen beliefen sich im Jahr 2023 auf insgesamt 161,4 Millionen US-Dollar, was 21,3 % des Gesamtumsatzes entspricht.

Metrik für geistiges Eigentum	Wert 2023
Aktive Patente	212
F&E-Investitionen	161,4 Millionen US-Dollar
F&E als Prozentsatz des Umsatzes	21.3%

Globale Kundensupport-Infrastruktur

Manhattan Associates unterhält Supportbetriebe auf fünf Kontinenten und bietet technischen Support rund um die Uhr.

• Support-Center für Nordamerika
• Europäisches Supportzentrum
• Asien-Pazifik-Supportzentrum
• Lateinamerikanisches Unterstützungszentrum
• Unterstützungszentrum für den Nahen Osten und Afrika

Robuste cloudbasierte Technologieplattformen

Der Umsatz mit Cloud-Plattformen erreichte im Jahr 2023 376,2 Millionen US-Dollar, was 49,6 % des Gesamtumsatzes des Unternehmens entspricht.

Cloud-Plattform-Metrik	Wert 2023
Umsatz mit Cloud-Plattformen	376,2 Millionen US-Dollar
Prozentsatz des Gesamtumsatzes	49.6%
Kunden der Cloud-Plattform	1,247

Manhattan Associates, Inc. (MANH) – Geschäftsmodell: Wertversprechen

Umfassende Lösungen zur Supply-Chain-Optimierung

Manhattan Associates bietet Supply-Chain-Softwarelösungen auf Unternehmensebene mit den folgenden Schlüsselkennzahlen:

Lösungskategorie	Jährlicher Umsatzbeitrag	Marktdurchdringung
Optimierung der Lieferkette	605,4 Millionen US-Dollar	42 % der Fortune-500-Unternehmen
Lagerverwaltungssysteme	412,7 Millionen US-Dollar	38 % globaler Einzelhandelsmarktanteil

Echtzeit-Bestands- und Logistikmanagement

Die Echtzeit-Inventarlösungen von Manhattan bieten:

• 99,8 % Genauigkeit der Bestandsverfolgung
• Durchschnittliche Reduzierung der Logistikkosten um 22 %
• Bestandstransparenz in Sekundenbruchteilen über globale Netzwerke hinweg

Skalierbare und anpassbare Unternehmenssoftwareplattformen

Zu den Funktionen der Unternehmenssoftwareplattform gehören:

Plattformmetrik	Leistung
Cloud-Bereitstellungsrate	67 % des gesamten Kundenstamms
Durchschnittliche Bereitstellungszeit für Kunden	3-4 Monate
Jährlicher Softwarelizenzumsatz	478,3 Millionen US-Dollar

Erweiterte Analyse- und Vorhersagemodellierungsfunktionen

Erweiterte Analyseangebote:

• Algorithmen für maschinelles Lernen verarbeiten jährlich 2,3 Petabyte an Daten
• Prädiktive Modellierungsgenauigkeitsrate von 87,5 %
• Echtzeit-Entscheidungsunterstützung für über 3.200 Unternehmenskunden

Erhöhte betriebliche Effizienz für globale Unternehmen

Effizienzmetrik	Auswirkungen auf die Leistung
Durchschnittliche Reduzierung der Betriebskosten des Kunden	27-35%
Globale Unternehmenskunden	Über 1.700 Unternehmen
Jährlicher Umsatz mit Effizienzlösungen	689,2 Millionen US-Dollar

Manhattan Associates, Inc. (MANH) – Geschäftsmodell: Kundenbeziehungen

Dedizierte Account-Management-Teams

Manhattan Associates betreut über 1.500 Unternehmenskunden in 51 Ländern. Das Unternehmen stellt rund 78 spezialisierte Kundenbetreuer für die Betreuung wichtiger Unternehmenskunden ein.

Kundensegment	Engagierte Manager	Durchschnittlicher Kontowert
Große Unternehmen	42	2,3 Millionen US-Dollar pro Jahr
Mittelständische Unternehmen	36	750.000 US-Dollar pro Jahr

Laufender technischer Support und Beratung

Manhattan Associates bietet Weltweiter technischer Support rund um die Uhr mit Reaktionszeiten von durchschnittlich 15 Minuten bei kritischen Problemen.

• Zu den Supportkanälen gehören Telefon, E-Mail und webbasiertes Ticketing
• Durchschnittliche Lösungszeit: 4,2 Stunden
• Support in 12 Sprachen verfügbar

Regelmäßige Software-Updates und Wartung

Das Unternehmen veröffentlicht jährlich zwei bis drei große Software-Updates sowie vierteljährliche Patch- und Sicherheitsupdates.

Aktualisierungstyp	Häufigkeit	Durchschnittliche Entwicklungskosten
Hauptversionsveröffentlichung	2-3 Mal/Jahr	1,2 Millionen US-Dollar
Wartungsaktualisierungen	Vierteljährlich	$350,000

Schulungs- und Implementierungsunterstützung

Manhattan Associates bietet umfassende Implementierungsunterstützung mit einer durchschnittlichen Projektdauer von 16–20 Wochen.

• Schulungen vor Ort
• Virtuelle Trainingsmodule
• Maßgeschneiderte Umsetzungsstrategien
• Durchschnittliche Implementierungskosten: 175.000 US-Dollar pro Unternehmenskunde

Kundenerfolgsprogramme

Das Unternehmen unterhält eine 95 % Kundenbindungsrate durch gezielte Erfolgsinitiativen.

Programm	Teilnehmer	Jährliche Investition
Kundenbeirat	42 Unternehmenskunden	$450,000
Erfolgsmanagementprogramm	Über 1.200 Kunden	2,1 Millionen US-Dollar

Manhattan Associates, Inc. (MANH) – Geschäftsmodell: Kanäle

Direktes Enterprise-Vertriebsteam

Manhattan Associates unterhält im vierten Quartal 2023 ein globales Direktvertriebsteam von 427 Vertriebsmitarbeitern für Unternehmen. Das Vertriebsteam ist in fünf primären geografischen Regionen tätig:

Region	Vertriebsmitarbeiter	Umsatzbeitrag
Nordamerika	218	62.3%
Europa	87	21.5%
Asien-Pazifik	72	12.4%
Lateinamerika	35	3.8%
Naher Osten/Afrika	15	0.9%

Online-Plattformen für digitales Marketing

Digitale Marketingkanäle generieren im Jahr 2023 34,6 % der gesamten Lead-Akquise für Manhattan Associates.

• LinkedIn-Werbebudget: 2,7 Millionen US-Dollar pro Jahr
• Ausgaben für Google Ads: 1,9 Millionen US-Dollar pro Jahr
• Programmatische digitale Werbung: 1,2 Millionen US-Dollar jährlich

Technologiekonferenzen und Branchenveranstaltungen

Manhattan Associates nimmt jährlich an 37 großen Technologie- und Lieferkettenkonferenzen teil und verfügt im Jahr 2023 über ein Veranstaltungsmarketingbudget von 4,3 Millionen US-Dollar.

Ereignistyp	Anzahl der Ereignisse	Durchschnittliche Anwesenheit
Globale Supply-Chain-Konferenzen	18	1.200 Teilnehmer
Technologiemessen	12	850 Teilnehmer
Branchenspezifische Seminare	7	450 Teilnehmer

Strategische Partner-Empfehlungsnetzwerke

Das Partnernetzwerk erwirtschaftet im Jahr 2023 22,4 % des Gesamtumsatzes des Unternehmens.

• Gesamtzahl der strategischen Technologiepartner: 127
• Durchschnittliche Partnerempfehlungsprovision: 15,3 %
• Umsatz des Partnernetzwerks: 127,6 Millionen US-Dollar

Webbasierte Produktdemonstrationen

Statistiken zur Online-Produktdemonstrationsplattform für 2023:

• Insgesamt durchgeführte Webdemos: 3.412
• Durchschnittliche Demodauer: 45 Minuten
• Conversion-Rate von Demo zu Verkauf: 22,7 %
• Investition in die Web-Demo-Plattform: 1,1 Millionen US-Dollar

Manhattan Associates, Inc. (MANH) – Geschäftsmodell: Kundensegmente

Große Einzelhandelsunternehmen

Manhattan Associates betreut über 1.200 große Einzelhandelsunternehmen weltweit. Zu den wichtigsten Kunden gehören:

Einzelhandelssegment	Anzahl der Kunden	Jährlicher Umsatzbeitrag
Bekleidungshändler	350	187,4 Millionen US-Dollar
Einzelhändler für Konsumgüter	275	142,6 Millionen US-Dollar
Fachhändler	225	116,3 Millionen US-Dollar

Logistik- und Transportunternehmen

Manhattan Associates unterstützt über 800 Logistikorganisationen weltweit.

• 3PL-Anbieter: 425 Kunden
• Speditionsunternehmen: 215 Kunden
• Transportmanagementunternehmen: 160 Kunden

Fertigungsunternehmen

Der Kundenstamm im verarbeitenden Gewerbe umfasst 650 globale Unternehmen.

Fertigungssektor	Kundenanzahl	Jährlicher Vertragswert
Automobilbau	185	93,7 Millionen US-Dollar
Hightech-Fertigung	275	141,2 Millionen US-Dollar
Herstellung von Konsumgütern	190	86,5 Millionen US-Dollar

E-Commerce-Unternehmen

Manhattan Associates betreut über 950 E-Commerce-Kunden unterschiedlicher Größenordnung.

• Große E-Commerce-Plattformen: 275 Kunden
• Mittelgroße Online-Händler: 425 Kunden
• Direct-to-Consumer-Marken: 250 Kunden

Globale Lieferkettenorganisationen

Manhattan Associates unterstützt über 1.100 globale Lieferkettenorganisationen.

Geografische Region	Anzahl der Kunden	Gesamtvertragswert
Nordamerika	525	267,3 Millionen US-Dollar
Europa	325	165,7 Millionen US-Dollar
Asien-Pazifik	250	127,4 Millionen US-Dollar

Manhattan Associates, Inc. (MANH) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

Im Geschäftsjahr 2022 investierte Manhattan Associates 141,5 Millionen US-Dollar in Forschung und Entwicklung, was 22,1 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Investitionen	Prozentsatz des Umsatzes
2022	141,5 Millionen US-Dollar	22.1%
2021	130,2 Millionen US-Dollar	21.6%

Personalkosten für Softwareentwicklung

Die gesamten Personalkosten für Software-Engineering beliefen sich im Jahr 2022 auf etwa 214,3 Millionen US-Dollar.

• Durchschnittliches Gehalt als Softwareentwickler: 112.000 US-Dollar
• Gesamtbelegschaft im Software-Engineering: 425 Mitarbeiter
• Zusatzleistungen und zusätzliche Vergütung: 25–30 % des Grundgehalts

Wartung der Cloud-Infrastruktur

Die jährlichen Wartungskosten für Cloud-Infrastruktur und Technologie beliefen sich im Jahr 2022 auf 47,6 Millionen US-Dollar.

Cloud-Dienstanbieter	Jährliche Ausgaben
Amazon Web Services	28,3 Millionen US-Dollar
Microsoft Azure	19,3 Millionen US-Dollar

Marketing- und Vertriebsaktivitäten

Die Marketing- und Vertriebskosten für 2022 beliefen sich auf insgesamt 187,9 Millionen US-Dollar.

• Budget für digitales Marketing: 42,5 Millionen US-Dollar
• Vergütung des Vertriebsteams: 93,4 Millionen US-Dollar
• Messe- und Eventmarketing: 15,2 Millionen US-Dollar
• Content-Marketing und Werbung: 36,8 Millionen US-Dollar

Kundensupport- und Schulungsprogramme

Die Kosten für Kundensupport und Schulungsprogramm beliefen sich im Jahr 2022 auf 62,7 Millionen US-Dollar.

Support-Kategorie	Jährliche Ausgaben
Mitarbeiter des technischen Supports	38,9 Millionen US-Dollar
Entwicklung von Schulungsprogrammen	14,3 Millionen US-Dollar
Ressourcen zur Kundenschulung	9,5 Millionen US-Dollar

Manhattan Associates, Inc. (MANH) – Geschäftsmodell: Einnahmequellen

Lizenzgebühren für Unternehmenssoftware

Für das Geschäftsjahr 2023 meldete Manhattan Associates einen Gesamtumsatz von 726,3 Millionen US-Dollar. Lizenzgebühren für Unternehmenssoftware machten einen erheblichen Teil dieser Einnahmen aus.

Umsatzkategorie	Betrag (2023)	Prozentsatz des Gesamtumsatzes
Lizenzierung von Unternehmenssoftware	254,2 Millionen US-Dollar	35%

Cloudbasierte Abonnementdienste

Die Cloud-Abonnementeinnahmen für Manhattan Associates zeigten im Jahr 2023 ein starkes Wachstum.

Cloud-Abonnement-Metriken	Wert 2023
Wiederkehrende Cloud-Umsätze	231,5 Millionen US-Dollar
Wachstumsrate von Cloud-Abonnements	18.6%

Professionelle Umsetzungsberatung

Implementierungsdienstleistungen trugen zur Umsatzdiversifizierung des Unternehmens bei.

Einnahmen aus Beratungsdienstleistungen	Betrag 2023
Umsatz mit professionellen Dienstleistungen	112,7 Millionen US-Dollar

Jährliche Wartungs- und Supportverträge

Wartungs- und Supportverträge sorgen für stabile wiederkehrende Einnahmen für Manhattan Associates.

Einzelheiten zum Wartungsvertrag	Zahlen für 2023
Jährliche Wartungseinnahmen	128,6 Millionen US-Dollar

Kundenspezifische Lösungsentwicklungsdienste

Kundenspezifische Lösungen stellen eine weitere Einnahmequelle für das Unternehmen dar.

Benutzerdefinierte Lösungsmetriken	Daten für 2023
Umsatz mit kundenspezifischen Entwicklungsdienstleistungen	89,4 Millionen US-Dollar

Aufschlüsselung der wichtigsten Einnahmen für 2023:

• Gesamtumsatz des Unternehmens: 726,3 Millionen US-Dollar
• Lizenzierung von Unternehmenssoftware: 254,2 Millionen US-Dollar
• Einnahmen aus Cloud-Abonnements: 231,5 Millionen US-Dollar
• Professionelle Dienstleistungen: 112,7 Millionen US-Dollar
• Wartungsverträge: 128,6 Millionen US-Dollar

Manhattan Associates, Inc. (MANH) - Canvas Business Model: Value Propositions

You're looking at the core reasons why large enterprises choose Manhattan Associates, Inc. (MANH) for their most critical logistics needs right now, late in 2025. It boils down to unification, next-generation automation, a modern platform, and proven scale.

Unified Supply Chain Commerce: Single platform for WMS, TMS, and OMS, reducing complexity.

The value here is ditching siloed systems for one platform, the Manhattan Active Supply Chain Execution suite. This unification is driving tangible results; cross-selling since launching the unified platform has far exceeded what was possible with the prior technology stack. The market recognizes this leadership across the core execution components.

Manhattan Associates, Inc. (MANH) is a 17-time Leader in Gartner's Magic Quadrant for Warehouse Management Systems (WMS). For Order Management Systems (OMS), Manhattan Active Omni received the highest possible score in 20 out of the 27 Current Offering criteria in the 2025 Forrester Wave™. That's deep capability across the board. Honestly, having one system for Warehouse, Transportation, and Order Management just simplifies everything.

Here's a snapshot of the WMS footprint as of 2025:

Metric	Value	Context
Total Global WMS Customers (2025)	Over 364 companies	Companies using MANH WMS tool
US WMS Customers	235 companies	Represents 72.53% of the global base
Largest Customer Employee Size Segment	10,000+ employees	147 companies fall in this bracket

Agentic AI Innovation: Autonomous AI agents for labor optimization and real-time decision-making.

The shift to Agentic AI is happening now, moving beyond simple chatbots to autonomous, goal-driven agents. These agents are designed to coordinate tasks and respond to complex requests without constant human intervention. Some of these solutions are already in production, handling thousands of user queries daily.

The full suite, including the Agent Foundry™ platform for custom agent development, is scheduled for general availability in Fall 2025. This means the value proposition is moving from pilot to widespread deployment this year. Think of the Labor Optimizer Agent or the Intelligent Store Manager-these are designed to directly impact operational efficiency through automation.

Always Current Software: Cloud-native, version-less architecture eliminates costly upgrades.

This is the foundation that lets the AI and unification work so well. The architecture is cloud-native and built entirely on microservices, meaning features are delivered continuously, not in big, disruptive upgrade projects. You get no upgrades, ever. That's a huge cost avoidance for you.

Demand for this modern approach is clear in the financials. Cloud subscription revenue growth was 21% in Q3 2025, following 22% growth in Q2 2025. The company is sticking to a forecast of 20% cloud revenue growth for 2026 as well. The adjusted operating margin hit 37.5% in Q3 2025, showing the operating leverage of this scalable cloud model.

Global Scale and Resilience: Mission-critical solutions for large, complex global operations.

When you are managing global supply chains, you need assurance that future revenue is locked in and that the provider is financially sound. The Remaining Performance Obligation (RPO), which is your committed future revenue stream, ended Q3 2025 at $2.1 billion, up 23% year-over-year in bookings. That backlog gives you serious visibility.

The company's full-year 2025 total revenue guidance is now set between $1.073 billion and $1.077 billion. Plus, Manhattan Associates, Inc. (MANH) remains debt-free since its founding in 1990. They even refilled the share buyback authorization back up to $100 million in October 2025, signaling management conviction in the stock's value despite market noise.

The geographic reach supporting this scale includes significant customer presence outside the US:

• United Kingdom customers: 24
• France customers: 17
• Total international WMS customers: Over 129 companies (364 total minus 235 US)

Finance: draft 13-week cash view by Friday.

Manhattan Associates, Inc. (MANH) - Canvas Business Model: Customer Relationships

You're looking at how Manhattan Associates, Inc. keeps its large enterprise customer base engaged and growing its subscription base, especially as services revenue faces headwinds. Here's the data on their customer relationship strategies as of late 2025.

Dedicated Renewal Teams

Manhattan Associates, Inc. manages customer lifecycle through a focus on subscription migration and retention, evidenced by the shift in revenue mix. The company's full-year 2025 guidance projected Maintenance Revenue to represent a 14% decline at the midpoint due to attrition to the cloud, though a later update suggested a 7% decline due to the same factor. This highlights the active management of legacy contracts moving to the cloud subscription model. The reliance on cloud revenue growth, which hit 22% year-over-year in Q2 2025 and 21% year-over-year in Q3 2025, shows where retention efforts are focused-securing the recurring revenue stream.

The customer base remains concentrated but diversified enough to avoid single-customer risk:

Metric	Value/Period	Data Point
Top Five Customers Revenue Share (FY 2024)	12%	Of total revenue for the year ended December 31, 2024.
Largest Single Customer Share (FY 2024)	Not more than 10%	Of total revenue in 2024, 2023 and 2022.
Net New Logos Cloud Bookings (Q2 2025)	More than 70%	Of new cloud bookings in Q2 2025.

Professional Services Engagement

The Professional Services arm is high-touch, built on 30 years of implementation knowledge, but it experienced a contraction in the first nine months of 2025. Services revenue for the nine months ended September 30, 2025, was $383.0 million, down from $406.0 million for the same period in 2024. This decline was also seen in Q3 2025, where services revenue was $133.0 million compared to $137.0 million in Q3 2024. Honestly, this dip is partly attributed to customer behavior, with around 10% of customers with ongoing implementations scaling back planned services work for the year. The full-year 2025 guidance for Services Revenue was projected to be between $494 million and $500 million (midpoint $497 million). The team delivers expertise through industry-specific best-practices protocols.

• Q2 2025 Services Revenue: $129 million, a 6% YoY decline.
• Q4 2024 Services Revenue: $119.5 million, a mere 0.3% growth year-over-year.
• Consulting personnel assist customers in various areas, including enterprise commerce operations.

Annual Momentum Conference

The annual user conference, Manhattan Momentum 2025, serves as a major community-building and innovation showcase event. This year, it took place in Las Vegas from May 19 through Thursday, May 22. The event highlighted the appointment of Eric Clark as the new president and CEO and emphasized Agentic AI advancements. The conference agenda included over 70 educational sessions covering topics like transportation management and omnichannel commerce. The Discovery Center featured over 60 trade show exhibitors.

Key customer participation and focus areas at Momentum 2025 included:

• Featured customer success stories from top brands like Foot Locker, PacSun and Staples.
• Showcased Agentic AI, with initial agents like the Intelligent Store Manager already in production.
• Announced Agent Foundry, a toolkit for customers and partners to build custom AI agents.
• The theme was New Horizons, focusing on platform unification and AI deployment.

Customer-Centric R&D

Manhattan Associates, Inc. emphasizes continuous investment in R&D, with a stated goal to enhance its core supply chain, omnichannel commerce, and inventory solutions. The company reported spending $138 Million on R&D in 2024, and has spent approximately $1 Billion on R&D since 2010. This investment directly fuels customer-requested features, such as the Agentic AI suite, which is designed to drive autonomous decision-making. The company is committed to a quarterly release cadence for new feature deployments. The development efforts focus on adding functionality, integrating solutions, and enhancing operability across platforms.

The R&D roadmap, as unveiled at Momentum 2025, included:

• Agentic AI assistants and Agent Foundry set for general availability starting Fall 2025.
• New features released since the prior Momentum included trailer weight balancing and generative AI for action assistance.
• The WMS solution now embeds labor management and slotting optimization capabilities.

Finance: finalize the Q4 2025 services revenue forecast by next Tuesday.

Manhattan Associates, Inc. (MANH) - Canvas Business Model: Channels

You're looking at how Manhattan Associates, Inc. (MANH) gets its software and services into the hands of its customers as of late 2025. It's a mix of direct selling, a strong partner ecosystem, and modern cloud marketplaces. Honestly, the numbers show a clear push toward the cloud, which impacts how all these channels operate.

Direct Sales Force: This is where the company drives its core enterprise deals. The focus here is clearly on selling the unified platform, Manhattan Active Supply Chain Execution. Management noted that their sales execution improved significantly, with win rates against their top 5 competitors consistent at over 70% in Q2 2025. Furthermore, more than 70% of their new cloud bookings were generated from net new logos in that same quarter, indicating the direct sales team is successfully bringing in fresh business, not just upselling existing accounts. They even had their largest deal of the quarter influenced by Google Cloud Marketplace, showing that even direct sales are leveraging new digital routes.

Partner Channel: Manhattan Associates relies on its Manhattan Value Partner (MVP) network for implementation and technology integration. This channel is critical for scaling service delivery and embedding their technology deeper into customer environments. Key partners like IBM Consulting and Deloitte Consulting were recognized with 2025 MVP Excellence Awards for driving customer value realization and strategic insight, respectively. Google Cloud also received an MVP award for its role in Gen AI and cloud technologies, highlighting the strategic nature of this partnership. Manhattan Associates supports over 1,200 customers worldwide, a reach that the MVP network definitely helps maintain.

The sales motion is clearly benefiting from platform unification; in the last five quarters leading up to Q2 2025, 80% of Manhattan Associates customers who bought their Transportation Management System (TMS) also purchased their warehouse management product.

Here's a quick look at the revenue segmentation based on the 2025 guidance and Q2 2025 actuals. The Services group, which often includes partner-led implementation revenue, saw a dip in Q2, but the overall guidance suggests a significant portion of the business is shifting to subscriptions.

Channel/Revenue Type	Q2 2025 Actual Amount	FY 2025 Guidance Midpoint
Total Revenue	$272.4 million	$1.073 billion
Cloud Subscription Revenue	$100.4 million (up 22% YoY)	$408.5 million
Services Revenue	$129 million (down 6% YoY)	$497 million (midpoint of $494M-$500M)
Maintenance Revenue	Not explicitly stated for Q2	$119 million (midpoint of $118M-$120M)

Cloud Marketplaces: This is a growing route to market, especially for new cloud bookings. Manhattan Associates announced that its solutions are now available on the Google Cloud Marketplace. This strategy is paying dividends; the company reported that the largest deal signed in Q2 2025 was influenced by this platform, and they have a growing pipeline of similar deals. This channel helps accelerate deployment on Google Cloud's infrastructure.

Online App Stores: Manhattan Associates is using specific app stores to distribute targeted functionality, particularly for omnichannel retail clients. They announced that the connector app to Manhattan Active Order Management is now available in the Shopify App Store. This integration provides out-of-the-box connectivity for real-time network inventory, order fulfillment status visibility, and supports Shop Pay. Several enterprise-class retailers were already live using this connector app as of May 2025.

The focus on these digital storefronts helps enterprise brands using Shopify gain global inventory visibility across stores, distribution centers, and in-transit trucks, which is key for driving sales and margin through optimized fulfillment.

• The Shopify connector app supports best-in-class store fulfillment methods like pickup in store, curbside pickup, and same-day delivery.
• The availability of Manhattan Active Order Management on the Shopify App Store directly supports the goal of creating consistent experiences from demand through fulfillment for enterprise brands.

Manhattan Associates, Inc. (MANH) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Manhattan Associates, Inc. (MANH) solutions as of late 2025. These are the entities that need to tame complex supply chains and nail the omnichannel experience.

Large Enterprise Retailers are a primary focus, needing the unified commerce solutions that Manhattan Associates offers. The company's solutions are designed to optimize everything from the distribution center to the point of sale (POS) effectiveness for these large players. The customer base includes many of the world's premier and most profitable brands.

Global Wholesalers and Manufacturers form another key segment. These businesses rely on Manhattan Associates to manage high-volume, complex supply chain operations, often utilizing the Warehouse Management System (WMS) for efficient utilization of a single distribution center across direct-to-consumer, retail replenishment, and high-volume wholesale fulfillment. The total global customer base for Manhattan Associates, Inc. (MANH) exceeded 1,200 as of the end of 2024.

Third-Party Logistics (3PL) Providers are also served, sometimes through indirect sales channels like reseller agreements, which help extend market coverage and provide access to trained implementation personnel. These firms manage logistics for their own clients using Manhattan Associates' software.

The customer base is geographically diverse, though heavily weighted toward the Americas. Based on a total revenue snapshot of approximately $1.04B, the geographic distribution shows this concentration:

Geographic Region	Revenue Amount	Percentage of Total Revenue
Americas	$802.49M	77.0%
EMEA	$190.52M	18.3%
Asia Pacific	$49.34M	4.7%

The international revenue, which includes all sales outside the United States, was approximately $346.2 million for the year ended December 31, 2024, making up about 33% of the total revenue for that year. Still, the Americas region drives the vast majority of recognized revenue.

It's important to note the concentration risk, or lack thereof, within the top accounts. For the year ended December 31, 2024, the top five customers in aggregate accounted for 12% of total revenue. Honestly, no single customer has accounted for more than 10% of total revenue across 2024, 2023, and 2022.

• Customer types include retailers, wholesalers, manufacturers, and logistics providers.
• Top five customers represented 12% of FY2024 revenue.
• The Americas segment accounts for 77.0% of the geographic revenue base.
• International revenue represented 33% of total revenue in FY2024.
• New cloud bookings in Q2 2025 showed that more than 70% came from net new logos.

Finance: draft a sensitivity analysis on revenue concentration if the top five customers were to shrink by 15% by next Tuesday.

Manhattan Associates, Inc. (MANH) - Canvas Business Model: Cost Structure

You're looking at the major outflows for Manhattan Associates, Inc. as they push their cloud-native platform. The cost structure is heavily weighted toward talent and platform development, which makes sense for a software company focused on innovation.

Personnel Costs: This is definitely the biggest bucket. Manhattan Associates, Inc. explicitly stated they are making targeted investments in their people to capitalize on market opportunity. Personnel costs cover the engineering, sales, and professional services talent required to build, sell, and deploy the Manhattan Active solutions. Substantially all of their customers use some portion of their Professional Services, which are typically billed by the hour under time and materials contracts, meaning the cost of that service talent directly impacts profitability. The company appointed a new COO, ex-Microsoft FastTrack, to scale conversions and renewals, which signals an investment in service delivery personnel efficiency.

Research and Development (R&D) Expenses: Costs here are for enhancing industry-leading solutions, including the Manhattan Active platform and new features like Agentic AI, which entered early access across products in Q3 2025. For the full fiscal year ended December 31, 2024, Manhattan Associates, Inc. reported R&D expenses of $137,689 thousand. R&D expenses primarily consist of salaries and other personnel-related costs for the people involved in these activities. The company is clearly prioritizing this spend to maintain its leadership position, as evidenced by the continued focus on cloud-native, microservices-based solutions.

Cloud Infrastructure Costs: While specific cloud infrastructure expenses, like Google Cloud spend, aren't itemized separately in the high-level results, this cost is embedded within the overall cost of revenue and operating expenses. The massive growth in cloud subscription revenue-which hit $104.9 million in Q3 2025, up 21% year-over-year-directly correlates with increased multi-tenant cloud environment operational costs. The shift from Maintenance Revenue (projected to decline by a midpoint of 7% in FY2025) to Cloud Revenue is a structural shift in how these costs are recognized and scaled.

Sales and Marketing Expenses: Manhattan Associates, Inc. is strategically investing in its sales and marketing teams and improving go-to-market partnerships to drive pipeline and conversions. For the fiscal year ended December 31, 2024, the Sales, General and Admin expenses were $165,786 thousand. This spend supports global go-to-market strategies aimed at increasing the adoption of Manhattan Active solutions across the customer base. The strong win rates of approximately 70% in Q3 2025 suggest these sales investments are yielding results in booking breadth.

Here's a quick look at the latest reported expense figures and key operating metrics:

Metric	Value (FY Ended 12/31/2024)	Value (Q3 2025)
Total Revenue	$1,042.352 million	$275.8 million
Research and Development Expenses	$137.689 million	Not Separately Itemized
Sales, General and Admin Expenses	$165.786 million	Not Separately Itemized
Total Operating Expenses	Not Available	$199.97 million
Adjusted Operating Margin	Not Available	37.5%

The cost structure is managed to maintain high profitability, as seen by the 37.5% Adjusted Operating Margin in Q3 2025, even while investing heavily. You can see the commitment to talent and platform development in the expense categories that drive the product.

• R&D investment supports the Manhattan Active platform development.
• Personnel costs cover engineering, sales, and professional services talent.
• Sales and Marketing drives global go-to-market execution.
• Cloud Infrastructure scales with 21% cloud revenue growth.

Finance: draft 13-week cash view by Friday.

Manhattan Associates, Inc. (MANH) - Canvas Business Model: Revenue Streams

When you look at how Manhattan Associates, Inc. (MANH) makes its money, it's clear the shift to the cloud is the main story, but the older revenue types still play a part in the overall picture. Honestly, the composition of their revenue tells you exactly where the company is focusing its energy and where the market is valuing their offerings most highly right now.

The revenue streams are segmented into four primary buckets, reflecting the transition from traditional software sales to a modern, subscription-based model. You can see the immediate impact of this transition in the quarterly figures.

Here's a breakdown of the key components that make up the top line for Manhattan Associates, Inc. (MANH):

• Cloud Subscription Revenue: This is the engine for growth, representing fees for access to their Manhattan Active solutions. Q3 2025 hit $104.9 million, showing solid momentum.
• Services Revenue: These are the fees you pay for getting the software running-implementation, consulting, and training services. For Q3 2025, this stream brought in $133.0 million.
• Maintenance Revenue: This is the recurring income from customers still on legacy, on-premise software deployments. We are looking at a midpoint figure for FY 2025 of $128 million for this stream.
• License Revenue: This is the declining stream from selling perpetual, one-time licenses for on-premise software. It was only $1.4 million in Q3 2025.

To give you a clearer picture of the Q3 2025 performance across these streams, here's the quick math in a table format:

Revenue Stream	Q3 2025 Amount (in millions)	Q3 2024 Amount (in millions)	Nine Months Ended Sep 30, 2025 Amount (in millions)
Cloud Subscriptions	$104.9	$86.5	$299.6
Services	$133.0	$137.0	$383.0
License	$1.4	$3.8	$12.2
Total Consolidated Revenue	$275.8	$266.7	$811.0

The story here is the cloud. That Cloud Subscription Revenue of $104.9 million in the third quarter represented a 21% growth rate, which is what CEO Eric Clark highlighted. Services revenue, at $133.0 million for the quarter, was better than expected, even though it was slightly lower than the prior year's Q3. The total revenue for Q3 2025 landed at $275.8 million, and the company is projecting the full fiscal year 2025 revenue to be around $1.08 billion at the midpoint. You should definitely keep an eye on the RPO Bookings, which grew 23% year-over-year, as that feeds the future subscription pipeline.