Manhattan Associates, Inc. (MANH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo en rápida evolución de la tecnología de la cadena de suministro, Manhattan Associates, Inc. (MANH) surge como una potencia transformadora, revolucionando cómo las empresas globales gestionan los desafíos complejos de logística e inventario. Al integrar a la perfección soluciones de software de vanguardia con análisis avanzados y plataformas basadas en la nube, Manh empodera a las empresas en los sectores minoristas, de fabricación y comercio electrónico para optimizar su eficiencia operativa e impulsar el crecimiento estratégico. Su innovador lienzo de modelo de negocio revela un enfoque sofisticado que va más allá del desarrollo de software tradicional, posicionando a la empresa como un facilitador crítico de la inteligencia moderna de la cadena de suministro.

Manhattan Associates, Inc. (Manh) - Modelo de negocios: asociaciones clave

Socios de integración de software

Manhattan Associates mantiene asociaciones estratégicas con proveedores líderes de software empresarial:

Pareja	Enfoque de integración	Detalles de la asociación
SAVIA	Gestión de la cadena de suministro	Integración certificada con SAP S/4HANA
Oráculo	Soluciones empresariales en la nube	Integración validada de la cadena de suministro en la nube
Microsoft	Servicios de plataforma en la nube	Colaboración de infraestructura de la nube de azura

Proveedores de servicios en la nube

Manhattan Associates colabora con los principales proveedores de infraestructura de la nube:

Proveedor de nubes	Nivel de servicio	Impacto anual de ingresos en la nube
Servicios web de Amazon (AWS)	Plataforma de la nube empresarial	$ 42.7 millones de ingresos por servicios en la nube en 2022
Google Cloud	Servicios de infraestructura avanzados	Ingresos estimados de $ 18.5 millones en la asociación en la nube

Proveedores de tecnología global de la cadena de suministro

• Tecnologías cebra
• Azul a
• Honeywell Intelligrated
• Cadena de suministro de Körber

Socios consultores

Consultoría	Especialización	Alcance de la asociación
Deloitte	Transformación de la cadena de suministro	Servicios de implementación empresarial
Acentuar	Tecnología logística	Estrategias de implementación global
McKinsey & Compañía	Consultoría estratégica de la cadena de suministro	Asesoramiento de tecnología avanzada

Socios de investigación de tecnología

• Investigación de Gartner
• Investigación de Forrester
• Insights de la cadena de suministro IDC
• Centro MIT para el transporte y logística

Manhattan Associates, Inc. (Manh) - Modelo de negocio: actividades clave

Desarrollo de software de la cadena de suministro

Manhattan Associates invirtió $ 183.7 millones en gastos de I + D en 2022. La compañía desarrolla un software avanzado de gestión de la cadena de suministro con un enfoque específico en:

• Soluciones de distribución omnicanal
• Sistemas de gestión de almacenes
• Plataformas de gestión de transporte

Inversión de I + D	Año	Cantidad
Gastos totales de I + D	2022	$ 183.7 millones
Porcentaje de ingresos	2022	17.4%

Diseño del sistema de gestión de almacenes basado en la nube

Ofertas de Manhattan Associates Soluciones de gestión de almacenes nativas en la nube con capacidades de implementación en múltiples entornos de infraestructura.

• Arquitectura de nube escalable
• Plataformas SaaS de múltiples inquilinos
• Opciones de implementación flexibles

Implementación de la solución de logística empresarial

La compañía atiende a más de 1.400 clientes empresariales a nivel mundial, con soluciones que abarcan múltiples industrias.

Segmento de clientes	Número de empresas
Minorista	650
Fabricación	350
Logística	250
Otras industrias	150

Innovación de productos continuos y actualizaciones de tecnología

Manhattan Associates mantiene una estrategia de mejora de tecnología constante con ciclos anuales de liberación de productos.

• Análisis predictivo con IA
• Algoritmos de aprendizaje automático
• Optimización de inventario en tiempo real

Servicios de atención al cliente y consultoría técnica

La infraestructura de soporte técnico incluye presencia global con equipos de servicio dedicados.

Métrico de soporte	Rendimiento 2022
Centros de apoyo global	12
Tiempo de respuesta promedio	2.5 horas
Tasa de satisfacción del cliente	94%

Manhattan Associates, Inc. (Manh) - Modelo de negocios: recursos clave

Talento avanzado de ingeniería de software

A partir del cuarto trimestre de 2023, Manhattan Associates empleó a 1.612 empleados en total, con aproximadamente el 68% concentrado en ingeniería de software y roles de tecnología.

Categoría de empleado	Número de empleados	Porcentaje
Total de empleados	1,612	100%
Profesionales de ingeniería de software	1,096	68%

Tecnologías de gestión de la cadena de suministro de suministro

Manhattan Associates posee 212 patentes activas a partir de 2023, con un enfoque en las tecnologías de optimización de la cadena de suministro.

• Plataforma de ejecución de la cadena de suministro (SCE)
• Sistema de gestión de almacenes (WMS)
• Sistema de gestión de transporte (TMS)
• Sistema de gestión de pedidos (OMS)

Cartera de propiedad intelectual extensa

La inversión en I + D en 2023 totalizó $ 161.4 millones, lo que representa el 21.3% de los ingresos totales.

Métrica de propiedad intelectual	Valor 2023
Patentes activas	212
Inversión de I + D	$ 161.4 millones
I + D como porcentaje de ingresos	21.3%

Infraestructura global de atención al cliente

Manhattan Associates mantiene operaciones de soporte en 5 continentes, con capacidades de soporte técnico 24/7.

• Centro de apoyo de América del Norte
• Centro de apoyo europeo
• Centro de soporte de Asia-Pacífico
• Centro de apoyo latinoamericano
• Centro de apoyo de Medio Oriente y África

Plataformas de tecnología basadas en la nube robustas

Los ingresos de la plataforma en la nube alcanzaron los $ 376.2 millones en 2023, lo que representa el 49.6% de los ingresos totales de la compañía.

Métrica de la plataforma en la nube	Valor 2023
Ingresos de la plataforma en la nube	$ 376.2 millones
Porcentaje de ingresos totales	49.6%
Clientes de plataforma en la nube	1,247

Manhattan Associates, Inc. (Manh) - Modelo de negocio: propuestas de valor

Soluciones integrales de optimización de la cadena de suministro

Manhattan Associates proporciona soluciones de software de cadena de suministro de nivel empresarial con las siguientes métricas clave:

Categoría de soluciones	Contribución anual de ingresos	Penetración del mercado
Optimización de la cadena de suministro	$ 605.4 millones	42% de las compañías Fortune 500
Sistemas de gestión de almacenes	$ 412.7 millones	38% de participación en el mercado minorista global

Inventario en tiempo real y gestión de logística

Las soluciones de inventario en tiempo real de Manhattan entregan:

• 99.8% Precisión de seguimiento de inventario
• Reducción promedio del 22% en los costos logísticos
• Visibilidad de inventario de sub-segundo en redes globales

Plataformas de software empresariales escalables y adaptables

Las capacidades de la plataforma de software empresarial incluyen:

Métrica de plataforma	Actuación
Tasa de implementación en la nube	67% de la base total de clientes
Tiempo promedio de implementación del cliente	3-4 meses
Ingresos anuales de licencia de software	$ 478.3 millones

Análisis avanzado y capacidades de modelado predictivo

Ofertas de análisis avanzados:

• Algoritmos de aprendizaje automático Procesamiento 2.3 petabytes de datos anualmente
• Tasa de precisión de modelado predictivo del 87.5%
• Soporte de decisiones en tiempo real para más de 3,200 clientes empresariales

Mayor eficiencia operativa para las empresas globales

Métrica de eficiencia	Impacto en el rendimiento
Reducción promedio de costos operativos del cliente	27-35%
Clientes empresariales globales	Más de 1.700 empresas
Ingresos anuales de soluciones de eficiencia	$ 689.2 millones

Manhattan Associates, Inc. (Manh) - Modelo de negocios: relaciones con los clientes

Equipos de gestión de cuentas dedicados

Manhattan Associates mantiene más de 1.500 clientes de nivel empresarial en 51 países. La compañía asigna aproximadamente 78 gerentes de cuentas especializados para admitir clientes empresariales clave.

Segmento de clientes	Gerentes dedicados	Valor de cuenta promedio
Grandes empresas	42	$ 2.3 millones anualmente
Compañías del mercado medio	36	$ 750,000 anualmente

Soporte técnico continuo y consulta

Manhattan Associates proporciona Soporte técnico global 24/7 Con tiempos de respuesta con un promedio de 15 minutos para problemas críticos.

• Los canales de soporte incluyen teléfono, correo electrónico y boletos basados ​​en la web
• Tiempo de resolución promedio: 4.2 horas
• Soporte disponible en 12 idiomas

Actualizaciones y mantenimiento de software regulares

La compañía lanza 2-3 actualizaciones principales de software anualmente, con actualizaciones trimestrales de parches y seguridad.

Tipo de actualización	Frecuencia	Costo de desarrollo promedio
Lanzamiento de la versión principal	2-3 veces/año	$ 1.2 millones
Actualizaciones de mantenimiento	Trimestral	$350,000

Asistencia de capacitación e implementación

Manhattan Associates ofrece apoyo integral de implementación con una duración promedio del proyecto de 16-20 semanas.

• Sesiones de entrenamiento en el sitio
• Módulos de entrenamiento virtual
• Estrategias de implementación personalizadas
• Costo de implementación promedio: $ 175,000 por cliente empresarial

Programas de éxito del cliente

La compañía mantiene un 95% de tasa de retención del cliente a través de iniciativas de éxito específicas.

Programa	Participantes	Inversión anual
Junta Asesora de Clientes	42 clientes empresariales	$450,000
Programa de gestión de éxito	1,200+ clientes	$ 2.1 millones

Manhattan Associates, Inc. (Manh) - Modelo de negocios: canales

Equipo de ventas de Enterprise Direct

Manhattan Associates mantiene una fuerza de ventas directa global de 427 representantes de ventas empresariales a partir del cuarto trimestre de 2023. El equipo de ventas opera en 5 regiones geográficas primarias:

Región	Representantes de ventas	Contribución de ingresos
América del norte	218	62.3%
Europa	87	21.5%
Asia Pacífico	72	12.4%
América Latina	35	3.8%
Medio Oriente/África	15	0.9%

Plataformas de marketing digital en línea

Los canales de marketing digital generan el 34.6% de la adquisición total de plomo para Manhattan Associates en 2023.

• Presupuesto de publicidad de LinkedIn: $ 2.7 millones anuales
• Gasto en anuncios de Google: $ 1.9 millones anuales
• Publicidad digital programática: $ 1.2 millones anuales

Conferencias tecnológicas y eventos de la industria

Manhattan Associates participa en 37 conferencias principales de tecnología y cadena de suministro anualmente, con un presupuesto de marketing de eventos de $ 4.3 millones en 2023.

Tipo de evento	Número de eventos	Asistencia promedio
Conferencias globales de la cadena de suministro	18	1.200 asistentes
Ferias comerciales tecnológicas	12	850 asistentes
Seminarios específicos de la industria	7	450 asistentes

Redes de referencia de socios estratégicos

La red de socios genera el 22.4% de los ingresos totales de la compañía en 2023.

• Socios de tecnología estratégica total: 127
• Comisión promedio de referencia de socios: 15.3%
• Ingresos de la red de socios: $ 127.6 millones

Demostraciones de productos basadas en la web

Estadísticas de plataforma de demostración de productos en línea para 2023:

• Demos web totales realizadas: 3,412
• Duración promedio de demostración: 45 minutos
• Tasa de conversión de demostración a ventas: 22.7%
• Inversión en la plataforma de demostración web: $ 1.1 millones

Manhattan Associates, Inc. (Manh) - Modelo de negocios: segmentos de clientes

Grandes corporaciones minoristas

Manhattan Associates atiende a más de 1.200 grandes corporaciones minoristas a nivel mundial. Los clientes clave incluyen:

Segmento minorista	Número de clientes	Contribución anual de ingresos
Minoristas de ropa	350	$ 187.4 millones
Minoristas de bienes de consumo	275	$ 142.6 millones
Minoristas especializados	225	$ 116.3 millones

Empresas de logística y transporte

Manhattan Associates admite más de 800 organizaciones de logística en todo el mundo.

• Proveedores de 3PL: 425 clientes
• Compañías de reenvío de carga: 215 clientes
• Empresas de gestión de transporte: 160 clientes

Empresas de fabricación

La base de clientes de fabricación incluye 650 empresas globales.

Sector manufacturero	Conteo de clientes	Valor anual del contrato
Fabricación automotriz	185	$ 93.7 millones
Fabricación de alta tecnología	275	$ 141.2 millones
Fabricación de bienes de consumo	190	$ 86.5 millones

Negocios de comercio electrónico

Manhattan Associates atiende a más de 950 clientes de comercio electrónico en diferentes escalas.

• Grandes plataformas de comercio electrónico: 275 clientes
• Minoristas en línea de tamaño mediano: 425 clientes
• Marcas directas al consumidor: 250 clientes

Organizaciones globales de la cadena de suministro

Manhattan Associates apoya más de 1.100 organizaciones globales de la cadena de suministro.

Región geográfica	Número de clientes	Valor total del contrato
América del norte	525	$ 267.3 millones
Europa	325	$ 165.7 millones
Asia-Pacífico	250	$ 127.4 millones

Manhattan Associates, Inc. (Manh) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2022, Manhattan Associates invirtió $ 141.5 millones en investigación y desarrollo, lo que representa el 22.1% de los ingresos totales.

Año fiscal	Inversión de I + D	Porcentaje de ingresos
2022	$ 141.5 millones	22.1%
2021	$ 130.2 millones	21.6%

Gastos de personal de ingeniería de software

Los gastos totales de personal para ingeniería de software en 2022 fueron de aproximadamente $ 214.3 millones.

• Salario promedio de ingeniero de software: $ 112,000
• Fuerza laboral total de ingeniería de software: 425 empleados
• Beneficios y compensación adicional: 25-30% del salario base

Mantenimiento de la infraestructura en la nube

Los costos anuales de infraestructura en la nube y mantenimiento de tecnología para 2022 fueron de $ 47.6 millones.

Proveedor de servicios en la nube	Gasto anual
Servicios web de Amazon	$ 28.3 millones
Microsoft Azure	$ 19.3 millones

Operaciones de marketing y ventas

Los gastos de marketing y ventas para 2022 totalizaron $ 187.9 millones.

• Presupuesto de marketing digital: $ 42.5 millones
• Compensación del equipo de ventas: $ 93.4 millones
• Marketing de ferias y eventos: $ 15.2 millones
• Marketing de contenidos y publicidad: $ 36.8 millones

Programas de atención al cliente y capacitación

Los costos del programa de atención al cliente y capacitación para 2022 fueron de $ 62.7 millones.

Categoría de apoyo	Gasto anual
Personal de apoyo técnico	$ 38.9 millones
Desarrollo del programa de capacitación	$ 14.3 millones
Recursos de educación del cliente	$ 9.5 millones

Manhattan Associates, Inc. (Manh) - Modelo de negocios: flujos de ingresos

Tarifas de licencia de software empresarial

Para el año fiscal 2023, Manhattan Associates reportó ingresos totales de $ 726.3 millones. Las tarifas de licencia de software empresarial constituyeron una parte significativa de este ingreso.

Categoría de ingresos	Cantidad (2023)	Porcentaje de ingresos totales
Licencias de software empresarial	$ 254.2 millones	35%

Servicios de suscripción basados ​​en la nube

Los ingresos por suscripción en la nube para Manhattan Associates en 2023 demostraron un fuerte crecimiento.

Métricas de suscripción en la nube	Valor 2023
Ingresos recurrentes en la nube	$ 231.5 millones
Tasa de crecimiento de la suscripción de la nube	18.6%

Consultoría de implementación profesional

Los servicios de implementación contribuyeron a la diversificación de ingresos de la Compañía.

Ingresos del servicio de consultoría	Cantidad de 2023
Ingresos de servicios profesionales	$ 112.7 millones

Contratos anuales de mantenimiento y soporte

Los contratos de mantenimiento y soporte proporcionan ingresos recurrentes estables para Manhattan Associates.

Detalles del contrato de mantenimiento	2023 cifras
Ingresos anuales de mantenimiento	$ 128.6 millones

Servicios de desarrollo de soluciones personalizadas

Las soluciones personalizadas representan otro flujo de ingresos para la empresa.

Métricas de soluciones personalizadas	2023 datos
Ingresos de servicios de desarrollo personalizado	$ 89.4 millones

Desglose de ingresos clave para 2023:

• Ingresos totales de la compañía: $ 726.3 millones
• Licencias de software empresarial: $ 254.2 millones
• Ingresos de suscripción en la nube: $ 231.5 millones
• Servicios profesionales: $ 112.7 millones
• Contratos de mantenimiento: $ 128.6 millones

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.