Manhattan Associates, Inc. (Manh): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde en évolution rapide de la technologie de la chaîne d'approvisionnement, Manhattan Associates, Inc. (Manh) apparaît comme une puissance transformatrice, révolutionnant comment les entreprises mondiales gèrent la logistique complexe et les défis des stocks. En intégrant de manière transparente des solutions logicielles de pointe avec des analyses avancées et des plates-formes basées sur le cloud, Manh autorise les entreprises dans les secteurs de la vente au détail, de la fabrication et du commerce électronique pour optimiser leur efficacité opérationnelle et stimuler la croissance stratégique. Leur toile innovante du modèle commercial révèle une approche sophistiquée qui va au-delà du développement de logiciels traditionnels, positionnant l'entreprise en tant que catalyseur critique de l'intelligence de la chaîne d'approvisionnement moderne.

Manhattan Associates, Inc. (Manh) - Modèle commercial: partenariats clés

Partenaires d'intégration de logiciels

Manhattan Associates maintient des partenariats stratégiques avec les principaux fournisseurs de logiciels d'entreprise:

Partenaire	Focus d'intégration	Détails du partenariat
SÈVE	Gestion de la chaîne d'approvisionnement	Intégration certifiée avec SAP S / 4HANA
Oracle	Cloud Enterprise Solutions	Intégration validée de la chaîne d'approvisionnement des nuages
Microsoft	Services de plate-forme cloud	Collaboration Azure Cloud Infrastructure

Fournisseurs de services cloud

Manhattan Associates collabore avec les principaux fournisseurs d'infrastructures cloud:

Fournisseur de cloud	Niveau de service	Impact annuel des revenus du cloud
Amazon Web Services (AWS)	Plateforme cloud d'entreprise	42,7 millions de dollars de revenus de services cloud en 2022
Google Cloud	Services d'infrastructure avancés	Revenu estimé de 18,5 millions de dollars de partenariat cloud

Vendeurs de la technologie de la chaîne d'approvisionnement mondiale

• Technologies zèbres
• Bleu là-bas
• Honeywell Intelligrated
• Chaîne d'approvisionnement de Körber

Partenaires de conseil

Cabinet de conseil	Spécialisation	Portée du partenariat
Deloitte	Transformation de la chaîne d'approvisionnement	Services de mise en œuvre de l'entreprise
Accentuation	Technologie logistique	Stratégies de mise en œuvre mondiales
McKinsey & Entreprise	Conseil de chaîne d'approvisionnement stratégique	Advisé en technologie avancée

Partenaires de recherche technologique

• Gartner Research
• Forrester Research
• IDC Supply Chain Insights
• MIT Center for Transportation and Logistics

Manhattan Associates, Inc. (Manh) - Modèle d'entreprise: activités clés

Développement de logiciels de la chaîne d'approvisionnement

Manhattan Associates a investi 183,7 millions de dollars dans les dépenses de R&D en 2022. La société développe un logiciel avancé de gestion de la chaîne d'approvisionnement en mettant l'accent sur:

• Solutions de distribution omnicanal
• Systèmes de gestion des entrepôts
• Plateformes de gestion des transports

Investissement en R&D	Année	Montant
Dépenses totales de R&D	2022	183,7 millions de dollars
Pourcentage de revenus	2022	17.4%

Conception du système de gestion des entrepôts basée sur le cloud

Offres de Manhattan Associates Solutions de gestion des entrepôts natifs du cloud avec des capacités de déploiement dans plusieurs environnements d'infrastructure.

• Architecture cloud évolutive
• Plates-formes SaaS multi-locataires
• Options de déploiement flexibles

Implémentation de la solution logistique d'entreprise

La société dessert plus de 1 400 clients d'entreprise dans le monde, avec des solutions couvrant plusieurs industries.

Segment de clientèle	Nombre d'entreprises
Vente au détail	650
Fabrication	350
Logistique	250
Autres industries	150

Innovation continue et améliorations technologiques

Manhattan Associates maintient une stratégie d'amélioration des technologies cohérente avec les cycles annuels de libération de produits.

• Analyse prédictive alimentée par l'IA
• Algorithmes d'apprentissage automatique
• Optimisation des stocks en temps réel

Support client et services de conseil technique

L'infrastructure de support technique comprend une présence mondiale avec des équipes de services dédiées.

Métrique de soutien	2022 Performance
Centres de soutien mondiaux	12
Temps de réponse moyen	2,5 heures
Taux de satisfaction client	94%

Manhattan Associates, Inc. (Manh) - Modèle d'entreprise: Ressources clés

Talent de génie logiciel avancé

Au quatrième trimestre 2023, Manhattan Associates a employé 1 612 employés au total, avec environ 68% de rôles de génie logiciel et de technologie.

Catégorie des employés	Nombre d'employés	Pourcentage
Total des employés	1,612	100%
Professionnels du génie logiciel	1,096	68%

Technologies de gestion de la chaîne d'approvisionnement propriétaires

Manhattan Associates détient 212 brevets actifs en 2023, en mettant l'accent sur les technologies d'optimisation de la chaîne d'approvisionnement.

• Plateforme d'exécution de la chaîne d'approvisionnement (SCE)
• Système de gestion des entrepôts (WMS)
• Système de gestion des transports (TMS)
• Système de gestion des commandes (OMS)

Portfolio de propriété intellectuelle étendue

L'investissement en R&D en 2023 a totalisé 161,4 millions de dollars, ce qui représente 21,3% des revenus totaux.

Métrique de la propriété intellectuelle	Valeur 2023
Brevets actifs	212
Investissement en R&D	161,4 millions de dollars
R&D en pourcentage de revenus	21.3%

Infrastructure mondiale de support client

Manhattan Associates entretient des opérations de soutien sur 5 continents, avec des capacités de support technique 24/7.

• Centre de soutien en Amérique du Nord
• Centre de soutien européen
• Centre de soutien en Asie-Pacifique
• Centre de soutien latino-américain
• Centre de soutien au Moyen-Orient et en Afrique

Plates-formes technologiques basées sur le cloud robustes

Les revenus de la plate-forme cloud ont atteint 376,2 millions de dollars en 2023, ce qui représente 49,6% du total des revenus de l'entreprise.

Métrique de plate-forme cloud	Valeur 2023
Revenus de plate-forme cloud	376,2 millions de dollars
Pourcentage du total des revenus	49.6%
Clients de plate-forme cloud	1,247

Manhattan Associates, Inc. (Manh) - Modèle d'entreprise: propositions de valeur

Solutions complètes d'optimisation de la chaîne d'approvisionnement

Manhattan Associates fournit des solutions de logiciels de chaîne d'approvisionnement en entreprise avec les mesures clés suivantes:

Catégorie de solution	Contribution annuelle des revenus	Pénétration du marché
Optimisation de la chaîne d'approvisionnement	605,4 millions de dollars	42% des entreprises du Fortune 500
Systèmes de gestion des entrepôts	412,7 millions de dollars	38% de part de marché mondial de la vente au détail

Gestion des stocks et logistique en temps réel

Les solutions d'inventaire en temps réel de Manhattan livrent:

• Précision du suivi des stocks à 99,8%
• Réduction moyenne de 22% des coûts logistiques
• Visibilité des stocks de sous-seconde sur les réseaux mondiaux

Plates-formes logicielles d'entreprise évolutives et adaptables

Les capacités de plate-forme logicielle d'entreprise comprennent:

Métrique de la plate-forme	Performance
Taux de déploiement du cloud	67% de la clientèle totale
Temps de déploiement moyen des clients	3-4 mois
Revenus de licence logicielle annuelle	478,3 millions de dollars

Analyse avancée et capacités de modélisation prédictive

Offres d'analyse avancées:

• Algorithmes d'apprentissage automatique Traitement 2.3 pétaoctets de données par an
• Taux de précision de modélisation prédictive de 87,5%
• Assistance à la décision en temps réel pour plus de 3 200 clients d'entreprise

Augmentation de l'efficacité opérationnelle pour les entreprises mondiales

Métrique d'efficacité	Impact de la performance
Réduction moyenne des coûts opérationnels du client	27-35%
Clients d'entreprise mondiaux	Plus de 1 700 entreprises
Revenus annuels des solutions d'efficacité	689,2 millions de dollars

Manhattan Associates, Inc. (Manh) - Modèle d'entreprise: relations clients

Équipes de gestion des comptes dédiés

Manhattan Associates maintient plus de 500 clients de niveau d'entreprise dans 51 pays. La société alloue environ 78 gestionnaires de comptes spécialisés pour soutenir les principaux clients de l'entreprise.

Segment de clientèle	Managers dévoués	Valeur moyenne du compte
Grandes entreprises	42	2,3 millions de dollars par an
Entreprises de marché intermédiaire	36	750 000 $ par an

Support technique et consultation en cours

Manhattan Associates fournit Support technique mondial 24/7 avec des temps de réponse en moyenne 15 minutes pour les problèmes critiques.

• Les canaux de support incluent le téléphone, les e-mails et la billetterie en ligne
• Temps de résolution moyen: 4,2 heures
• Support disponible en 12 langues

Mises à jour logicielles régulières et maintenance

La société publie 2-3 mises à jour logicielles majeures chaque année, avec des mises à jour trimestrielles de correctifs et de sécurité.

Type de mise à jour	Fréquence	Coût de développement moyen
Version majeure de version	2-3 fois / an	1,2 million de dollars
Mises à jour de la maintenance	Trimestriel	$350,000

Assistance à la formation et à la mise en œuvre

Manhattan Associates offre un support de mise en œuvre complet avec une durée moyenne du projet de 16 à 20 semaines.

• Séances de formation sur place
• Modules de formation virtuelle
• Stratégies de mise en œuvre personnalisées
• Coût de mise en œuvre moyen: 175 000 $ par entreprise client

Programmes de réussite client

La société maintient un Taux de rétention à 95% Grâce à des initiatives de réussite ciblées.

Programme	Participants	Investissement annuel
Conseil consultatif client	42 clients d'entreprise	$450,000
Programme de gestion du succès	Plus de 1 200 clients	2,1 millions de dollars

Manhattan Associates, Inc. (Manh) - Modèle d'entreprise: canaux

Équipe de vente directe d'entreprise

Manhattan Associates maintient une force de vente directe mondiale de 427 représentants des ventes d'entreprises au quatrième trimestre 2023. L'équipe commerciale opère dans 5 régions géographiques primaires:

Région	Représentants des ventes	Contribution des revenus
Amérique du Nord	218	62.3%
Europe	87	21.5%
Asie-Pacifique	72	12.4%
l'Amérique latine	35	3.8%
Moyen-Orient / Afrique	15	0.9%

Plateformes de marketing numérique en ligne

Les canaux de marketing numérique génèrent 34,6% de l'acquisition totale de plomb pour Manhattan Associates en 2023.

• Budget publicitaire LinkedIn: 2,7 millions de dollars par an
• Dépenses de publicité Google: 1,9 million de dollars par an
• Publicité numérique programmatique: 1,2 million de dollars par an

Conférences de technologie et événements de l'industrie

Manhattan Associates participe à 37 conférences majeures de technologie et de chaîne d'approvisionnement chaque année, avec un budget marketing d'événements de 4,3 millions de dollars en 2023.

Type d'événement	Nombre d'événements	Fréquentation moyenne
Conférences mondiales de la chaîne d'approvisionnement	18	1 200 participants
Forsion de commerce technologique	12	850 participants
Séminaires spécifiques à l'industrie	7	450 participants

Réseaux de référence de partenaire stratégique

Le réseau partenaire génère 22,4% du total des revenus de l'entreprise en 2023.

• Partenaires technologiques stratégiques totaux: 127
• Commission de référence du partenaire moyen: 15,3%
• Revenus de réseau partenaire: 127,6 millions de dollars

Démonstations de produits sur le Web

Statistiques de la plate-forme de démonstration de produits en ligne pour 2023:

• Démos Web totaux réalisés: 3 412
• Durée de démo moyenne: 45 minutes
• Taux de conversion de la démo en ventes: 22,7%
• Investissement de plate-forme de démonstration Web: 1,1 million de dollars

Manhattan Associates, Inc. (Manh) - Modèle d'entreprise: segments de clientèle

Grandes sociétés de vente au détail

Manhattan Associates dessert plus de 1 200 grandes sociétés de vente au détail dans le monde. Les clients clés comprennent:

Segment de vente au détail	Nombre de clients	Contribution annuelle des revenus
Détaillants de vêtements	350	187,4 millions de dollars
Détaillants de biens de consommation	275	142,6 millions de dollars
Détaillants spécialisés	225	116,3 millions de dollars

Sociétés de logistique et de transport

Manhattan Associates soutient plus de 800 organisations logistiques dans le monde.

• Fournisseurs 3PL: 425 clients
• Sociétés de transfert de fret: 215 clients
• Sociétés de gestion des transports: 160 clients

Entreprises de fabrication

La clientèle de fabrication comprend 650 entreprises mondiales.

Secteur manufacturier	Nombre de clients	Valeur du contrat annuel
Fabrication automobile	185	93,7 millions de dollars
Fabrication de haute technologie	275	141,2 millions de dollars
Fabrication de biens de consommation	190	86,5 millions de dollars

Entreprises de commerce électronique

Manhattan Associates dessert plus de 950 clients de commerce électronique sur différentes échelles.

• Grands plates-formes de commerce électronique: 275 clients
• Détaillants en ligne de taille moyenne: 425 clients
• Marques directes aux consommateurs: 250 clients

Organisations mondiales de la chaîne d'approvisionnement

Manhattan Associates soutient plus de 1 100 organisations mondiales de chaîne d'approvisionnement mondiales.

Région géographique	Nombre de clients	Valeur totale du contrat
Amérique du Nord	525	267,3 millions de dollars
Europe	325	165,7 millions de dollars
Asie-Pacifique	250	127,4 millions de dollars

Manhattan Associates, Inc. (Manh) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2022, Manhattan Associates a investi 141,5 millions de dollars dans la recherche et le développement, ce qui représente 22,1% des revenus totaux.

Exercice fiscal	Investissement en R&D	Pourcentage de revenus
2022	141,5 millions de dollars	22.1%
2021	130,2 millions de dollars	21.6%

Dépenses du personnel d'ingénierie logicielle

Les dépenses totales du personnel pour le génie logiciel en 2022 étaient d'environ 214,3 millions de dollars.

• Salaire moyen de l'ingénieur logiciel: 112 000 $
• Total du travail d'ingénierie logicielle: 425 employés
• Avantages et rémunération supplémentaire: 25 à 30% du salaire de base

Maintenance des infrastructures cloud

Les coûts annuels de la maintenance des infrastructures cloud et de la technologie pour 2022 étaient de 47,6 millions de dollars.

Fournisseur de services cloud	Dépenses annuelles
Services Web Amazon	28,3 millions de dollars
Microsoft Azure	19,3 millions de dollars

Opérations de marketing et de vente

Les frais de marketing et de vente pour 2022 ont totalisé 187,9 millions de dollars.

• Budget de marketing numérique: 42,5 millions de dollars
• Compensation de l'équipe de vente: 93,4 millions de dollars
• Salon du commerce et marketing d'événements: 15,2 millions de dollars
• Marketing et publicité de contenu: 36,8 millions de dollars

Support client et programmes de formation

Le support client et le programme de formation pour 2022 étaient de 62,7 millions de dollars.

Catégorie de support	Dépenses annuelles
Personnel de soutien technique	38,9 millions de dollars
Développement du programme de formation	14,3 millions de dollars
Ressources de formation client	9,5 millions de dollars

Manhattan Associates, Inc. (Manh) - Modèle d'entreprise: Strots de revenus

Frais de licence de logiciel d'entreprise

Pour l'exercice 2023, Manhattan Associates a déclaré un chiffre d'affaires total de 726,3 millions de dollars. Les frais de licence de logiciels d'entreprise constituaient une partie importante de ces revenus.

Catégorie de revenus	Montant (2023)	Pourcentage du total des revenus
Licence de logiciel d'entreprise	254,2 millions de dollars	35%

Services d'abonnement basés sur le cloud

Les revenus d'abonnement cloud pour Manhattan Associates en 2023 ont démontré une forte croissance.

Métriques d'abonnement cloud	Valeur 2023
Revenus récurrents du cloud	231,5 millions de dollars
Taux de croissance de l'abonnement à cloud	18.6%

Conseil de mise en œuvre professionnelle

Les services de mise en œuvre ont contribué à la diversification des revenus de l'entreprise.

Revenus de services de conseil	2023 Montant
Revenus de services professionnels	112,7 millions de dollars

Contrats annuels de maintenance et de soutien

Les contrats de maintenance et de soutien fournissent des revenus récurrents stables à Manhattan Associates.

Détails du contrat de maintenance	2023 chiffres
Revenus de maintenance annuelle	128,6 millions de dollars

Services de développement de solutions personnalisés

Les solutions personnalisées représentent une autre source de revenus pour l'entreprise.

Métriques de la solution personnalisée	2023 données
Revenus de services de développement personnalisés	89,4 millions de dollars

Répartition clé des revenus pour 2023:

• Revenu total de l'entreprise: 726,3 millions de dollars
• Licence de logiciel d'entreprise: 254,2 millions de dollars
• Revenus d'abonnement cloud: 231,5 millions de dollars
• Services professionnels: 112,7 millions de dollars
• Contrats de maintenance: 128,6 millions de dollars

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.