Manhattan Associates, Inc. (Manh): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo em rápida evolução da tecnologia da cadeia de suprimentos, a Manhattan Associates, Inc. (Manh) surge como uma potência transformadora, revolucionando como as empresas globais gerenciam a logística complexa e os desafios de inventário. Ao integrar perfeitamente soluções de software de ponta com análises avançadas e plataformas baseadas em nuvem, a Manha capacita empresas nos setores de varejo, fabricação e comércio eletrônico para otimizar sua eficiência operacional e impulsionar o crescimento estratégico. Seu inovador modelo de negócios Canvas revela uma abordagem sofisticada que vai além do desenvolvimento tradicional de software, posicionando a empresa como um facilitador crítico da inteligência moderna da cadeia de suprimentos.

Manhattan Associates, Inc. (Manh) - Modelo de negócios: Parcerias -chave

Parceiros de integração de software

A Manhattan Associates mantém parcerias estratégicas com os principais provedores de software corporativo:

Parceiro	Foco de integração	Detalhes da parceria
SEIVA	Gestão da cadeia de abastecimento	Integração certificada com SAP S/4HANA
Oráculo	Soluções em nuvem Enterprise	Integração da cadeia de suprimentos de nuvem validada
Microsoft	Serviços de plataforma em nuvem	Colaboração de infraestrutura em nuvem do Azure

Provedores de serviços em nuvem

Manhattan associa colabora com os principais provedores de infraestrutura em nuvem:

Provedor de nuvem	Nível de serviço	Impacto anual da receita em nuvem
Amazon Web Services (AWS)	Plataforma Enterprise Cloud	Receita de serviços em nuvem de US $ 42,7 milhões em 2022
Google Cloud	Serviços de infraestrutura avançada	Receita de parceria em nuvem estimada em US $ 18,5 milhões

Fornecedores globais de tecnologia da cadeia de suprimentos

• Tecnologias Zebra
• Azul mais
• Honeywell Intelligrated
• Cadeia de suprimentos Körber

Parceiros de consultoria

Empresa de consultoria	Especialização	Escopo da parceria
Deloitte	Transformação da cadeia de suprimentos	Serviços de implementação corporativa
Accenture	Tecnologia de logística	Estratégias de implementação global
McKinsey & Empresa	Consultoria estratégica da cadeia de suprimentos	Aviso de tecnologia avançada

Parceiros de pesquisa em tecnologia

• Pesquisa do Gartner
• Forrester Research
• Insights da cadeia de suprimentos da IDC
• MIT Center for Transportation and Logistics

Manhattan Associates, Inc. (Manh) - Modelo de negócios: Atividades -chave

Desenvolvimento de software da cadeia de suprimentos

A Manhattan Associates investiu US $ 183,7 milhões em despesas de P&D em 2022. A Companhia desenvolve um software avançado de gerenciamento de cadeia de suprimentos com foco específico em:

• Soluções de distribuição omnichannel
• Sistemas de gerenciamento de armazém
• Plataformas de gerenciamento de transporte

Investimento em P&D	Ano	Quantia
Despesas totais de P&D	2022	US $ 183,7 milhões
Porcentagem de receita	2022	17.4%

Design do sistema de gerenciamento de armazém baseado em nuvem

A Manhattan Associates oferece Soluções de gerenciamento de armazém nativos da nuvem com recursos de implantação em vários ambientes de infraestrutura.

• Arquitetura em nuvem escalável
• Plataformas SaaS de vários inquilinos
• Opções de implantação flexíveis

Implementação da solução de logística da empresa

A empresa atende a mais de 1.400 clientes corporativos em todo o mundo, com soluções abrangendo vários setores.

Segmento de clientes	Número de empresas
Varejo	650
Fabricação	350
Logística	250
Outras indústrias	150

Atualizações contínuas de inovação de produtos e tecnologia

A Manhattan Associates mantém a estratégia de aprimoramento de tecnologia consistente com os ciclos anuais de liberação de produtos.

• Analítica preditiva movida a IA
• Algoritmos de aprendizado de máquina
• Otimização de inventário em tempo real

Suporte ao cliente e serviços de consultoria técnica

A infraestrutura de suporte técnico inclui presença global com equipes de serviço dedicadas.

Métrica de suporte	2022 Performance
Centros de Suporte Global	12
Tempo médio de resposta	2,5 horas
Taxa de satisfação do cliente	94%

Manhattan Associates, Inc. (Manh) - Modelo de negócios: Recursos -chave

Talento avançado de engenharia de software

A partir do quarto trimestre 2023, a Manhattan Associates empregou 1.612 funcionários totais, com aproximadamente 68% concentrados em funções de engenharia de software e tecnologia.

Categoria de funcionários	Número de funcionários	Percentagem
Total de funcionários	1,612	100%
Profissionais de engenharia de software	1,096	68%

Tecnologias de gerenciamento da cadeia de suprimentos proprietárias

A Manhattan Associates possui 212 patentes ativas a partir de 2023, com foco nas tecnologias de otimização da cadeia de suprimentos.

• Plataforma de execução da cadeia de suprimentos (SCE)
• Sistema de Gerenciamento de Warehouse (WMS)
• Sistema de Gerenciamento de Transporte (TMS)
• Sistema de Gerenciamento de Ordem (OMS)

Portfólio de propriedade intelectual extensa

O investimento em P&D em 2023 totalizou US $ 161,4 milhões, representando 21,3% da receita total.

Métrica de propriedade intelectual	2023 valor
Patentes ativas	212
Investimento em P&D	US $ 161,4 milhões
P&D como porcentagem de receita	21.3%

Infraestrutura de suporte ao cliente global

A Manhattan Associates mantém operações de suporte em 5 continentes, com recursos de suporte técnico 24/7.

• Centro de Apoio à América do Norte
• Centro de Apoio Europeu
• Centro de Suporte da Ásia-Pacífico
• Centro de Apoio Latino -Americano
• Oriente Médio e Centro de Apoio à África

Plataformas de tecnologia robustas baseadas em nuvem

A receita da plataforma em nuvem atingiu US $ 376,2 milhões em 2023, representando 49,6% da receita total da empresa.

Métrica da plataforma em nuvem	2023 valor
Receita da plataforma em nuvem	US $ 376,2 milhões
Porcentagem da receita total	49.6%
Clientes de plataforma em nuvem	1,247

Manhattan Associates, Inc. (Manh) - Modelo de Negócios: Proposições de Valor

Soluções abrangentes da cadeia de suprimentos

A Manhattan Associates fornece soluções de software de cadeia de suprimentos em nível empresarial com as seguintes métricas-chave:

Categoria de solução	Contribuição anual da receita	Penetração de mercado
Otimização da cadeia de suprimentos	US $ 605,4 milhões	42% das empresas da Fortune 500
Sistemas de gerenciamento de armazém	US $ 412,7 milhões	38% de participação no mercado global de varejo

Gerenciamento de inventário e logística em tempo real

As soluções de inventário em tempo real de Manhattan são entregues:

• 99,8% de precisão de rastreamento de inventário
• Redução média de 22% nos custos logísticos
• Visibilidade do estoque de subsendores em redes globais

Plataformas de software corporativo escalável e adaptável

Os recursos da plataforma de software corporativo incluem:

Métrica da plataforma	Desempenho
Taxa de implantação em nuvem	67% da base total de clientes
Tempo médio de implantação do cliente	3-4 meses
Receita anual de licença de software	US $ 478,3 milhões

Análise avançada e recursos de modelagem preditiva

Ofertas de análise avançada:

• Algoritmos de aprendizado de máquina Processando 2.3 Petabytes de dados anualmente
• Taxa de precisão de modelagem preditiva de 87,5%
• Suporte à decisão em tempo real para mais de 3.200 clientes corporativos

Maior eficiência operacional para empresas globais

Métrica de eficiência	Impacto no desempenho
Redução média de custo operacional do cliente	27-35%
Clientes da empresa global	1.700 mais de empresas
Receita anual de soluções de eficiência	US $ 689,2 milhões

Manhattan Associates, Inc. (Manh) - Modelo de Negócios: Relacionamentos do Cliente

Equipes de gerenciamento de contas dedicadas

A Manhattan Associates mantém mais de 1.500 clientes em nível corporativo em 51 países. A Companhia aloca aproximadamente 78 gerentes de contas especializadas para apoiar os principais clientes corporativos.

Segmento de clientes	Gerentes dedicados	Valor médio da conta
Grandes empresas	42	US $ 2,3 milhões anualmente
Empresas do mercado intermediário	36	US $ 750.000 anualmente

Suporte técnico e consulta em andamento

Manhattan Associates fornece Suporte técnico global 24/7 Com os tempos de resposta, com média de 15 minutos para questões críticas.

• Os canais de suporte incluem telefone, email e bilhetes baseados na Web
• Tempo médio de resolução: 4,2 horas
• Suporte disponível em 12 idiomas

Atualizações regulares de software e manutenção

A empresa libera 2-3 atualizações principais de software anualmente, com atualizações trimestrais de patches e segurança.

Tipo de atualização	Freqüência	Custo médio de desenvolvimento
Versão principal da versão	2-3 vezes/ano	US $ 1,2 milhão
Atualizações de manutenção	Trimestral	$350,000

Assistência de treinamento e implementação

A Manhattan Associates oferece suporte abrangente de implementação com uma duração média do projeto de 16 a 20 semanas.

• Sessões de treinamento no local
• Módulos de treinamento virtual
• Estratégias de implementação personalizadas
• Custo médio de implementação: US $ 175.000 por cliente corporativo

Programas de sucesso do cliente

A empresa mantém um Taxa de retenção de clientes de 95% através de iniciativas de sucesso direcionadas.

Programa	Participantes	Investimento anual
Conselho Consultivo do Cliente	42 clientes corporativos	$450,000
Programa de gerenciamento de sucesso	1.200 mais clientes	US $ 2,1 milhões

Manhattan Associates, Inc. (Manh) - Modelo de Negócios: Canais

Equipe de vendas da empresa direta

A Manhattan Associates mantém uma força de vendas direta global de 427 representantes de vendas corporativas a partir do quarto trimestre 2023. A equipe de vendas opera em 5 regiões geográficas primárias:

Região	Representantes de vendas	Contribuição da receita
América do Norte	218	62.3%
Europa	87	21.5%
Ásia -Pacífico	72	12.4%
América latina	35	3.8%
Oriente Médio/África	15	0.9%

Plataformas de marketing digital online

Os canais de marketing digital geram 34,6% da aquisição total de chumbo para a Manhattan Associates em 2023.

• Orçamento de publicidade do LinkedIn: US $ 2,7 milhões anualmente
• Gastos do Google anúncios: US $ 1,9 milhão anualmente
• Publicidade digital programática: US $ 1,2 milhão anualmente

Conferências de Tecnologia e Eventos da Indústria

A Manhattan Associates participa de 37 grandes conferências de tecnologia e cadeia de suprimentos anualmente, com um orçamento de marketing de eventos de US $ 4,3 milhões em 2023.

Tipo de evento	Número de eventos	Participação média
Conferências da cadeia de suprimentos globais	18	1.200 participantes
Feiras de tecnologia	12	850 participantes
Seminários específicos da indústria	7	450 participantes

Redes de referência de parceiro estratégico

A rede parceira gera 22,4% da receita total da empresa em 2023.

• Total Strategic Technology Partners: 127
• Comissão média de referência de parceiros: 15,3%
• Receita de rede de parceiros: US $ 127,6 milhões

Demonstrações de produtos baseadas na Web

Estatísticas da plataforma de demonstração de produtos on -line para 2023:

• Total de demonstrações da web realizada: 3.412
• Duração média da demonstração: 45 minutos
• Taxa de conversão de demonstração para vendas: 22,7%
• Investimento da plataforma de demonstração da web: US $ 1,1 milhão

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

Grandes empresas de varejo

A Manhattan Associates atende 1.200 mais grandes empresas de varejo em todo o mundo. Os principais clientes incluem:

Segmento de varejo	Número de clientes	Contribuição anual da receita
Varejistas de vestuário	350	US $ 187,4 milhões
Varejistas de bens de consumo	275	US $ 142,6 milhões
Varejistas especializados	225	US $ 116,3 milhões

Empresas de logística e transporte

A Manhattan Associates suporta mais de 800 organizações de logística em todo o mundo.

• Provedores 3PL: 425 clientes
• Empresas de encaminhamento de frete: 215 clientes
• Empresas de gerenciamento de transporte: 160 clientes

Empresas de fabricação

A base de clientes de fabricação inclui 650 empresas globais.

Setor de manufatura	Contagem de clientes	Valor anual do contrato
Fabricação automotiva	185	US $ 93,7 milhões
Fabricação de alta tecnologia	275	US $ 141,2 milhões
Fabricação de bens de consumo	190	US $ 86,5 milhões

Negócios de comércio eletrônico

A Manhattan Associates atende a mais de 950 clientes de comércio eletrônico em diferentes escalas.

• Grandes plataformas de comércio eletrônico: 275 clientes
• Varejistas on-line de médio porte: 425 clientes
• Marcas diretas ao consumidor: 250 clientes

Organizações globais da cadeia de suprimentos

A Manhattan Associates suporta 1.100 mais de organizações globais da cadeia de suprimentos.

Região geográfica	Número de clientes	Valor total do contrato
América do Norte	525	US $ 267,3 milhões
Europa	325	US $ 165,7 milhões
Ásia-Pacífico	250	US $ 127,4 milhões

Manhattan Associates, Inc. (Manh) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Manhattan Associates investiu US $ 141,5 milhões em pesquisa e desenvolvimento, representando 22,1% da receita total.

Ano fiscal	Investimento em P&D	Porcentagem de receita
2022	US $ 141,5 milhões	22.1%
2021	US $ 130,2 milhões	21.6%

Despesas de pessoal de engenharia de software

O total de despesas de pessoal para engenharia de software em 2022 foi de aproximadamente US $ 214,3 milhões.

• Salário médio de engenheiro de software: US $ 112.000
• Força de trabalho total de engenharia de software: 425 funcionários
• Benefícios e compensação adicional: 25-30% do salário-base

Manutenção da infraestrutura em nuvem

Os custos anuais de infraestrutura em nuvem e manutenção de tecnologia para 2022 foram de US $ 47,6 milhões.

Provedor de serviços em nuvem	Despesas anuais
Amazon Web Services	US $ 28,3 milhões
Microsoft Azure	US $ 19,3 milhões

Operações de marketing e vendas

As despesas de marketing e vendas de 2022 totalizaram US $ 187,9 milhões.

• Orçamento de marketing digital: US $ 42,5 milhões
• Compensação da equipe de vendas: US $ 93,4 milhões
• Feira de feira e marketing de eventos: US $ 15,2 milhões
• Marketing de conteúdo e publicidade: US $ 36,8 milhões

Programas de suporte e treinamento do cliente

Os custos de suporte e treinamento do cliente para 2022 foram de US $ 62,7 milhões.

Categoria de suporte	Despesas anuais
Equipe de suporte técnico	US $ 38,9 milhões
Desenvolvimento do Programa de Treinamento	US $ 14,3 milhões
Recursos de educação do cliente	US $ 9,5 milhões

Manhattan Associates, Inc. (Manh) - Modelo de negócios: fluxos de receita

Taxas de licenciamento de software corporativo

Para o ano fiscal de 2023, a Manhattan Associates registrou receita total de US $ 726,3 milhões. As taxas de licenciamento de software corporativo constituíam uma parcela significativa desta receita.

Categoria de receita	Valor (2023)	Porcentagem da receita total
Licenciamento de software corporativo	US $ 254,2 milhões	35%

Serviços de assinatura baseados em nuvem

A receita de assinatura em nuvem para os associados de Manhattan em 2023 demonstrou forte crescimento.

Métricas de assinatura em nuvem	2023 valor
Receita recorrente em nuvem	US $ 231,5 milhões
Taxa de crescimento de assinatura em nuvem	18.6%

Consultoria de Implementação Profissional

Os serviços de implementação contribuíram para a diversificação de receita da empresa.

Receita de serviço de consultoria	2023 quantidade
Receita de Serviços Profissionais	US $ 112,7 milhões

Contratos anuais de manutenção e apoio

Os contratos de manutenção e apoio fornecem receita recorrente estável para os associados de Manhattan.

Detalhes do contrato de manutenção	2023 Figuras
Receita anual de manutenção	US $ 128,6 milhões

Serviços de desenvolvimento de soluções personalizadas

As soluções personalizadas representam outro fluxo de receita para a empresa.

Métricas de solução personalizadas	2023 dados
Receita de Serviços de Desenvolvimento Custom	US $ 89,4 milhões

Principal Receita de Receita para 2023:

• Receita total da empresa: US $ 726,3 milhões
• Licenciamento de software corporativo: US $ 254,2 milhões
• Receita de assinatura em nuvem: US $ 231,5 milhões
• Serviços profissionais: US $ 112,7 milhões
• Contratos de manutenção: US $ 128,6 milhões

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.