project44 realizes 135% Year-Over-Year Growth in New Logos and Over 100% in ARR Growth in a Strong Start to 2021
Company’s enterprise net retention grows to 125% as project44 lands record number of new enterprise customers, expands its lead in carrier network coverage, and acquires Ocean Insights
CHICAGO–(BUSINESS WIRE)–Today project44, the global leader in supply chain visibility, announced record growth in 2021, achieving 135% in new customer bookings year-over-year and landing more than 50 new accounts within the first quarter of 2021. Part of its first quarter growth also included the acquisition of Ocean Insights in March. Customer adoption in Q1 was also strong, with enterprise retention at 125%, while another 123 people were hired in an aggressive push to expand the company’s footprint in the market. In addition, project44 greatly extended its lead on the carrier network front and launched several new product enhancements that deliver greater supply chain resiliency and open new opportunities for ecosystem partners. With project44, shippers, carriers, and third-party logistics providers can operate more efficiently, mitigate disruptions, and collaborate with each other to more efficiently meet customer demand. Collectively, project44 will enable these platform participants to remove over $2B in transportation costs from their supply chains this year.
“2021 is off to an amazing start for project44, fueled by an increase in demand for real-time visibility and a dramatic rise in our ability to beat our competition in head-to-head deals,” said Jett McCandless, founder and CEO of project44. “Now more than ever, visibility is vital to carriers, shippers, and logistics providers, and our team’s capacity for flawless execution has put p44 in an incredibly strong leadership position.”
In addition to the robust growth performance, early 2021 milestones include:
Named Leader in Gartner Magic Quadrant – Gartner named project44 a Leader in the research firm’s first ever Magic Quadrant for Real-Time Transportation Visibility Platforms (RTTVP). Gartner evaluated 14 vendors out of which project44 received the highest placement for its ability to execute and was also recognized for its completeness of vision.
Expanded Carrier Network Coverage – project44 continues to enjoy the largest global carrier network, growing 112% over the last 12 months with over 212,000 active data sharing connections. In January, the company opened a Center of Excellence in Krakow, Poland, to rapidly scale carrier onboarding efforts. At the same time, project44 nearly doubled its global carrier onboarding teams, which includes the support of 16 languages, and added a dedicated customer onboarding function.
Growing Partner Ecosystem – project44 launched air freight tracking, which is now available for all SAP LBN customers, and also partnered with SupplyStack for TMS integration and Time Slot Booking solutions for extended warehouse visibility. These applications yielded new customer wins in North America, Europe, and Asia.
Rapid Team Expansion – Since the beginning of Q1, the project44 team grew exponentially – with 123 more team members in just three months. Several those new hires included women executives, such as Diane Gordon, SVP of Global Customer Success, and Sanida Bratt, SVP of Product Management.
New Products – project44 launched several new products, including: Port Intel, a real-time port congestion aid for shippers; Supplier Visibility, a product that tracks hard-to-track shipments for prepaid supplier freight; and integrated Slot-booking, which merges third party time slot booking capabilities with real-time visibility directly on the p44 platform.
Key Data Insights – In March, Ocean Insights, a project44 company, released its ocean shipment data that provided critical insight into the impact of ongoing delays at major ports, including the catastrophic Suez Canal blockage. The analysis was cited in key publications such as The Financial Times, The Wall Street Journal, Daily Mail, Wired, Bloomberg, RT and more.
To learn more, visit www.project44.com.
About project44
project44 solves some of the world’s most critical logistics challenges by connecting, automating, and providing real-time visibility into global transportation processes. With project44’s cloud-based platform, organizations can increase operational efficiencies, reduce costs, improve shipping performance, and deliver an exceptional, Amazon-like experience to their customers. project44 supports all transportation modes and shipping types, including air, parcel, final-mile, less-than-truckload, volume less-than-truckload, groupage, truckload, rail, intermodal, and ocean. To learn more, visit www.project44.com.
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