Business & Investment

Executive Insights by Jett McCandless on Record Growth for project44

  • project44 (p44) is the world’s leading visibility platform for BCOs and LSPs.
  • p44 announced record growth in ARR of 123% year-on-year in the second quarter
  • Over 680 world-leading brands rely on project44 for visibility

project44 is the world’s leading advanced visibility platform for shippers and logistics service providers. project44 connects, automates, and visualizes key transportation processes to accelerate insights and reduce the time it takes to put those insights into action.

project44 We announced record growth in the second quarter. This includes a company’s net dollar retention of 129% and ARR of 123% year-on-year increase. Already the largest visibility platform company, measured by ARR, number of customers, and carriers, the ARR for project44 in the second quarter is the sum of the next top six visibility companies totaled in the same quarter. Exceeded.

This unprecedented market momentum is due to strategic acquisitions, increased value to customers, and unmatched global capabilities.

We met with Jett McCandless, CEO and founder of project44, to find out more about the company’s progress, strategy, and the secrets behind these results.

SFR: Welcome to SFR. Congratulations on the release of the results for the second quarter and the success so far. For the benefit of the reader, briefly explain what is behind the name project44 .. ??.

JMc: Route 66 is an American transportation icon. The highway was founded in 1926 to connect Project 44’s hometown of Chicago, Illinois, with Santa Monica, California.

It was the main route for people migrating to the West Coast, and businesses that started along the route made it a prosperous corridor.

Decades after its opening, the “Main Street of America” ​​was unable to support the country’s growing demand, and Highway 44 was developed as the first major bypass of Route 66.

This is a good example of an ambitious new transportation infrastructure that connects growing countries with an expanding supply chain, and is the perfect project to which our name comes from.

SFR: That’s a great story .. From its founding in 2014 to the present, the progress of project44 has been astounding. To say the least .. 2020 and 2021 are interesting years for the industry and set a lot of records. Support for project44 last year and this year .. ??

JMc: Over the past year, almost every organization in the world has addressed the effects of supply chain disruptions caused by hurricanes, trade wars, port blockades, floods, or global outbreaks.

These organizations are flocking to a multimodal visibility platform. It helps us anticipate challenges before they occur and move from a responsive attitude to a more agile and aggressive approach.

The global supply chain turmoil, coupled with the market excitement surrounding the acquisition of ClearMetal and Ocean Insights, contributed to the surge in customers choosing project44 in the second quarter.

The project44 platform currently supports over 680 global shippers and third-party logistics providers, providing visibility into over 110,000 multimodal carrier integrations and a network of 1.8 million assets. This is the largest carrier network available on the visibility platform.

Today, over 680 world-leading brands rely on project44.

  • Top 3 Fortune 100 Companies
  • 11 of the top 20 CPG conglomerates in the world
  • 9 out of the top 10 international cargo forwarders
  • 8 of the world’s top 10 freight brokers
  • 8 of 2021 Gartner Top 25 Supply Chain, Including 4 out of 5 recognized as masters

It’s a really exciting time in project44.

SFR: How is your investment made and the USP that project44 focused on is currently the largest ARR and fastest growing SaaS platform for real-time end-to-end transport visibility. What was it like .. ??

JMc: In the second quarter, project44 Investment in Series E is $ 202 million It was jointly led by investors Goldman Sachs Asset Management (Goldman Sachs) and Emergency Capital.

With the acquisition of ClearMetal and Ocean Insights and subsequent integration, 74 new customers entered the platform in the second quarter. This includes 44 new global shippers, with new logo growth up 573% year-on-year.

ClearMetal brings the world’s top data scientists and machine learning experts in logistics, along with three data quality patents (pending).

Ocean Insights added unmatched ocean visibility, increasing total quarterly ocean visibility sales by more than 500% and a second-quarter ocean ARR of $ 2.9 million.

The acquisition of Ocean Insights and Clear Metal in project44 has been well received by our customers and the market is understated.

ClearMetal data science and machine learning expertise can solve your multimodal transport visibility and key ETA challenges, and Ocean Insights can bridge the ocean visibility gap you previously faced. can. This is the value that the project44 platform offers. The number of customers has increased explosively, resulting in an explosive quarter.

SFR: How does project44’s client acquisition plan work and what are the key strengths clients have seen in project44’s products .. ??

JMc: The winning percentage of project44 against competitors continues to rise. In new transactions in the second quarter, customers had an 84% chance of choosing project44 over their North American competitors and a 92% chance of choosing it over their European competitors.

According to our customers, the main reasons for choosing are:

  • Unmatched data quality with industry-leading patented machine learning technology
  • Rapid onboarding, low resource requirements, and Industry’s first and best career onboarding program and SLAs
  • Strong global network coverage in Europe and physical presence in South America and Asia
  • Strengths that provide shippers with inbound visibility from uncontrolled supplier shipments

Tailored Brands, Inc., one of our valued customers. Jamie Bragg, Chief Supply Chain Officer, shared this:

“”What has taught us anything in the last 18 months is that the world’s supply chain is in flux and will continue into the foreseeable future.

Increased visibility, state-of-the-art business intelligence on raw material locations, and products manufactured and purchased worldwide will be key elements of future supply chains. With project44, you’ll be better able to manage your inventory, workforce, and consumer expectations in a way that has a positive impact on both the top and bottom lines of your business.

SFR: The story of project44 started in Chicago, but since 2014 it has covered a little more of the world. Which region does project44 currently serve?

JMc: Investment in the geographic expansion of project44 has resulted in unprecedented growth in Europe, with a 223% year-on-year increase in new customers choosing project44.

Our aggressive carrier network expansion and commercial commitment is to recruit carriers and data science to provide the industry’s most complete global data across all modes of transportation and borders, industry-leading customers. We focused on several areas, such as the success of.

In the second quarter, Strategic Global Partnership with CEVA Logistics We are expanding our footprint in growing regions such as Brazil, Italy, the United Kingdom, Turkey, the Netherlands and Australia.

In addition, commercial activities in Asia have expanded.Announced Real-time cargo tracking service in China It provides project44 customers with the same Asia Pacific transportation visibility that it offers across North America and Europe.

*** End of article ***

Executive Insights by Jett McCandless on Record Growth for project44 Executive Insights by Jett McCandless on Record Growth for project44

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