- project44 (p44) is the world’s leading visibility platform for BCOs and LSPs
- p44 announced record growth of 123% Y-O-Y growth in ARR in Q2
- More than 680 of the world’s 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 provides visibility into key transportation processes to accelerate insights and shorten the time it takes to turn those insights into actions.
project44 announced record growth in Q2, including enterprise net dollar retention of 129% and 123% year-over-year growth in ARR. Already the largest visibility platform company as measured by ARR, customer count, and carriers, project44’s ARR in Q2 was more than the sum of the next top six visibility companies combined for the same quarter.
This unprecedented market momentum has been attributed to strategic acquisitions, increased value for customers and unmatched global capabilities.
We caught up with Jett McCandless, CEO and Founder of project44, to find out more details on the progress of the company, its strategy and the secret behind these results.
SFR : Welcome to SFR and congratulations on the release of your Q2 results and the associated success thus far.. For the benefit of our readers, can you give a brief on what is behind the name project44..??
JMc: Route 66 is an American transportation icon. The highway was established in 1926 to connect project44’s hometown of Chicago, IL, to Santa Monica, CA.
It was the main route for people migrating to the West Coast, and the businesses that sprung up along the route made it a prosperous corridor.
A few decades after opening, the ‘Main Street of America’ could no longer support the country’s growing demand and Highway 44 was developed as Route 66’s first major bypass.
It’s a great example of an ambitious new transportation infrastructure that connected a growing nation and an expanding supply chain, and the perfect project to serve as our namesake.
SFR : That’s a great story.. Since being established in 2014 till now, the progress of project44 has been phenomenal, to say the least.. 2020 and 2021 have been interesting years for the industry, creating many records.. How has the customer support been for project44 in the last year and this year..??
JMc: Over the past year, nearly every organization across the globe has dealt with the impact of supply chain disruptions caused by hurricanes, trade wars, port blockages, floods or the global pandemic.
These organizations are flocking to our multimodal visibility platform because it helps them get ahead of challenges before they happen and move from a reactive posture to a more agile, proactive approach.
Global supply chain disruptions coupled with significant market excitement surrounding the acquisition of ClearMetal and Ocean Insights contributed to a surge in customers selecting project44 in Q2.
The project44 Platform now supports more than 680 global shippers and third-party logistics providers and offers visibility into a network of more than 110,000 multimodal carrier integrations and 1.8M assets. It’s the largest carrier network available in a visibility platform.
Today, more than 680 of the world’s leading brands rely on project44, including:
- The top three Fortune 100 companies
- 11 of the top 20 CPG conglomerates worldwide
- Nine of the top ten international freight forwarders
- Eight of the world’s top ten freight brokerages
- Eight of the Gartner Top 25 Supply Chain for 2021, including four of the five recognized as Masters
It’s truly an exciting time at project44.
SFR : As the largest ARR and fastest-growing SaaS platform for real-time, end-to-end transportation visibility currently, what has been your investment run been like and what has been the USP that project44 focused on..??
JMc: In Q2, project44 closed a Series E investment of $202M co-led by investors Goldman Sachs Asset Management (Goldman Sachs) and Emergence Capital.
The acquisition and subsequent integration of ClearMetal and Ocean Insights helped drive 74 new customers to the platform in Q2 – including 44 new global shippers – a 573% year-over-year increase in new logo growth.
ClearMetal brought the world’s top data scientists and machine learning experts in logistics along with three data-quality related patents (pending).
Ocean Insights added unmatched ocean visibility, together bringing more than 500% growth in combined quarterly ocean visibility sales and $2.9M ARR for Ocean in Q2.
To say that project44’s Ocean Insights and ClearMetal acquisitions have been well-received by our customers and the market would be an understatement.
With ClearMetal data science and machine learning expertise allowing us to solve the core challenges of multimodal transportation visibility and ETAs for our customers, and Ocean Insights allowing us to fill the ocean visibility gaps that customers had previously faced, the value that the project44 Platform delivers to our customers has increased exponentially, resulting in an explosive quarter.
SFR : How has the client acquisition plans for project44 worked and what are some of the key strengths that the clients have seen in project44’s offerings..??
JMc: project44’s win rate against competitors has continued to grow. For Q2 new business deals, customers selected project44 versus North American competitors 84% of the time, and versus European competitors 92% of the time.
According to our customers, top reasons for their selection, include:
- Unmatched data quality resulting from industry-leading and patented machine learning techniques
- Rapid onboarding, low resource requirements, and speed to value from the industry’s first and best carrier onboarding program and SLA
- Global network coverage with strength in Europe, as well as physical presence in South America and Asia
- Strength in providing shippers with inbound visibility from non-controlled supplier shipments
One of our valued customers, Jamie Bragg, Chief Supply Chain Officer from Tailored Brands, Inc., shared this with us:
“If the past 18 months have taught us anything, it’s that the global supply chain is in a state of flux, and will continue to be for the foreseeable future.
Enhanced visibility combined with state-of-the-art business intelligence of where our raw materials are, as well as the products we are manufacturing and purchasing around the globe, are going to be table stakes for the supply chains of the future. project44 will allow us to better manage our inventory, labor and consumer expectations in a way that positively affects both the top and bottom line of our business.”
SFR : While project44’s story began in Chicago you have covered a bit more of the globe since 2014.. Which geographies does project44 serve currently..??
JMc : project44’s investment in geographic expansion has led to unprecedented growth in Europe, with a 223% increase in new customers selecting project44 year-over-year.
Our aggressive carrier network expansion and commercial efforts focused on several areas, including carrier recruitment and data science to deliver the industry’s most complete global data across all transportation modes and borders, and industry-leading customer success.
In Q2, we signed a strategic global partnership with CEVA Logistics expanding our footprint in growth regions, including Brazil, Italy, United Kingdom, Turkey, Netherlands and Australia.
We also expanded our commercial efforts in Asia. We announced real-time shipment tracking services in China giving project44 customers the same transportation visibility in the Asia Pacific that it offers across North America and Europe.