project44 Scales Rapidly with 139% Growth in 2020
Fueled by global market demand for unified multimodal visibility, the company continues to grow rapidly
AALBORG, CHICAGO & PARIS – project44®, the global leader in advanced visibility for shippers and logistics service providers (LSP), today announced that it experienced a record-setting first half of 2020 with a 139% increase in bookings over the same period in 2019, with significant growth coming from global retailers, manufacturers, and distributors in North America and EMEA.
“project44’s momentum accelerates as we continue to unlock the strategic value of our platform with new innovative products, enterprise integrations and partnerships with tech leaders such as SAP and IBM, so together we can deliver greater business success for our customers,” said Jett McCandless, CEO and Founder of project44. “The last six months, when the economy was under immense pressure, have validated that real-time visibility has become an urgent must-have. As a result, project44 has emerged as both a category leader and the industry’s only global, multimodal visibility provider.”
“Our entire business philosophy is based on sustainability. By working with project44, we are looking to achieve even more supply chain sustainability and efficiency through seamless collaboration across our global logistics network,” said Anastasios Tasos Papadopoulos, Director Asset Management and Product Engineering Europe at IFCO Systems GmbH. "The real-time, accurate visibility data from across all modes and regions in a single platform helps us optimize our product flows and support our teams in managing of our shipments efficiently.”
In addition to exceptional business growth, project44 has achieved a number of important milestones, including:
Advanced Visibility Investment: In order to quickly meet the increasing demand for its products and services, project44 recently closed a round of funding which brings the total raised to over $50 million since Series C. The investment will enable the company to continue delivering on product innovation, rapid scalability of network breadth and depth, and global expansion.
Customer Traction: The company significantly increased its customer base in 2020, with key wins including Ferrero International, IFCO Systems GmbH, Lenovo, TIP Trailer Services, UniCarriers Americas Corporation, and more. As part of its rise to the dominant position, project44 is proud to deliver real-time transportation visibility to over 300 enterprise customers, which include the top 3 ranked companies on the Fortune 500 list, 2 of the 3 largest retailers in the world and 8 of the world’s top 10 freight brokerages, among others.
Geographic Expansion: project44’s business in EMEA has increased year-over-year by 303%. The customer community is now actively tracking over 21 million shipments in 120 countries, across North America, EMEA, LATAM, and APAC.
Product Innovation: project44 has quickly accelerated to become the only visibility company to provide one seamless global and multimodal experience. In May, the technology company added air freight and groupage visibility as well as expanded global ocean coverage to its platform. In addition to launching visibility into new modes and regions, project44 has continued to dominate the North American and European over the road markets with the announcement of multiple product advancements including an enhanced, predictive ETA model that calculates a shipment’s arrival status with 91% accuracy, built using data from over 3 million past shipments.
With Network Management Center™ (NMC), project44 continues to expand network onboarding capabilities to enable agility and operational efficiency through the entire transportation ecosystem, especially when fast time to value is critical. In addition to increasing the ways shippers and LSPs can connect to carriers and benefit from increased network stability, the application provides carriers with instant access to project44’s global customer base and, as a result, additional business opportunities.
Network Growth: As the only visibility provider to offer coverage across all modes of transportation, project44 delivers instant access to the most expansive and highest performing global network. This includes connections to more than 760 telematics/ ELD providers, representing 94% of the European market, and over 95% parcel coverage in North America and Europe. The company delivers 99.7% coverage of truckload and less-than-truckload carriers in North America and Europe with the majority consistently tracking over 90% compliance. It also provides ocean coverage for 85% of containers shipped globally and 100% coverage of the Class I and Class II railroads in North America. Earlier this year project44 announced the industry’s first service level agreement (SLA), which ensures 90% of a shipper’s contracted full truckload carriers in North America and Europe go live within 30 days of commencing implementation.
Industry Recognition: project44 was recognized by SAP as Cloud Integration Partner of the Year for enabling global brands to build more agile supply chains. The winner was chosen based on recommendations from the SAP field, customer feedback, and performance indicators. project44 has placed second, behind only Amazon, on FreightWaves’ 2020 Freight Tech 25, a list of the most innovative companies across the freight industry.
“Every day thousands of companies trust DSV with their transport orders," said Simon H. Galsgaard, EVP at DSV, the world's fourth largest transport and logistics company. "Operational excellence and efficiency are critical to our business, and so is advanced real-time visibility. With project44, as our preferred visibility provider, we're achieving real-time visibility across the entire DSV fleet of own and subcontracted assets, for the benefit of our customers.”
Learn more about project44 or schedule a demo today.https://www.project44.com/press-releases/project44-scales-rapidly-with-139-growth-in-2020