Manhattan Associates, Inc

Manhattan Associates designs and sells cloud-based software for supply chain execution, omnichannel commerce, and inventory optimization. Its Manhattan Active applications help retailers, wholesalers, manufacturers, and logistics providers manage warehouses, transportation, order fulfillment, store operations, and point-of-sale workflows through subscription SaaS, software licenses, maintenance, professional services, and hardware.

26,5 %

56,3 %

20,3 %

+3,7 %

1.28

1.28

— Manhattan Associates, Inc
%
Cloud subscriptions38% SaaS and hosted access to Manhattan Active applications delivered on a subscription basis.
Professional services47% Implementation, solutions planning, consulting, training, and related reimbursements.
Maintenance12% Support and software enhancements tied mainly to legacy perpetual license customers.
Software licenses1% Perpetual or term software license sales for customers not yet on cloud subscriptions.
Hardware sales2% Complementary hardware sold with software deployments, including devices and related equipment.

Manhattan sells primarily to enterprises that run complex physical and digital supply chains, especially retailers,...

  • Retailers and omnichannel merchantsprimary

    Buy Manhattan Active Omni, POS, order management, and inventory visibility tools to coordinate store and digital fulfillment.

  • Wholesalers and distributorsprimary

    Use warehouse, transportation, and planning software to optimize inventory, labor, and distribution networks.

  • Manufacturersprimary

    Buy supply chain planning and execution software to forecast demand and allocate inventory across channels.

  • Logistics providers and carrierssecondary

    Use transportation, yard, and warehouse management tools to improve service levels and reduce freight costs.

  • Large enterprise brandssecondary

    Adopt cloud subscriptions and professional services to replace legacy systems with a unified platform.

Manhattan reports three geographic segments: the Americas, EMEA, and APAC, with revenue based on the location of sale...

  • •Americas is the largest revenue base and includes the U.S. market
  • •EMEA and APAC provide meaningful international diversification
  • •International revenue was about 35% of total revenue in 2025
  • •Offices in Europe and Asia support local sales and implementation
  • •Reseller partnerships extend reach in Latin America, Africa, and the Middle East

Manhattan is investing heavily in its Unified Omnichannel Commerce and Digital Supply Chain platforms to deepen its...

01
Invest in Unified Omnichannel Commerce and Digital Supply Chain R&Dshort-term

Product depth and innovation are central to winning enterprise supply chain and retail accounts.

02
Convert legacy customers to cloud subscriptionsmedium-term

Recurring SaaS revenue improves visibility and reduces dependence on declining maintenance revenue.

03
Expand global execution through partners and local officesmedium-term

Localized implementation capability helps sell complex software across regions and industries.

The business depends on continued cloud subscription growth and on customers buying professional services to implement...

high

Dependence on cloud subscription renewals and expansion

Future revenue growth relies on retaining cloud customers and selling additional services around those deployments.

Scope
Cloud subscriptions and professional services
Materiality
high
high

Cybersecurity and data protection failures

The company stores and processes customer and internal data, so a breach could harm reputation and trigger legal claims.

Scope
Hosted software and customer data
Materiality
high
medium

AI adoption and product-output quality

Generative and agentic AI features may be rejected by regulated customers or produce inaccurate outputs.

Scope
Embedded AI features in software products
Materiality
medium
medium

Third-party software and infrastructure reliance

External vendors can affect product availability, defect remediation, and support continuity.

Scope
Cloud tools and embedded software components
Materiality
medium
medium

Services demand volatility and restructuring risk

Implementation demand can weaken in periods of macro uncertainty, forcing capacity adjustments.

Scope
Professional services workforce
Materiality
medium
Revenue recognition across multiple deliverables
Cloud subscriptions recognized over time; services and implementation timing can shift quarterly results
Maintenance revenue decline
Mix shift can change gross margin and recurring revenue profile
Restructuring expense
One-time severance and outplacement costs reduce operating income
Stock-based compensation
Can distort operating expense trends and profitability comparisons
Acquired intangible assets
Amortization and impairment can affect earnings and book value

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: 28.4.2026