Manhattan Associates Inc (NASDAQ: MANH) is a supply chain and omnichannel commerce software company that develops and sells cloud-based applications for warehouse management, supply chain planning, and retail order management. It makes money through cloud subscription fees, professional services, software maintenance, and hardware, with cloud subscriptions generating $408.1M in FY2025 (up 21% year-over-year), services generating $503.0M, and maintenance generating $130.0M, per the 10-K filed 2026-02-04. The company sells directly to retail, wholesale, and distribution customers across the Americas, EMEA, and APAC regions, with total pricing for software and services frequently exceeding $1.0M per engagement. Manhattan Active Warehouse Management runs exclusively on Google Cloud Platform and is offered only via subscription. The company has been implementing supply chain solutions for approximately 30 years. Individual transaction sizes and high implementation complexity create meaningful switching costs for customers. No competitors are named in the excerpts provided.

Revenue model

Cloud subscriptions ($408.1M, FY2025), professional services ($503.0M, FY2025), software maintenance ($129.9M, FY2025), perpetual software licenses ($14.8M, FY2025), and hardware ($25.4M, FY2025). Cloud subscriptions grew 21% year-over-year while maintenance declined 6% and services declined 4%, reflecting migration toward cloud delivery. Revenue is generated primarily through direct sales.

Products and services

Manhattan Active Warehouse Management (MAWM): versionless, cloud-native WMS on Google Cloud Platform, subscription-only, with embedded labor management, slotting optimization, and warehouse execution system for automation and robotics coordination. Manhattan Active Supply Chain Planning: demand forecasting, replenishment, allocation (native capability for softlines and apparel), and unified business planning. Manhattan Active Omni: cloud-native order management, store inventory and fulfillment, POS, customer engagement, and digital self-service, built on a microservices platform. Manhattan Active Maven: AI-powered customer service agent. Manhattan Active SCALE: cloud-based solution on Microsoft Azure for organizations in emerging and developing economies, also available on-premise via perpetual license. Manhattan Active Agents: add-on module for agentic AI capabilities embedded across supply chain and commerce applications.

Customers and end markets

Retail (including omnichannel and apparel/softlines), wholesale, and distribution center operators. Total deal sizes frequently exceed $1.0M and are often part of larger capital commitments tied to facilities expansion. Sales cycles for large cloud subscriptions are described as extended given macro conditions. Primary geographic markets are advanced economies across Americas, EMEA, and APAC. No customer concentration data is disclosed in the excerpts.

Value-chain role

Software vendor and implementation services provider sitting between enterprise customers and their physical supply chain and retail operations. Integrates with ERP systems, web and mobile commerce platforms, and material handling equipment. Delivers implementation, training, change management, and ongoing cloud operations. Third-party systems integrators assist customers with certain implementations.

Geographic exposure

Americas, EMEA, and APAC, with advanced economies identified as the primary markets. The company plans to continue investing in sales, services, and marketing organizations across all three regions per the 10-K filed 2026-02-04.

Source: SEC 10-K, filed 2026-02-04

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