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Supply Chain · Profile from Supply Chain Research Companion

Manhattan Associates

The Atlanta software company, founded in 1990, that became the specialist leader in warehouse management systems (WMS) in the US, listed on Nasdaq in April 1998 (MANH), and between 2018 and 2026 rebuilt its whole product line as Manhattan Active — one cloud-native, continuously updated code base for warehouse, transportation and order management — and turned itself from a licence-and-services vendor into a subscription business. In Q3 2026 (quarter to 30 Sep, release 27 Oct 2026) it reported revenue of ~$306.2m (+~11% y/y), cloud subscription revenue of ~$134.4m (+28%), which for the first time moved (just) above services revenue (~$134.4m, flat), remaining performance obligations (RPO) of ~$2.59bn (+25%), a GAAP operating margin of ~26.5% and an adjusted operating margin of ~37.6% (calculated from the release), and raised its 2026 revenue guidance to ~$1,176–1,178m (+9%) (company 8-K). Its story is the warehouse version of software's oldest moat — switching costs — and the risk that comes with it: when customers delay the projects that move them onto the new platform, the services line that installs it stalls, as it did in 2025, when weak guidance cut the share price by roughly a quarter (Jan 2025) and the long-serving CEO retired days later.

At a glance

Founded
1990, Atlanta, Georgia, by Alan Dabbiere (founder; reported); early leadership included Deepak Raghavan (co-founder, reported, verify)
Headquarters
Atlanta, Georgia; offices across North America, Europe (UK, Netherlands, France and others) and Asia-Pacific, with a large development centre in Bangalore, India (company, verify current footprint)
Ownership / structure
Public (Nasdaq: MANH) since April 1998; widely held, index funds the largest holders; one share class; no controlling shareholder; no debt in recent years (company, verify)
Leadership (2026)
Eric Clark, president and CEO since Feb 2025 (previously CEO of NTT Data North America); Eddie Capel (CEO Jan 2013–Feb 2025) became executive vice chairman to support the transition (reported); CFO Dennis Story (long-serving; verify current)
Segments / lines
One operating segment reported by geography (Americas, EMEA, APAC). Revenue lines: cloud subscriptions, software licence, maintenance, services (implementation and consulting), hardware (resold). Products: Manhattan Active Warehouse Management, Transportation Management, Omni (order management and store systems), Supply Chain Planning (inventory and replenishment), labour management, yard management; Manhattan Active platform and agents
Scale
Revenue ~$1.04bn (2024), $1,081.4m (2025, +~4%; cloud ~$408.1m, +21%; services ~$503m, −4%) (Q4 2025 release, 27 Jan 2026, via secondary summaries — V2), ~$886.2m in 9M 2026 (company). Q3 2026: cloud ~$134.4m, services ~$134.4m, maintenance ~$29.2m, licence ~$3.6m, hardware ~$4.5m (8-K, 27 Oct 2026)
Financials
Q3 2026 GAAP operating income ~$81.0m; adjusted operating income ~$115.2m; GAAP EPS $1.04, adjusted EPS $1.55; RPO ~$2.59bn (from ~$2.47bn at 30 Jun 2026); cash ~$199.4m at 30 Sep 2026; buybacks ~$325m in 9M 2026 (8-K). 2026 guide: GAAP operating margin 24.1–24.3%, adjusted 35.2–35.4%, adjusted EPS $5.54–5.56; year-end RPO growth target raised to ~21% (company)
Signature moves (incl. failures)
Founding (1990); Nasdaq IPO (1998); the Logistics.com and Evant acquisitions (2002, 2005); the 2009 downturn and platform strategy; Manhattan Active, the cloud-native rebuild (2018–20); the cloud subscription transition (2020–26); the 2025 services slowdown and guidance cut, and the Jun 2026 ~6% headcount reduction; the CEO transition from Capel to Clark and the agentic-AI push (2025–26)

8 strategic moves analysed

Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.

  1. 1990

    Founding in Atlanta

    Founding

  2. 1998

    Nasdaq IPO

    Spin-off or IPO

  3. 2002

    Logistics com and 2005 Evant Acquisitions

    Acquisition or merger (two bolt-ons)

  4. 2009

    Financial Crisis and Platform Strategy

    Disruption and response (licence slump, cost cuts and a platform repositioning)

  5. 2018

    Manhattan Active Cloud Native Platform

    Technology or automation bet (rewrite of the product line as cloud-native microservices)

  6. 2020

    Cloud Subscription Transition

    Pricing or service change (new sales shifted from perpetual licence to cloud subscription; installed-base conversion)

  7. 2025

    CEO Transition Eddie Capel to Eric Clark

    Strategy pivot / leadership change (CEO succession, partner-led services, agentic AI)

  8. 2025

    Services Slowdown Guidance Cut and 2026 Restructuring

    Restructuring (failure: guidance shock from services weakness, then a headcount reduction)