MANHATTAN ASSOCIATES Business Summary

Manhattan Associates (MANH) is a global leader in supply chain and omnichannel commerce technology, primarily generating revenue through a high-growth cloud subscription model, professional services, and software maintenance. The company’s business is categorized into three core segments: Supply Chain Execution (including its industry-leading Warehouse Management and Transportation Management systems), Omnichannel Commerce (Order Management and Point of Sale), and Supply Chain Planning. In fiscal year 2025, the company achieved $1.08 billion in total revenue, driven by a 21% year-over-year increase in cloud subscription revenue and a robust services division that accounts for nearly half of its top line. Manhattan Associates competes directly with enterprise resource planning (ERP) giants like SAP and Oracle, as well as specialized providers such as Blue Yonder and IBM Sterling. It maintains a dominant market position as a "best-of-breed" provider, distinguished by its Manhattan Active® platform—a 100% microservices-based, cloud-native architecture that offers deeper operational complexity and faster innovation cycles than legacy ERP suites. Founded in 1990 by Deepak Raghavan and Alan Dabbiere, the company is currently led by President and CEO Eric A. Clark, who assumed the role in February 2025 after serving as a senior executive at ServiceNow. He is supported by Executive Chairman Eddie Capel, the former long-time CEO who transitioned to the board leadership role in May 2025, and Executive VP & CTO Sanjeev Siotia, who oversees the firm’s aggressive expansion into agentic AI and the "Agent Foundry" platform. The executive team also includes CFO Dennis Story and COO Greg Betz. The company’s governance is bolstered by a seasoned board of directors featuring Lead Independent Director Thomas E. Noonan (co-founder of Internet Security Systems) and Danielle Sheer (Chief Trust Officer at Commvault). While co-founder Deepak Raghavan retired from the board in 2025, the company remains a favorite of institutional investors, characterized by a strong balance sheet with no debt and a consistent multi-million dollar share repurchase program.