Jan 6, 2025, 2:13 PM
Jan 6, 2025, 2:13 PM

Shipwell's growth in 2024 sparks questions about the future of transportation management

Highlights
  • In 2024, Shipwell recorded over 40% year-over-year revenue growth and experienced unprecedented demand with freight volumes and transaction levels doubling.
  • Shipwell's platform now serves publicly traded companies with a combined market capitalization of nearly $50 billion, reflecting its expansion and customer base growth.
  • The company's focus on innovation through new features and AI adoption positions it for further success while set to continue as a leading solution for supply chain management.
Story

In 2024, Shipwell, a prominent player in cloud-based transportation management and freight procurement solutions, experienced remarkable growth amid challenging market conditions. Based in Austin, Texas, the company announced an impressive over 40% increase in revenue marked by 16 consecutive quarters of growth since the platform's inception. This milestone underscores its rapid ascent as one of the fastest-growing Transportation Management System (TMS) solutions available. The surge in demand for Shipwell's platform led to more than doubling freight volumes and transactions year-over-year, contributing to a critical expansion of its customer base. The success of Shipwell in 2024 can be attributed to a strategic focus on delivering measurable value to mid-market and enterprise clients. The company witnessed a 27% increase in publicly traded enterprise clients adopting its services. This growth allowed Shipwell to manage supply chains for customers whose combined valuation approaches $50 billion. Greg Price, Shipwell's Co-founder and CEO, expressed pride in his team's efforts and commitment to enhancing customer value, emphasizing the significance of their integrated platform, which combines planning, execution, visibility, and collaboration. Innovation also played a vital role in Shipwell's remarkable performance through the launch of next-generation features designed to address client needs. Among the key innovations were modern visibility solutions that cater to air cargo tracking, IoT integration, and third-party visibility integrations. Shipwell increased direct carrier API integrations to facilitate improved connectivity and execution for their clients. Furthermore, 40% of customers were enabled to adopt artificial intelligence-driven workflows, enhancing operational efficiency throughout the organization. As Shipwell expands its reach, the company has made strides beyond its North American roots into markets including Mexico and Canada. The growing Shipwell ecosystem now engages with over 60,000 active users monthly, including shippers, suppliers, carriers, brokers, and freight forwarders, emphasizing the collaborative strength and market penetration of the platform. Acknowledged by leading industry experts, Shipwell earned several accolades in 2024, including recognition in the 2024 Gartner Magic Quadrant for Transportation Management Systems, thus establishing itself as a leader in logistics innovations. As the company looks ahead to 2025, it remains committed to exploring AI-enhanced opportunities and rolling out platform upgrades that promise continued support of supply chain execution, automation, and visibility.

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