project44
Software that tracks freight shipments across carriers for shippers and 3PLs.
On the record
Checkpoint: Gartner Magic Quadrant report, testing whether project44 keeps Leader status after the LSP44 split
The call
project44 has real data and contract lock-in, but Descartes leads in reviews, growth is slowing, and the newly split LSP44 has not yet proven itself.
Project44 helps companies track shipments across borders and carriers using a network it built over a decade, plus special permission to operate in China through 2029. The company is hard to replace because it has locked-in contracts (67 to 73 percent last multiple years) and deep data about how logistics works. However, a competitor called Descartes MacroPoint ranks higher on customer review sites, another rival called FourKites is also competing for the same customers, and project44 just split itself into two pieces in mid-2026, which creates confusion about whether the company is actually growing or just losing old customers while signing new ones. The one thing that matters most: nobody knows the company's total revenue today or whether it is actually bigger than it was two years ago, because the company stopped sharing that number.
Why
01
AI pressure: AI-native logistics agents such as FourKites' AI features and project44's own LSP44 spinout. AI agents could match carriers and track freight directly, cutting out visibility platforms unless LSP44 becomes the AI layer itself. Could AI do the core job? Only partly.
02
Bigger players: Descartes MacroPoint. Descartes MacroPoint ranks #1 in G2 Winter 2025 visibility, 27 points ahead of project44, pulling buyer attention its way. Could a giant copy it? Probably.
03
What protects it. A decade-built graph covering 267,000 carriers, multi-year contracts locking in 67-73% of customers, and China customs authorization through 2029.
What would change this call
project44 discloses total ARR figure vs new-ARR growth % only, within next earnings cycle. Would reveal whether churn is offsetting new sales growth.
Gartner Magic Quadrant report due Feb 2027 names Leader for logistics visibility. Loss of Leader status to Descartes or FourKites would confirm moat erosion.
Fourth layoff round or customer attrition disclosed during project44/LSP44 split execution over next two quarters. Would show the corporate split is destabilizing customer retention.
Gartner Magic Quadrant report due Feb 2027 names Leader for logistics visibility. Loss of Leader status to Descartes or FourKites would confirm moat erosion.
Fourth layoff round or customer attrition disclosed during project44/LSP44 split execution over next two quarters. Would show the corporate split is destabilizing customer retention.
Key numbers
- 267,000-carrier network
- New-ARR growth fell from 48% to 34% YoY
- Headcount cut from 1,200 to 582 staff
Named risks
- Repeated layoffs (2022, 2023, 2026) and headcount decline from 1,200 to 582.
- Corporate split into project44 and LSP44 (announced July 14, 2026) execution and customer retention unproven.
- Total ARR undisclosed publicly since $134M in late 2022, obscuring whether churn offsets new-ARR growth.
- Descartes MacroPoint leads project44 by 27 points in G2 Winter 2025 satisfaction/momentum ranking.
- No IPO or disclosed liquidity event; private shares trade illiquid with wide bid/ask spreads.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Descartes MacroPoint | gaining on | Ranked #1 Leader in G2 Winter 2025 Grid Report, G2 Score 91, 27 points ahead of next Leader (2025-01-30) |
| FourKites | contesting | Longtime Chicago rival; defamation litigation between the two resolved amicably December 2, 2024 |
| Shippeo | contesting | Paris-based, VC-backed direct competitor in real-time transportation visibility per Pitchbook profile |
| SAP / Oracle | contesting | Adjacent SCM giants (SAP Global Track and Trace, Oracle TM/SCM Cloud) named entrants in Nov 2025 market report |
Questions people ask
- Is project44 profitable in 2026?
- project44 reached operational cash-flow breakeven in Q3 FY2025 (Nov 18, 2025) and posted its first positive Operating Free Cash Flow quarter in Q4 FY2026 (Feb 24, 2026), with 48% YoY new-ARR growth that quarter, per its own press releases.
- Has project44 had layoffs?
- Yes. project44 cut 5% of staff in July 2022, about 10% in May 2023, and another ~10% in January 2026. Headcount fell from a peak of 1,200 to 582 by the July 14, 2026 corporate split announcement.
- Who owns project44?
- project44 is private and venture/PE-backed. Its Series F ($420M, Jan 11, 2022) valued it at $2.2B pre-money, led by Thoma Bravo, TPG, and Goldman Sachs Asset Management; other investors include A.P. Moller Holding, AustralianSuper, and CMA CGM.
- What is LSP44 and why did project44 split?
- LSP44 is project44's July 14, 2026 spinout, an AI agent/API infrastructure business serving 3PLs, freight forwarders and brokers, claiming 9 of the world's 10 largest logistics providers already run on it. project44 itself now focuses on enterprise shippers.
- Who is project44's biggest competitor?
- FourKites is project44's longtime Chicago-based rival, but Descartes MacroPoint ranked as the top Leader in G2's Winter 2025 Grid Report for Supply Chain Visibility, scoring 91, 27 points ahead of the next Leader, as of January 30, 2025.
- Could AI replace project44?
- AI is automating parts of project44's own core workflows like ETA prediction and exception handling, but the company leans on a decade-built carrier network of ~267,000-280,000 carriers and a China data authorization through 2029 as harder-to-replicate moats, per its May 18, 2026 disclosures.
Timeline
- 2026-07-14project44 splits into project44 (shippers) and LSP44 (3PL/broker AI infrastructure spinout)
- 2026-07-09China cross-border logistics data authorization renewed through 2029
- 2026-05-18Q1 FY2027: 34% YoY new-ARR growth, shipper new-ARR up 52%
- 2026-04-09Acquired LunaPath.ai, an AI-native logistics orchestration company, all-cash deal
- 2026-02-24Q4 FY2026: 48% YoY new-ARR growth, first positive Operating Free Cash Flow quarter
- 2026-01-19Layoffs of approximately 10% of workforce reported
- 2025-11-18Q3 FY2025: 40%+ YoY new-ARR growth, operational cash-flow breakeven reached
- 2025-02-27Named Gartner Magic Quadrant Leader for real-time transportation visibility, 5th consecutive year
- 2023-05-26Layoffs of approximately 10% (~130 jobs) amid FreightTech investor sentiment shift
- 2022-07-15Layoffs of 5% of global workforce (~63 employees)
Revision history
22 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- project44 Number of Employees 2026
- project44 2025 Company Profile: Valuation, Funding & Investors
- project44 Creates Two Businesses and Launches LSP44 (2026-07-14)
- project44 Closes $202M Series E Round (2021-06-01)
- project44 Receives $420M Investment, Valuing Business at $2.2B (2022-01-11)
- project44 Raises $80 Million... up 12% from January (2022-11-03)
- Valuation, Funding Rounds & Stock Price
- project44 accelerates growth with 40%+ increase in new ARR in Q3 (2025-11-18)
- project44 Achieves First Positive Operating Free Cash Flow Quarter (2026-02-24)
- project44 Reports 34% ARR Growth Driven by AI and TMS (2026-05-18)
- Project44 cuts 5% of global workforce (2022-07-15)
- Project44 cuts workforce, warns of changing FreightTech investor sentiment (2023-05-26)