MMANHManhattan Associates, Inc.

Manhattan Associates makes the software that runs a warehouse: where things are and how to pick an order fastest.

A large distribution centre runs thousands of operations an hour, and the picker's route decides how many orders leave in a shift. The system calculates where goods are placed, the picking sequence and vehicle loading — without it a warehouse of that size simply does not work.

Replacing such software means halting shipments, so a customer stays for decades. Moving from perpetual licences to cloud subscriptions temporarily worsens reported results while making revenue recurring. The growing line is joining the warehouse to the shop, so an order is picked at the nearest store. Risks: the capital budgets of retailers and logistics companies. The company pays no dividend.