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Third-party logistics provider Flexport, has announced it is selling the assets of Convoy, a truck freight-matching online platform, giving the 3PL what it describes as a “massive return on investment for Flexport,” reports TechCrunch. The tech company, founded in 2015 by former Amazon employees Dan Lewis and Grant Goodale, was shut down in November 2023, while its assets and some of the employees were acquired by Flexport.
Flexport announced the sale, to DAT Freight & Analytics, on July 28, but declined to disclose terms.
DAT said in a July 28 statement that the technology “is an ideal complement to DAT One, DAT’s flagship subscription-based load board, where nearly 700,000 loads are posted daily.”
“Over the past 18 months, we rebuilt and relaunched the [Convoy] platform as a neutral digital freight execution layer that serves brokers, carriers, and shippers across the market,” Flexport founder and CEO Ryan Petersen said in a statement the same day. “That investment paid off. The platform is now stronger, more widely used, and far more valuable than when we acquired it. As the Convoy Platform matured, it was clear that to achieve its full potential, it needed to be a neutral infrastructure layer.”
Petersen added that the sale of Convoy’s tech will allow his company to “focus our capital and energy on our core business” of helping customers move freight around the world.
The sale comes just a few months after Flexport announced the rollout of a suite of AI-powered tools.
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