Flexport Acquires Convoy’s Technology Two Years After Buying the Freight Unicorn

Two years ago, logistics company Flexport acquired the assets of Convoy, a former freight tech unicorn that had ceased operations. Recently, it has sold that platform, generating a “substantial return on investment for Flexport.”

Flexport announced the sale on Monday to DAT Freight & Analytics, without disclosing the financial specifics.

“Over the past 18 months, we have revitalized and relaunched the [Convoy] platform as a neutral digital freight execution layer, serving brokers, carriers, and shippers across the sector,” commented Flexport’s Ryan Petersen. “This investment has paid off. The platform is now stronger, more widely utilized, and considerably more valuable than when we acquired it. As the Convoy Platform developed, it became clear that to reach its full potential, it needed to function as neutral infrastructure.”

Petersen emphasized that selling Convoy’s technology will allow his team to “focus our resources and efforts on our core business” of helping clients transport freight worldwide.

This sale comes just a few months after Flexport launched a suite of AI-driven tools and outlined a plan to introduce a range of new products for clients every six months, inspired by Airbnb CEO Brian Chesky.

At that time, Flexport had informed TechCrunch that the second product release is anticipated in “late summer.”