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Two years ago, Flexport, a logistics company, acquired the assets of Convoy, a former freight tech unicorn that had ceased operations. Recently, Flexport announced the sale of the Convoy platform to DAT Freight & Analytics, achieving a significant return on investment. The terms of the sale were not disclosed.
Platform Enhancement and Strategy Shift
Flexport’s founder and CEO, Ryan Petersen, highlighted the company’s efforts to rebuild and relaunch the Convoy platform as a neutral digital freight execution layer. This strategic move aimed to cater to brokers, carriers, and shippers across the market, resulting in a stronger and more valuable platform. Petersen emphasized the necessity of establishing a neutral infrastructure layer for the Convoy Platform to reach its full potential.
Focus on Core Business
The sale of Convoy’s technology enables Flexport to concentrate its capital and energy on its core business of facilitating global freight movement for customers. This decision aligns with Flexport’s recent initiatives, including the introduction of AI-powered tools and a plan to introduce new products for customers twice a year, inspired by Airbnb CEO Brian Chesky. The company’s next product release is scheduled for late summer, following its commitment to innovation and customer-centric strategies.
