Flexport Sells Convoy Tech to Refocus on Core Freight Business

Flexport sells Convoy’s tech to DAT Freight, citing a shift toward its global freight services and AI-powered product innovation.
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Flexport Sells Convoy Tech to Refocus on Core Freight Business
Flexport Sells Convoy Tech to Refocus on Core Freight Business Logistics giant Flexport has officially sold the technology behind Convoy, the former freight unicorn it acquired two years ago. This move answers the common question among industry watchers: What happened to Convoy's platform after Flexport acquired it? According to Flexport CEO Ryan Petersen, the sale marks a “massive return on investment” for the company and reflects a renewed focus on global freight forwarding. The buyer, DAT Freight & Analytics, is now positioned to take the Convoy platform further, leveraging its capabilities across brokers, carriers, and shippers.   Image Credits:Flexport Flexport Sells Convoy Tech: Why the Deal Happened When Flexport acquired Convoy’s assets in 2023, the once-celebrated Seattle-based freight startup had collapsed under mounting financial pressure. Despite its unicorn status and a valuation north of $3 billion, Convoy shut down due to tightening margins and a volatile freight ma…