Two years ago, logistics company Flexport bought the assets of Convoy, a former freight tech unicorn that had closed up shop. Now it’s sold that platform and delivered a “massive return on investment for Flexport.”
Flexport announced the sale on Monday to DAT Freight & Analytics but declined to disclose terms.
“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. “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 wrote 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, and a plan to launch waves of new products for its customers twice a year — an approach inspired by Airbnb CEO Brian Chesky.
Flexport told TechCrunch at the time that the second product release will come in “late summer.”
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