Flexport sells former freight unicorn Convoy’s tech two years after buying it

In a strategic move, logistics firm Flexport has sold the technology assets of Convoy, a former freight tech unicorn that ceased operations two years ago. The transaction, announced on Monday, is said to have yielded a significant return on investment for Flexport, although financial details of the sale to DAT Freight & Analytics remain undisclosed. Ryan Petersen, CEO of Flexport, commented on the development, highlighting that over the past 18 months, the company has successfully rebuilt and relaunched the Convoy platform. This revitalization transformed it into a neutral digital freight execution layer catering to brokers, carriers, and shippers across the industry. "That investment paid off. The platform is now stronger, more widely used, and far more valuable than when we acquired it," Petersen stated. He emphasized that as the Convoy platform evolved, it became evident that to reach its full potential, it had to operate as a neutral infrastructure layer. The decision to sell the technology will enable Flexport to concentrate its resources and efforts on its primary mission: facilitating global freight movement for its customers. This sale follows Flexport's recent announcement regarding the introduction of a series of artificial intelligence-powered tools, as well as a plan to unveil new products biannually, an approach inspired by Airbnb CEO Brian Chesky. According to Flexport, the next product launch is anticipated in late summer, promising continued innovation in the logistics space.