Convoy’s lengthy, winding journey is getting one other chapter.
San Francisco-based freight forwarding firm Flexport introduced Monday that it’s promoting its Convoy Platform to DAT Freight & Analytics. The deal comes two years after Flexport acquired Convoy’s know-how amid the Seattle startup’s shutdown.
Convoy was as soon as one in every of Seattle’s most useful startups, hitting a valuation of $3.8 billion in 2022 as traders wager massive on the digital brokerage that related shippers and carriers.
However the firm collapsed later that yr, citing a freight recession and dampened investor urge for food.
Flexport acquired and later relaunched Convoy’s market, which is able to now be operated by Beaverton, Ore.-based DAT, a enterprise unit of publicly traded industrial conglomerate Roper Applied sciences that operates the biggest truckload freight market in North America.
“The acquisition of Convoy demonstrates DAT’s ongoing dedication to enhancing community worth for our prospects,” DAT CEO Jeff Clementz mentioned in a press release. “Collectively, we’ll give prospects a greater, broader freight-matching community, the flexibility to handle extra hundreds and seize incrementally extra enterprise, and in the end extra alternative.”
Freightwaves reported that Flexport’s take care of DAT was valued “close to $250 million.”
DAT earlier this yr acquired Outgo, a Seattle startup that sells banking providers to freight carriers.
Convoy co-founder and former CEO Dan Lewis joined Flexport in a technical advisor function however left in 2024 and is now a company VP at Microsoft.
Convoy co-founder Grant Goodale this yr joined Florida-based logistics big Ryder as chief product and know-how officer.
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