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 certainly one of Seattle’s most respected startups, hitting a valuation of $3.8 billion in 2022 as traders guess 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 can now be operated by Beaverton, Ore.-based DAT, a enterprise unit of publicly traded industrial conglomerate Roper Applied sciences that operates the most important truckload freight market in North America.
“The acquisition of Convoy demonstrates DAT’s ongoing dedication to enhancing community worth for our clients,” DAT CEO Jeff Clementz mentioned in an announcement. “Collectively, we are going to give clients a greater, broader freight-matching community, the flexibility to handle extra masses and seize incrementally extra enterprise, and finally extra alternative.”
Freightwaves reported that Flexport’s cope with 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 position however left in 2024 and is now a company VP at Microsoft.
Convoy co-founder Grant Goodale this yr joined Florida-based logistics large Ryder as chief product and know-how officer.
