Flexport Sells Former Freight Unicorn Convoy’s Tech Two Years After Buying It

Two years ago, logistics institution Flexport bought nan assets of Convoy, a erstwhile freight tech unicorn that had closed up shop. Now it’s sold that level and delivered a “massive return connected finance for Flexport.”

Flexport announced nan waste connected Monday to DAT Freight & Analytics, but declined to disclose terms.

“Over nan past 18 months, we rebuilt and relaunched nan [Convoy] level arsenic a neutral integer freight execution furniture that serves brokers, carriers, and shippers crossed nan market,” Flexport Ryan Petersen said successful a statement. “That finance paid off. The level is now stronger, much wide used, and acold much valuable than erstwhile we acquired it. As nan Convoy Platform matured, it was clear that to execute its afloat potential, it needed to beryllium a neutral infrastructure layer.”

Petersen wrote that nan waste of Convoy’s tech will let his institution to “focus our superior and power connected our halfway business” of helping customers move freight astir nan world.

The waste comes conscionable a fewer months aft Flexport announced nan rollout of a suite of AI-powered tools, and a scheme to motorboat waves of caller products for its customers doubly a twelvemonth — an approach inspired by Airbnb CEO Brian Chesky.

Flexport told TechCrunch astatine nan clip that nan 2nd merchandise merchandise will travel successful “late summer.”