Convoy’s long, winding journey is getting another chapter.
San Francisco-based freight forwarding company Flexport announced Monday that it is selling its Convoy Platform to DAT Freight & Analytics. The deal comes two years after Flexport acquired Convoy’s technology amid the Seattle startup’s shutdown.
Convoy was once one of Seattle’s most valuable startups, hitting a valuation of $3.8 billion in 2022 as investors bet big on the digital brokerage that connected shippers and carriers.
But the company collapsed later that year, citing a freight recession and dampened investor appetite.
Flexport acquired and later relaunched Convoy’s marketplace, which will now be operated by Beaverton, Ore.-based DAT, a business unit of publicly traded industrial conglomerate Roper Technologies that operates the largest truckload freight marketplace in North America.
“The acquisition of Convoy demonstrates DAT’s ongoing commitment to enhancing network value for our customers,” DAT CEO Jeff Clementz said in a statement. “Together, we will give customers a better, broader freight-matching network, the ability to manage more loads and capture incrementally more business, and ultimately more choice.”
Freightwaves reported that Flexport’s deal with DAT was valued “near $250 million.”
DAT earlier this year acquired Outgo, a Seattle startup that sells banking services to freight carriers.
Convoy co-founder and former CEO Dan Lewis joined Flexport in a technical advisor role but left in 2024 and is now a corporate VP at Microsoft.
Convoy co-founder Grant Goodale this year joined Florida-based logistics giant Ryder as chief product and technology officer.
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