Flexport sells former freight unicorn Convoy’s tech 2 years after buying it

Flexport, a logistics technology company, has sold the technology assets of Convoy, a former freight unicorn, just two years after acquiring it. Convoy was a digital freight brokerage platform that aimed to connect shippers with truck drivers more efficiently. Flexport, which acquired Convoy in 2021, has now sold the company's technology to DAT Freight & Analytics, a leading provider of freight data and analytics solutions. The financial details of the transaction have not been disclosed. The sale of Convoy's technology is seen as a strategic move by Flexport to streamline its operations and focus on its core business. Convoy's technology was not fully integrated into Flexport's offerings, and the company decided to divest the assets to a more specialized player in the freight data and analytics space. The move is expected to provide DAT Freight & Analytics with additional capabilities to enhance its offerings in the freight industry, while Flexport can now concentrate on its primary logistics technology solutions.