Two years ago, logistics company Flexport acquired the assets of Convoy, a former freight tech unicorn that had shut down. Now, Flexport has sold that platform, delivering what it calls a “massive return on investment.”
The sale to DAT Freight & Analytics was announced on Monday, though the terms of the deal were not disclosed. Flexport founder and CEO Ryan Petersen stated that over the past 18 months, the company rebuilt and relaunched Convoy’s platform as a neutral digital freight execution layer serving brokers, carriers, and shippers.
Petersen noted that the investment paid off, making the platform stronger, more widely used, and far more valuable than when it was acquired. He explained that as the Convoy Platform matured, it became clear that to reach its full potential, it needed to operate as a neutral infrastructure layer.
The sale allows Flexport to focus its capital and energy on its core business of helping customers move freight globally. This move follows Flexport’s recent rollout of AI-powered tools and a plan to introduce new products twice a year, a strategy inspired by Airbnb CEO Brian Chesky.
Flexport previously indicated that its second product release is expected in late summer.
The announcement comes amid broader industry developments, including the upcoming TechCrunch Disrupt 2025 event, which will feature insights from leading tech and venture capital figures. The event, marking its 20th anniversary, will take place in San Francisco from October 27 to 29, 2025.