Two years in the past, logistics firm Flexport purchased the belongings of Convoy, a former freight tech unicorn that had closed up store. Now it’s bought that platform and delivered a “large return on funding for Flexport.”
Flexport introduced the sale on Monday to DAT Freight & Analytics however declined to reveal phrases.
“Over the previous 18 months, we rebuilt and relaunched the [Convoy] platform as a impartial digital freight execution layer that serves brokers, carriers, and shippers throughout the market,” Flexport founder and CEO Ryan Petersen stated in a press release. “That funding paid off. The platform is now stronger, extra broadly used, and way more priceless than once we acquired it. Because the Convoy Platform matured, it was clear that to realize its full potential, it wanted to be a impartial infrastructure layer.”
Petersen wrote that the sale of Convoy’s tech will enable his firm to “focus our capital and power on our core enterprise” of serving to prospects transfer freight all over the world.
The sale comes just some months after Flexport introduced the rollout of a set of AI-powered instruments, and a plan to launch waves of recent merchandise for its prospects twice a 12 months — an strategy impressed by Airbnb CEO Brian Chesky.
Flexport instructed TechCrunch on the time that the second product launch will are available “late summer time.”
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