\n<\/p>\n
Two years ago, logistics company Flexport bought the assets of Convoy<\/a>, a former freight tech unicorn that had closed up shop. Now it\u2019s sold that platform and delivered a \u201cmassive return on investment for Flexport.\u201d <\/p>\n Flexport announced the sale on Monday to DAT Freight & Analytics, but declined to disclose terms. <\/p>\n \u201cOver the past 18 months, we rebuilt and relaunched the [Convoy] platform as a neutral digital freight execution layer that serves brokers, carriers, and shippers across the market,\u201d Flexport Ryan Petersen said in a statement. \u201cThat investment paid off. The platform is now stronger, more widely used, and far more valuable than when we acquired it. As the Convoy Platform matured, it was clear that to achieve its full potential, it needed to be a neutral infrastructure layer.\u201d<\/p>\n Petersen wrote that the sale of Convoy\u2019s tech will allow his company to \u201cfocus our capital and energy on our core business\u201d of helping customers move freight around the world. <\/p>\n The sale comes just a few months after Flexport announced the rollout of a suite of AI-powered tools, and a plan to launch waves of new products for its customers twice a year \u2014 an approach inspired by Airbnb CEO Brian Chesky<\/a>. <\/p>\n Flexport told TechCrunch at the time that the second product release will come in \u201clate summer.\u201d<\/p>\n