Two years ago, Logistics Company Flexport purchased assets from a convoy, a former freight technology unicorn that closed its store. We are now selling that platform and achieving “Flexport’s large return on investment.”
Flexport announced its sale to Dat Freight & Analytics on Monday, but refused to disclose terms.
“For the past 18 months, we’ve rebuilt and rebooted [Convoy] “We’re looking forward to seeing you in a new business,” said Ryan Petersen, founder and CEO of Flexport, in a statement. The platform is now stronger and more widely used, and is much more valuable than when it was acquired. As the Optimus platform matured, it was clear that it needed to be a neutral infrastructure layer to reach its full potential. ”
Petersen writes that the sale of convoy technology will allow his company to “focus our capital and energy on our core business” to help customers move cargo around the world.
It will be on sale just months after Flexport unveiled its suite of AI-powered tools, an approach inspired by Airbnb CEO Brian Chesky, and plans to launch a wave of new products for its customers.
Flexport told TechCrunch that the second product release will come at the end of the summer.
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