TL;DR
- Flexport sells revamped Convoy tech platform to DAT Freight & Analytics, two years after acquiring it.
- CEO Ryan Petersen says the move yielded a “massive return on investment.”
- Sale allows Flexport to refocus resources on core logistics and upcoming AI-driven product rollouts.
- Convoy’s platform transformed into a broader freight execution infrastructure before the handoff.
Strategic Turnaround: From Unicorn Collapse to High-Yield Exit
Flexport has successfully offloaded the tech platform of former freight unicorn Convoy, completing a swift and strategic flip of a once-doomed asset into a valuable freight execution layer.
The digital freight company announced on July 28 that it sold the reengineered Convoy platform to DAT Freight & Analytics, a major player in freight data services. Terms of the deal were not disclosed, but Flexport CEO Ryan Petersen described the outcome as a “massive return on investment.”
“The platform is now stronger, more widely used, and far more valuable than when we acquired it,” Petersen stated.
A Platform Reimagined for the Freight Ecosystem
Flexport acquired Convoy’s assets in 2023 after the startup abruptly shut down operations despite raising hundreds of millions in venture funding. Over the last 18 months, Flexport’s team reengineered the software into what Petersen described as a “neutral digital freight execution layer.” This reimagined platform supports brokers, carriers, and shippers — transcending Convoy’s original scope.
“To achieve its full potential, it needed to be a neutral infrastructure layer,” Petersen added.
By repositioning the platform as an industry-wide utility rather than a proprietary tool, Flexport was able to increase its value proposition across logistics operations.
Freight Tech Repositioning: At a Glance
| Event | Detail |
| Original Acquisition | Flexport acquired Convoy assets in October 2023 |
| Platform Overhaul | Transformed into neutral freight execution infrastructure |
| Buyer | DAT Freight & Analytics |
| Return on Investment | CEO Petersen cited “massive ROI” (terms undisclosed) |
| Strategic Refocus | Resources now directed toward Flexport’s core global logistics operations |
Refocusing on Core Freight Solutions
The deal marks a strategic narrowing of focus for Flexport, which has recently been investing heavily in its own operational infrastructure. The company recently launched a suite of AI-powered logistics tools and plans to release new products biannually, inspired by Airbnb CEO Brian Chesky’s iterative rollout philosophy.
Flexport confirmed that the next product wave is expected in late summer 2025, as it doubles down on automation and efficiency in global freight forwarding.
What’s Next for Flexport?
Flexport’s future now revolves around refining its position as a global freight enabler, with a tech-forward approach to shipping logistics, supply chain visibility, and AI-augmented trade. By offloading the Convoy platform to DAT, Flexport gains both capital flexibility and strategic clarity.
In Ryan Petersen’s own words, the move “allows us to focus our capital and energy on our core business.”
