DAT Freight & Analytics announced plans to acquire Flexport’s Convoy Platform, adding best-in-class automation and digital freight-matching technology to its product portfolio.
“The acquisition of the Convoy Platform demonstrates DAT’s ongoing commitment to enhancing network value for our customers,” says Jeff Clementz, DAT president and CEO. “Together, we will give customers a better, broader freight-matching network, the ability to manage more loads and capture incrementally more business, and ultimately more choice.”
“We invested in the Convoy Platform because we saw its potential. In just 18 months, we improved the core technology platform, reengaged the market, and significantly increased its value. Importantly, we demonstrated a strong product-market fit by decoupling the platform from a brokerage,” says Ryan Petersen, founder and CEO of Flexport. “We look forward to a lasting relationship as a DAT customer. This sale is a win for the entire freight industry, a win for DAT, and a win for Flexport.”
Key takeaways:
· The Convoy Platform provides freight brokers with a powerful way to automate virtually every aspect of the freight transaction and connect with trusted trucking companies.
· Flexport acquired the Convoy Platform and related intellectual property in October 2023 and launched the Convoy Platform as a freight-matching service for all brokers in April 2024, growing the platform with thousands of carriers.
- The Convoy Platform’s engineers, product experts, and operations professionals will continue to be led by Bill Driegert, who will join DAT’s executive leadership team.
- The Convoy Platform’s proprietary technology uses machine learning and AI models to verify carriers on the network and block malicious actors. With these advanced security features built in, brokers can reduce their risk of fraud and access a trusted network of carrier capacity, all while increasing their efficiency and growing their business.
- Every carrier on the Convoy Platform is eligible to get paid via QuickPay. It’s easy to use and available on every load on the platform, providing another option for fast payouts to carriers.
- DAT will ultimately integrate the Convoy Platform into its DAT One product.
