Flexport sells Convoy assets to DAT for $250m: Axios

Flexport sells Convoy assets to DAT for $250m: Axios

Flexport has sold the digital freight network Convoy's assets to DAT Freight & Analytics for $250 million, according to a source familiar with the deal. This transaction marks a significant return for Flexport, which had paid just $16 million for the shuttered venture-backed unicorn two years ago [1].

The acquisition of Convoy's assets by DAT follows a period of winding down operations and layoffs at Convoy, which was hit by the freight recession that followed the pandemic-era boom. Convoy, once valued at $3.8 billion, had raised over $670 million from investors like Jeff Bezos, Bill Gates, Capital G, Greylock, and Y Combinator [1].

Flexport had "bought the code base" of Convoy and built it into a neutral platform and mobile app that other brokers could use to tap into the driver network. DAT, known for its spot market data and load board, has also acquired Outgo and Trucker Tools this year for undisclosed prices. This acquisition aligns with DAT's strategy to expand its freight-matching network and reduce fraudulent load posts [1].

DAT's president and CEO, Jeff Clementz, stated, "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." DAT spokesperson Stephen Petit added, "Flexport made significant investments in the Convoy Platform to scale for all brokers, reduce the risk of fraud, and deliver the user experience that truckers love. There are other digital freight marketplaces out there, but the Convoy Platform is the only one not affiliated with a brokerage" [1].

The transaction is expected to help DAT further automate the load-matching process, potentially improving user experience and reducing fraudulent load posts. Flexport did not immediately respond to a request for comment.

References:
[1] https://www.axios.com/pro/supply-chain-deals/2025/07/29/flexport-sells-convoy-assets-dat-250m