Flexport is selling Convoy's technology to freight giant DAT
(GeekWire File Photo / Taylor Soper)
Convoy's long, winding journey is getting another chapter.
San Francisco-based freight forwarding company Flexport announced Monday that it is selling its Convoy Platform to DAT Freight & Analytics. The deal comes two years after Flexport acquired Convoy's technology amid the Seattle startup's shutdown.
Convoy was once one of Seattle's most valuable startups, hitting a valuation of $3.8 billion in 2022 as investors bet big on the digital brokerage that connected shippers and carriers.
But the company collapsed later that year, citing a freight recession and dampened investor appetite.
Flexport acquired and later relaunched Convoy's marketplace, which will now be operated by Beaverton, Ore.-based DAT, a business unit of publicly traded industrial conglomerate Roper Technologies that operates the largest truckload freight marketplace in North America.
'The acquisition of Convoy demonstrates DAT's ongoing commitment to enhancing network value for our customers,' DAT CEO Jeff Clementz said in a statement. '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.'
Freightwaves reported that Flexport's deal with DAT was valued 'near $250 million.'
DAT earlier this year acquired Outgo, a Seattle startup that sells banking services to freight carriers.
Convoy co-founder and former CEO Dan Lewis joined Flexport in a technical advisor role but left in 2024 and is now a corporate VP at Microsoft.
Convoy co-founder Grant Goodale this year joined Florida-based logistics giant Ryder as chief product and technology officer.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
3 hours ago
- Business Insider
Starbucks isn't giving up on its China dream
Starbucks isn't giving up on its China dream and is seeking a helping hand to run its stores there. CEO Brian Niccol said in an earnings call on Tuesday that the Seattle-based coffee chain is looking for a local partner to manage its stores in China. The country is Starbucks' second-largest market after the US, and has seen sales stagnate in recent quarters. He said Starbucks is evaluating a pool of 20 interested parties who wish to partner with it. "What this is about is how do we ensure that the Starbucks brand is in a much better place in the future because I do believe there's going to be thousands of more Starbucks in China," Niccol said. "And I think there's no reason why this can't be one of the best businesses in China." "And so we're looking for a partner that shares that passion and shares that belief that there's this opportunity to grow one of the special brands in China," he added. Starbucks released its third-quarter 2025 earnings on Tuesday, reporting its sixth straight quarter of sales declines. Global same-store sales were down 2% compared to a year ago. However, it reported an 8% net revenue increase in China in the third quarter compared to the same period last year and a 2% increase in same-store sales. Starbucks' results in China showed signs of improvement compared to past quarters. Same-store sales were flat in the second quarter and dropped 6% in the first quarter. The chain also opened 522 new stores in China in the past year, which represents a 7% increase in its retail footprint in the country. This is a welcome sign for the chain, which has been struggling with a challenging market in China. Weakened local consumer spending power and strong competition from local players have resulted in declining sales. Chinese brands like Luckin Coffee have eaten into Starbucks' market share, offering similar products at lower prices and drawing customers in with aggressive discounts. Despite recent weak performance, Niccol has repeatedly expressed confidence in the Chinese market. In a February interview with Bloomberg, he talked about a large-scale expansion in China, saying the market "is going to continue to grow for us." While China's Starbucks stores are company-owned, most of its other international stores are run by domestic partners, like the Alshaya group in the Middle East. The company's stock was up nearly 5% in after-hours trading on Tuesday. A representative for Starbucks China declined a request for comment from BI.
9 hours ago
Starbucks looks to protein drinks and other new products
Starbucks said Tuesday it's confident that new products coming next year -- including a cold foam protein drink, coconut water-based beverages and improved baked goods -- will help turn around the company's lagging U.S. sales. In the meantime, slow U.S. demand continues to be a drag on the company's results. Starbucks reported that its revenue rose 4% to $9.5 billion in its fiscal third quarter. That was better than the $9.3 billion Wall Street expected, according to analysts polled by FactSet. But same-store sales, or sales at locations open at least a year, fell 2% in the April-June period. That was a bigger decline than Wall Street expected, and it was the sixth straight quarter that the Seattle-based company reported lower same-store sales. Same-store sales were up in China, Starbucks' second-largest market, but they fell 2% in the U.S. Starbucks is spending heavily to turn that around. One big expense in the third quarter was a two-day meeting in Las Vegas, where the company hosted 14,000 store managers and regional leaders. The company said its net income fell 47% to $558 million in the April-June period. Adjusted for one-time items, its earnings fell 46% to 50 cents per share for the quarter. That was lower than the 65 cents analysts had forecast.
.jpg&w=3840&q=100)
Miami Herald
9 hours ago
- Miami Herald
100-year-old Spanish Colonial Revival home will steal your breath. It's for sale
An estate that was built a century ago has landed on the market in Montecito, California, for a whopping $21.995 million. And yes, it has received a head-to-toe restoration that managed to preserve its glorious original craftsmanship while giving it a modern feel, the listing on Sotheby's International Realty says. 'A grand circular gated entrance welcomes you to lush gardens, fountains, and mature trees, leading to the striking residence beyond,' the listing describes. 'The estate's façade showcases signature Spanish Colonial Revival elements (of) white stucco walls, terra cotta roof tiles, wrought iron detailing, and intricately carved wooden doors. Upon entering, the home's grandeur is immediately evident.' Features in and around the six-bedroom, nine-bathroom, 8,332-square-foot residence, per the listing, include: Beamed ceilingsFireplacesTerracesLibraryChef's kitchenButler's pantryWine cellarPrivate patioBarbecue areaSwimming pool GardensPalm treesOak trees 'With its prestigious architectural heritage, meticulously curated interiors by Seattle-based architect Roy McMakin, and idyllic surroundings, this masterfully restored estate offers a rare opportunity to own a piece of Montecito's rich history,' the listing says. 'This home honors the past while embracing the future, ready to inspire for generations.' The listing is held by Crysta Metzger of Sotheby's International Realty - Montecito Brokerage. Montecito is about a 5-mile drive northeast from Santa Barbara.
