Convoy Inc. is finalizing a deal to sell its valuable tech assets, encompassing the digital freight firm’s driver app and advanced freight matching and pricing engines, as confirmed by a reliable source familiar with the situation. While the buyer’s identity remains confidential due to privacy concerns, Dan Lewis, Convoy’s co-founder and CEO, hinted at this transformative deal in a recent LinkedIn post. This transaction will involve the transfer of Convoy’s cutting-edge technology and services and select members of the Convoy team.

The Seattle Times initially reported this significant development, creating a buzz in the logistics and tech sectors. FreightWaves, in a report last week, revealed that several prominent logistics providers were actively competing to acquire Convoy’s tech stack, which includes its talented engineering and product teams integral to supporting the software. Convoy’s driver app has established a substantial user base. At the same time, the sophisticated auction algorithms running behind the scenes ensure seamless freight movement across the country, minimizing the need for manual intervention.

Throughout its existence, Convoy has been instrumental in developing software solutions catering to small fleet dispatchers and transportation management system portals for its customers. This focus was aimed at streamlining transactions on its platform and maximizing automation.

In a recent announcement, Convoy revealed its decision to discontinue its freight brokerage operations, resulting in the layoff of all employees associated with this business segment. However, the company intends to retain some staff members to facilitate the smooth transition of its IT operations.

The impending sale of Convoy’s tech assets signifies a pivotal moment in the logistics industry, where innovation and technology continue to reshape the landscape. This strategic move allows Convoy to adapt and evolve in a dynamic market while providing a valuable technological legacy to its yet-undisclosed buyer.

Inspired by: https://www.freightwaves.com/news/convoy-finds-buyer-for-tech-stack-source-says