Convoy Inc. has found a buyer for its tech stack, which would include the digital freight company’s driver app and automated freight matching and pricing engines, according to a person familiar with the matter.
The source confirmed the deal but declined to identify the buyer, citing confidentiality issues. Dan Lewis, Convoy’s co-founder and CEO, posted on LinkedIn on Wednesday morning that he was working on a deal that will include the company’s “tech/services” and members of the Convoy team.
Read more: Death from overfunding: An obituary for Convoy
The Seattle Times first reported news of the impending sale.
FreightWaves reported last week that at least two large incumbent logistics providers were bidding on Seattle-based Convoy’s tech stack, which would include the engineering and product teams that support the software. Its driver app has a large installed base, while sophisticated auctioneering algorithms on the back end kept freight moving across the country with a minimum of human intervention.
Over the years, Convoy built software for small fleet dispatchers and transportation management system portals for its customers in order to bring as much of the transaction on-platform as possible so that it could be automated.
The company announced last Thursday that it shut its freight brokerage arm, laying off all employees associated with that part of the business. It was reported that Convoy would retain some employees to assist with managing the transition of its IT operations.
This is a developing story.
Supply Chain AI Symposium
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
The Old Post • Chicago, IL Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now
Tarhib IT
Despite shutting down, Convoy’s tech stack, which included its driver app and freight matching algorithms, was still considered valuable. This attracted interest from several players in the freight logistics space.
Samuel lewis
For the last three years Convoy worked for me just fine…I love being home on a daily basis so two short runs a day was good for me…I am hoping they make a comeback…
Jeffrey A Snyder
ANOTHER CORRUPT COMPANY PULLS THE PLUG AND RUNS AWAY WITH THE CASH LEAVING THE BOOTS ON THE GROUND DRIVERS JAMMED UP AGAIN FOR THE TAB….IF THESE PRICKS SHOW UP IN ANY FORM WORKING DRIVERS SHOULD BOYCOTT THESE BASTARDS
Pawel Piotrowski
Wish Uber Freight goes next.
John
Stock value ???? Severance ???? Good old O.P.M. Others People’s Money.
Now with the big “Zon” in the freight industry let’s guess where this tech system will arrive.
Remember you build it they will take it away.
“C.O.N.V.O.Y.”
Con Others Now Value Only Yourself!
Randall X
Doesn’t this seem like a strange way of selling the company? Should they have first sold it and then gotten rid of whatever pieces the buyer didn’t want?
Really confused … never seen this before