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.
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
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.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN 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