Flexport Acquires Convoy's Technology and Employees Following Shutdown

Flexport obtains Convoy's technology stack and a portion of its core product and engineering team in a bid to expand its logistics services and become a "one-stop shop" for customers' freight needs.

• Flexport, a logistics startup, has acquired the technology and a small team from the now-defunct trucking startup Convoy.
• Although the deal does not include Convoy's liabilities or entire business, Flexport aims to restore Convoy's trucking logistics services for customers in the coming weeks.
• Convoy's CEO Dan Lewis might be among those joining Flexport according to the Wall Street Journal, although this hasn't been confirmed by Lewis or Flexport.
• The acquisition aims to support Flexport's goal of becoming a one-stop shop for customers' logistics needs. Flexport plans to leverage Convoy's technology and extensive network of drivers and carriers to reduce costs and enhance service.
• Flexport's approach to the business, as outlined by Flexport CEO Ryan Peterson, will differ from Convoy and other large truck brokerages, which scaled quickly by pursuing large Fortune 500 accounts. Instead, Flexport will focus on offering a full range of trucking services to customers of its international freight forwarding services.

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