Latest news with #DATFreight
TechCrunch
28-07-2025
- Business
- TechCrunch
Flexport sells former freight unicorn Convoy's tech two years after buying it
Two years ago, logistics company Flexport bought the assets of Convoy, a former freight tech unicorn that had closed up shop. Now it's sold that platform and delivered a 'massive return on investment for Flexport.' Flexport announced the sale on Monday to DAT Freight & Analytics, but declined to disclose terms. 'Over the past 18 months, we rebuilt and relaunched the [Convoy] platform as a neutral digital freight execution layer that serves brokers, carriers, and shippers across the market,' Flexport Ryan Petersen said in a statement. 'That investment paid off. The platform is now stronger, more widely used, and far more valuable than when we acquired it. As the Convoy Platform matured, it was clear that to achieve its full potential, it needed to be a neutral infrastructure layer.' Petersen wrote that the sale of Convoy's tech will allow his company to 'focus our capital and energy on our core business' of helping customers move freight around the world. The sale comes just a few months after Flexport announced the rollout of a suite of AI-powered tools, and a plan to launch waves of new products for its customers twice a year — an approach inspired by Airbnb CEO Brian Chesky. Flexport told TechCrunch at the time that the second product release will come in 'late summer.'
Geek Wire
28-07-2025
- Business
- Geek Wire
Flexport is selling Convoy's technology to freight giant DAT
GeekWire's startup coverage documents the Pacific Northwest entrepreneurial scene. Sign up for our weekly startup newsletter , and check out the GeekWire funding tracker and venture capital directory . (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.
Yahoo
18-06-2025
- Business
- Yahoo
DAT and OTR, embroiled in dispute over factoring, reach settlement and end battle
The legal battle between factoring company OTR Solutions and DAT Freight & Analytics has come to a quick end, with DAT disclosing Wednesday that OTR had 'voluntarily' ended its suit. The closure to the lawsuit comes a week after OTR had won a victory in the Superior Court of Cobb County, when a court ordered DAT Solutions to suspend the operations of Outgo, a financial services and factoring company DAT acquired in May. A spokesman for DAT, which put out a brief announcement about the end to the lawsuit, declined to answer questions submitted by FreightWaves about any provisions in the settlement.'Following the resolution, OTR voluntarily dismissed its lawsuit against DAT,' the statement said. The lawsuit's end came even as it appeared OTR had the upper hand in the dispute, at least in court. In the June 10 Cobb County decision, the court said OTR was likely to succeed on the claims it made in the lawsuit. The court ordered DAT to suspend operations of Outgo and come into compliance with a 2021 non-compete agreement between OTR and DAT. Whatever provisions were in the recent agreement between DAT and OTR, it does not appear OTR will have any sort of special presence on the DAT load board as it did before the Outgo acquisition.'DAT thanks OTR for their years of partnership and their collaboration in reaching a constructive outcome,' DAT said in a prepared statement. With the end of the lawsuit, and the ruling by Cobb County Superior County Judge Adele P. Grubbs, DAT is now free to market the factoring services of Outgo on its platform. 'Outgo, a DAT product, is fully operational through the DAT One platform—delivering fast, transparent payment services that help carriers manage cash flow and keep their businesses moving,' DAT said in its statement. OTR also declined to answer further questions beyond its prepared statement. 'OTR and DAT were able to reach an amicable resolution,' the statement said. 'We look forward to focusing our attention on serving the needs of our clients.' Before the Outgo acquisition, the relationship between OTR and DAT involved OTR paying referral fees to DAT, while the latter's load board had a blue checkmark next to OTR's name to signal DAT had reviewed OTR's creditworthiness for its factoring activities. DAT and OTR had a non-disclosure agreement signed in February 2021. That relationship was strengthened in August of that year with a 'referral and revenue sharing agreement.' More articles by John Kingston Despite quarterly loss and battered stock, Triumph Financial stays aggressive TriumphPay's LoadPay a new tool in fierce battle to get drivers paid fasterIndependent terminal operator Outpost adds four new facilities, targets more growth The post DAT and OTR, embroiled in dispute over factoring, reach settlement and end battle appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
National Post
08-05-2025
- Business
- National Post
Navigating 'uncharted' waters: What Trump's trade war could mean for Canadian ports
Article content Chia pointed out that Trump recently closed a loophole where goods landed in Canada and transported by rail into the States didn't have to pay a harbour maintenance tax of 0.125 per cent. Article content Article content How is this playing out in the U.S.? Article content Bonded warehouses on the U.S. West Coast where goods can be stored without paying tariffs 'maxed out very, very quickly, within like a week or two in anticipation of all of this,' said Ken Adamo, a shipping analyst with DAT Freight & Analytics in Akron, Ohio. Article content Could vessels destined for the U.S. head to Canada instead? Article content Article content While some ships that call on the U.S. West Coast could instead steam to Canada, their goods would still face tariffs if shippers tried to get them into the States by train or truck, Adamo said. Article content 'There's a pretty big wrinkle that was introduced' last week, he said. 'An executive order came down around English language proficiency for truck drivers operating in America. The problem with that being … that a lot of the Canadian cross-border truck drivers (come from a) largely immigrant-fed pipeline of drivers.' Article content 'This administration has made it very difficult to find any sort of continuity or consistency,' Adamo said. 'Shippers and trucking companies alike are very confused and, frankly, very, very anxious on how to approach the shifting landscape of regulation and global trade policy.' Article content Article content Article content Adamo sees a 'hard terminus for a lot of this' in the U.S. back-to-school season. Article content 'I know it sounds crazy because the kids are still in school right now. But in logistics, we're thinking way upstream of all the school supplies and this year's school clothes and kids' shoes. All of that stuff is going to probably land May, June and July to be on the store shelves when people do all their back-to-school shopping.' Article content Americans looking for deals on pencils and lunch boxes might end up dictating U.S. trade policy, he said. 'I don't think the American consumer is going to tolerate empty shelves for back-to-school.' Article content Adamo had to read Trump's book, The Art of the Deal, in business school. 'The tactic is you start with a completely outlandish and overexaggerated position and then help negotiate your opponent back to centre,' he said. 'So, my guess is I think most Asian trading partners will get deals done.' Article content
