Flexport sells Convoy platform to DAT

The sale shows Flexport chose to be a full stack freight operator, not a neutral trucking marketplace. Convoy’s software worked best as a broad industry network serving brokers and small carriers, while Flexport makes money by selling forwarding, customs, and fulfillment services to shippers. Selling the platform for about $250 million after buying Convoy’s assets for roughly $16 million let Flexport crystallize value from a non core asset and refocus the business on freight forwarding and fulfillment.

• Convoy’s original model was a software marketplace for truckload freight. Shippers posted loads through a portal or TMS connection, carriers booked through an app, and Convoy handled pricing, tracking, documents, and payment. That workflow is useful to a neutral network operator like DAT, but less central to Flexport’s forwarding led model.
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• The asset was still valuable because the network survived the shutdown. By July 2025, the platform app was used by nearly 30,000 carriers, mostly owner operators and small fleets. DAT added integrations with Port TMS and McLeod PowerBroker so brokers could push loads into the system and automate negotiation, booking, tracking, paperwork, and payment.
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• The economics mattered for Flexport. Flexport’s estimated revenue rebounded to $2.1 billion in 2024 after falling to $1.6 billion in 2023, but the Convoy sale also helped it reach technical profitability in 2025 through a one time gain. In practice, the divestiture both simplified the product set and generated cash at a useful moment.
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Going forward, the lines should get cleaner. Flexport is likely to keep concentrating on global forwarding, customs, fulfillment, and financing for importers, while DAT uses the Convoy Platform to deepen its role as the neutral digital plumbing for domestic truck brokerage. That split turns one failed standalone freight startup into infrastructure for two more focused businesses.