Flexport Expands Broker Platform With Convoy Technology
Flexport Expands Broker Platform With Convoy Technology
Flexport, a logistics technology provider, has announced it is continuing to invest in software it acquired last year from Convoy, the defunct digital freight-matching firm. The San Francisco-based company is expanding the Convoy Platform, which provides brokers access to thousands of trusted carriers nationwide, aiming to simplify freight operations and reduce operating costs for both brokers and carriers.
Through its platform, which Flexport says simplifies global trade and connects everyone in the supply chain, the company acquired the technology stack of Seattle-based startup Convoy. Convoy shut down after eight years of operations despite hundreds of millions of dollars in venture capital backing. The company faced headwinds from the post-pandemic transportation recession in America and rapidly rising interest rates.
By acquiring this technology, Flexport said it has moved a step closer to its goal of becoming a "one-stop shop" for all of its customers' logistics needs. Company leaders said this week's move represents a strong step toward that objective. Bill Driegert, vice president of trucking at Flexport, said the technology ushers in a new era that allows small carriers to manage their business from their phones, and connecting this capacity with brokers will simplify operations and reduce costs while creating opportunities for small carriers. Driegert also noted that the technology plays a critical role in strengthening the entire trucking ecosystem, as carriers, brokers, and shippers need new solutions to adapt and grow in a rapidly changing market.
Key Takeaways
Flexport acquired software from bankrupt Convoy.
The software provides brokers access to thousands of carriers across the country.
Flexport aims to simplify global trade and become a one-stop shop for all logistics needs.
The U.S. trucking market has undergone significant transformation since the pandemic.
The new technology enables small carriers to manage their operations from mobile devices.
Flexport emphasizes that the technology plays an important role in strengthening the transportation ecosystem.