DAT to Acquire Convoy Platform to Expand Freight-Matching Network’s Capabilities

DAT Freight & Analytics plans to acquire the Convoy Platform from Flexport to expand the capabilities of its freight-matching network.

The company will integrate Convoy, a freight-matching service for all brokers, with DAT One, a subscription-based load board, it said in a Monday (July 28) press release.

Among the additions Convoy will bring to DAT One are built-in security features that verify carriers on the network and block malicious actors; a mobile experience that enables carriers to use the app to find loads, manage paperwork and receive payments; and a QuickPay feature that offers fast payouts to carriers, according to the release.

In addition, the Convoy Platform’s engineers, product experts and operations professionals will join DAT, per the release.

“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,” DAT President and CEO Jeff Clementz said in the release.

Flexport acquired the Convoy Platform and related intellectual property in October 2023 and launched it as a neutral digital marketplace in April 2024, according to the release.

Ryan Petersen, founder and CEO of Flexport, said in the release the company invested in Convoy Platform because “we saw its potential.”

“In just 18 months, we improved the core technology platform, reengaged the market and significantly increased its value,” Petersen said. “Importantly, we demonstrated a strong product-market fit by decoupling the platform from a brokerage.”

It was reported in November 2023 that Flexport acquired the platform after Convoy closed its business due to financial difficulties and an unsuccessful search for an acquirer amid a decline in freight demand and a contraction in capital markets.

DAT’s acquisition of the Convoy Platform came about two months after it said it struck a deal to acquire FinTech company Outgo, which is focused on payment processing for the trucking industry.

When announcing that deal, the company said the combined operations will offer carriers in DAT’s network access to Outgo’s artificial intelligence-powered payments services. Trucking loads posted to the DAT network with a blue checkmark will be eligible for factoring, “so carriers can feel assured that they’ll get paid quickly,” the firm said.

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