Convoy Inc. has found a buyer for its tech stack, which would include the digital freight company’s driver app and automated freight matching and pricing engines, according to a person familiar with the matter.
The source confirmed the deal but declined to identify the buyer, citing confidentiality issues. Dan Lewis, Convoy’s co-founder and CEO, posted on LinkedIn on Wednesday morning that he was working on a deal that will include the company’s “tech/services” and members of the Convoy team.
Read more: Death from overfunding: An obituary for Convoy
The Seattle Times first reported news of the impending sale.
FreightWaves reported last week that at least two large incumbent logistics providers were bidding on Seattle-based Convoy’s tech stack, which would include the engineering and product teams that support the software. Its driver app has a large installed base, while sophisticated auctioneering algorithms on the back end kept freight moving across the country with a minimum of human intervention.
Over the years, Convoy built software for small fleet dispatchers and transportation management system portals for its customers in order to bring as much of the transaction on-platform as possible so that it could be automated.
The company announced last Thursday that it shut its freight brokerage arm, laying off all employees associated with that part of the business. It was reported that Convoy would retain some employees to assist with managing the transition of its IT operations.
This is a developing story.
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