Flexport has reached a deal to buy the technology of shuttered trucking startup Convoy, as Flexport doubles down on its U.S. trucking ambitions even as it grapples with its own business slump.
Convoy, once valued at $3.8 billion, shut down in October after failing to find a buyer or raise fresh capital. Convoy CEO Dan Lewis will join Flexport as part of the acquisition, a person familiar with the matter said, though his new role couldn’t be immediately learned. Flexport won’t take on any of Convoy’s liabilities as part of the deal, according to an internal memo from Flexport CEO Ryan Petersen.