FlexPort sells former freight unicorn opvoy technology two years after purchase

Two years ago, logistics company Flexport I purchased the fleet’s assetsA former freight technology unicorn that closed its store. We are now selling that platform and achieving “Flexport’s large return on investment.”

Flexport announced its sale to DAT Freight & Analytics on Monday, but refused to disclose terms.

“Over the last 18 months, we have rebuilt and rebooted the (transporter) platform as a neutral digital cargo runner-up serving brokers, carriers and shippers across the market,” Flexport Ryan Petersen said in a statement. “That investment paid off. The platform is now stronger, widely used and is much more valuable than it was when it was acquired. As the Optimus Platform matured, it was clear that it needed to be a neutral infrastructure layer to reach its full potential.”

Petersen writes that the sale of convoy technology will allow his company to “focus our capital and energy on our core business” to help customers move cargo around the world.

It will be on sale just months after Flexport unveiled its suite of AI-powered tools and plans to launch a wave of new products for its customers twice a year. An approach inspired by Airbnb CEO Brian Chesky.

Flexport told TechCrunch that the second product release will come at the end of the summer.