<div>
  <ul>
    <li>
      <p>
        Flexport has relaunched the &quot;Convoy Platform,&quot; a digital marketplace that connects shippers and truckers. This platform aims to provide a marketplace for trucking capacity, bridging the gap between small carriers, owner-operators, shippers, and brokers.
      </p>
    </li>
    <li>
      <p>
        The platform connects reliable and engaged small carriers with shippers and brokers, offering real-time visibility, punctuality, and competitive rates. It will also enable automotive predictive performance scoring, robust fraud-detection technology, and comprehensive quality control. Flexport aims to introduce more features for brokers in the upcoming quarter.
      </p>
    </li>
    <li>
      <p>
        Flexport claims that the platform's relaunch has been a success, bringing back major customers and dispatching nearly 200 full truckloads on the first day. The company believes that the platform can significantly improve the freight logistics ecosystem.
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake: </b>
        The launch comes less than four months after Flexport 
        <a href="https://sp-edge.com/updates/23379">
          acquired
        </a>
         technology assets from Convoy. Eventually, Flexport plans to provide a comprehensive range of trucking services, including full truckload (FTL), less than truckload (LTL), drayage, cartage, and intermodal trucking services to international freight forwarding customers.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.prnewswire.com/news-releases/flexport-launches-the-convoy-platform-restores-leading-trucking-technology-to-market-302068490.html">
      Press release
    </a>
  </p>
  <p>
    <a href="https://www.geekwire.com/2024/flexport-relaunches-convoy-trucking-marketplace-after-acquiring-tech-from-seattle-startup/">
      Geekwire
    </a>
  </p>
  <p>
  </p>
</div>


Truck Industry Tech

ANALYST_QUICK_TAKE

PROMINENT_CATEGORY

<div>
 <p>Flexport has reintroduced its "Convoy Platform," a digital market setting that connects shipment operators and truck drivers. The platform seeks to establish a marketplace for trucking capacity, acting as a bridge between small carriers, owner-operators, shippers, and brokers.</p>
 <p>The marketplace connects committed and reliable small carriers with shippers and brokers, offering real-time visibility, punctuality, and competitive pricing. The platform includes features such as predictive performance scoring for vehicles, advanced technology for detecting fraud, and extensive quality control. Further features intended for brokers are set to be introduced by Flexport in the forthcoming quarter.</p>
 <p>Flexport has reported a successful restart of the platform, attracting key customers and dispatching almost 200 truckloads on the initial day. The corporation thinks that the platform could substantially improve the ecosystem of freight logistics.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> The launch comes less than four months after Flexport <a href="https:<br>
//sp-edge.com/updates/23379"> acquired </a> technology assets from Convoy. Eventually, Flexport plans to provide a comprehensive range of trucking services, including full truckload (FTL), less than truckload (LTL), drayage, cartage, and intermodal trucking services to international freight forwarding customers.</p>

Flexport relaunches 'Convoy Platform' after acquiring assets from defunct startup

Empowering efficiency, visibility and collaboration throughout supply networks

Supply Chain Tech

<div>
 <p>Freight forwarding company, Flexport, has revamped and relaunched its digital marketplace known as "Convoy Platform". The aim of the platform is to act as a marketplace for trucking capacity, linking small carriers, owner-operators, brokers, and shippers.</p>
 <p>The marketplace assists in connecting small carriers who are reliable and engaged with brokers and shippers. It provides competitive rates, punctuality, and real-time visibility. Additionally, it includes automotive predictive performance scoring, robust fraud-detection technology, and thorough quality control. The company plans to introduce more broker-specific features in the forthcoming quarter.</p>
 <p>According to Flexport, the Convoy Platform's relaunch has been a success. It has reportedly won back key customers and dispatched almost 200 full truckloads on the first day of its relaunch. The company is of the view that this platform can make noteworthy improvements to the freight logistics ecosystem.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> The launch comes less than four months after Flexport <a href="https:<br>
//sp-edge.com/updates/23379"> acquired </a> technology assets from Convoy. Eventually, Flexport plans to provide a comprehensive range of trucking services, including full truckload (FTL), less than truckload (LTL), drayage, cartage, and intermodal trucking services to international freight forwarding customers.</p>

<div>
 
 <p>Freight forwarding company, Flexport, is reducing its workforce by roughly 15%, amounting to around 400 employees, in an effort to curb spending and achieve profitability. This move is also due to a shift of focus towards its primary business operations.</p>
 <p>Most affected by the decision are the North American R&amp;D staff, especially positions like software engineers and operations associates. However, the effect on customer-related teams is expected to be minimal.</p>
 
</div> <p><b>Analyst QuickTake: </b> <a href="https://techcrunch.com/2024/01/26/flexport-may-lay-off-workers-yet-again/"> Rumors </a> about Flexport’s layoffs have been around since last week. Furthermore, this marks Flexport’s third significant layoff phase in just over a year. The company let go of roughly 640 employees <a href="https://www.cnbc.com/2023/01/11/flexport-to-lay-off-20percent-of-its-global-workforce.html"> in January 2023 </a> and a further 700 <a href="https://sp-edge.com/updates/22716"> in October 2023. </a> Despite the layoffs, Flexport secured a significant funding boost with a USD 260 million investment from Shopify <a href="https://sp-edge.com/updates/25716"> earlier this month, </a> suggesting the company is still looking at ways to grow and expand.&nbsp;</p>

Flexport cuts 15% of workforce; aims for profitability

AI, robotics, and IoT to streamline the flow of goods and information

Logistics Tech

<div>
 <p>Freight forwarding company, Flexport, is reducing its workforce by approximately 15%, equating to a layoff of around 400 employees. This action is part of an effort to control costs, boost profitability, and emphasize core business operations.</p>
 <p>Notably, the decision chiefly impacts North American Research and Development personnel, while customer-facing teams are less affected. Job roles predominantly affected include software engineers and operations associates.</p>
</div> <p><b>Analyst QuickTake: </b> <a href="https://techcrunch.com/2024/01/26/flexport-may-lay-off-workers-yet-again/"> Rumors </a> about Flexport’s layoffs have been around since last week. Furthermore, this marks Flexport’s third significant layoff phase in just over a year. The company let go of roughly 640 employees <a href="https://www.cnbc.com/2023/01/11/flexport-to-lay-off-20percent-of-its-global-workforce.html"> in January 2023 </a> and a further 700 <a href="https://sp-edge.com/updates/22716"> in October 2023. </a> Despite the layoffs, Flexport secured a significant funding boost with a USD 260 million investment from Shopify <a href="https://sp-edge.com/updates/25716"> earlier this month, </a> suggesting the company is still looking at ways to grow and expand.&nbsp;</p>

<div>

 <p>Flexport, a digital freight forwarding company, is reportedly planning to reduce its workforce by 20%, potentially impacting 500 employees. This comes as CEO Ryan Petersen publicizes plans to bring the company back to profitability by 2024, with an emphasis on the core forwarding business.</p>

</div> <p><b>Analyst QuickTake: </b> The company let go of roughly 640 employees <a href="https://www.cnbc.com/2023/01/11/flexport-to-lay-off-20percent-of-its-global-workforce.html"> in January 2023 </a> and a further 700 <a href="https://sp-edge.com/updates/22716"> in October 2023. </a> Flexport secured a significant funding boost despite the layoffs with a USD 260 million investment from Shopify earlier this month, suggesting the company is still looking at ways to grow and expand.&nbsp;</p>

Flexport may lay off 20% of workforce; aims for profitability

<div> 

<p>Freight forwarding firm Flexport, known for its digital focus, received a significant financial boost, USD 260 million, from ecommerce giant Shopify. The funds were provided through an uncapped convertible note agreement.</p> 
<p>This investment has reinforced Flexport's financial standing, supporting the development of its comprehensive logistics tech platform designed for global commerce.</p>

</div> <p><b>Analyst QuickTake:</b> This investment expands upon Shopify's initial financial involvement with Flexport, which began <a href="https://www.reuters.com/markets/deals/shopify-divests-logistics-arm-flexport-strategic-reversal-2023-05-04/"> in May 2023 </a> with an undisclosed investment. Concurrently, Shopify divested the majority of its logistics operations, including fulfillment services provider Deliverr to Flexport.&nbsp;</p>

Flexport raises USD 260 million from Shopify

<div>
 <p>Freight forwarding company Flexport has secured USD 260 million investment from ecommerce company Shopify. The funding is facilitated through an uncapped convertible note agreement. This financial support boosts Flexport's mission to continue developing its comprehensive logistics technology platform for global commerce.</p>
</div> <p><b>Analyst QuickTake:</b> This investment expands upon Shopify's initial financial involvement with Flexport, which began <a href="https://www.reuters.com/markets/deals/shopify-divests-logistics-arm-flexport-strategic-reversal-2023-05-04/"> in May 2023 </a> with an undisclosed investment. Concurrently, Shopify divested the majority of its logistics operations, including fulfillment services provider Deliverr to Flexport.&nbsp;</p>

New technology allows individuals and organizations to become carbon intelligent

Carbon Management Software

DISRUPTOR_PRESENT

<div>
 
 <ul>
  <li><p>CHOOOSE, a Norway-based carbon offsetting startup, has partnered with Flexport.org, the sustainability-focused division of Flexport, to reduce the carbon emissions in air cargo. This partnership would allow Flexport's customers to support sustainable aviation fuel (SAF).</p></li>
  <li><p>CHOOSE and Flexport expect to combine their platforms through an integrated API for customers to track their purchases and resulting CO2 emissions to take climate action as a part of the in-app experience.</p></li>
 </ul>
 
</div>

CHOOOSE partners with Flexport to accelerate decarbonization of air freight

<div>
 
 <ul>
  <li><p>Flexport is acquiring the assets of digital freight network Convoy. Convoy was valued at $3.8 billion in 2020. The deal does not include the acquisition of Convoy's business or liabilities.</p></li>
  <li><p>Convoy has a network of over 400,000 truck drivers and 80,000 carriers. It offers truck logistics services and has advanced procurement technology that automates 98% of bookings.</p></li>
  <li><p>After the acquisition, Flexport plans to resume truck logistics services previously provided by Convoy. It aims to use Convoy's customer base and technology to reduce carrier costs and expand its offerings, including Full Truck Load (FTL), Less than Truck Load (LTL), drayage, cartage, and potentially intermodal trucking services.</p></li>
 </ul>
 
</div>

Flexport acquires assets of Convoy to restore trucking logistics services

<div>
  <ul>
    <li>
      <p>
        Flexport, a freight forwarder and supply chain logistics platform, has acquired the technology from the 
        <a href="https://sp-edge.com/updates/22918">now-defunct digital freight network Convoy</a> for an undisclosed sum.
      </p>
    </li>
    <li>
      <p>
        Following the acquisition, the company plans to reinstate Convoy's trucking services for Flexport's customers 
        (a facility that has been available for Flexport's customers since 
        <a href="https://www.scmr.com/article/flexport_and_convoy_herald_a_new_partnership">June 2021</a>) 
        by bringing back some of its core products and engineering team.
      </p>
    </li>
    <li>
      <p>
        Flexport eventually plans to provide a comprehensive range of trucking services including full truckload (FTL), 
        less than truckload (LTL), drayage, cartage, and intermodal trucking services to its international freight forwarding customers.
      </p>
    </li>
    <li>
      <p>
        Convoy was a digital freight matching network with over 400,000 truck drivers and 80,000 carriers in its network.
        The company had developed procurement technology that automated the supply side for 98% of booked loads.
      </p>
    </li>
  </ul>
</div> 

Freight forwarder and supply chain logistics platform Flexport has acquired technology from now-defunct digital freight network Convoy. The acquisition allows Flexport to reinstate Convoy's trucking services for its customers, bringing back core products and an engineering team. Flexport plans to offer a comprehensive range of trucking services to its international freight forwarding customers, including full truckload, less than truckload, drayage, cartage, and intermodal trucking. Convoy previously operated a digital freight matching network with a large network of truck drivers and carriers, utilizing advanced procurement technology for 98% of booked loads.

All Updates

Flexport relaunches 'Convoy Platform' after acquiring assets from defunct startup

Flexport relaunches 'Convoy Platform' after acquiring assets from defunct startup

Flexport cuts 15% of workforce; aims for profitability

Flexport cuts 15% of workforce; aims for profitability

Flexport may lay off 20% of workforce; aims for profitability

Flexport raises USD 260 million from Shopify

Flexport raises USD 260 million from Shopify

CHOOOSE partners with Flexport to accelerate decarbonization of air freight

Flexport acquires assets of Convoy to restore trucking logistics services

Flexport acquires technology from now-defunct digital freight network Convoy

Truck Industry Tech

Flexport relaunches 'Convoy Platform' after acquiring assets from defunct startup

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