Freightmate AI settles Flexport’s trade-secrets lawsuit on terms that allow its logistics software products to remain on the market. The founders acknowledged acquiring about 2,000 confidential Flexport shipping documents and using some, but denied that the product was built on them; the court made no finding of liability. A neutral examiner will search Freightmate’s systems and oversee deletion of any Flexport documents and related product changes. Financial terms remain confidential.
Flexport CEO Ryan Petersen says he was interested in buying Convoy for its “incredible tech stack,” but not for its strategy.
Nov 2023 · TechCrunchNews article
Flexport acquires technology of former digital freight unicorn Convoy
Flexport is acquiring the assets of shuttered digital freight network Convoy, according to a memo CEO Ryan Petersen sent to staff. The memo says Flexport will restore Convoy’s trucking logistics services for customers in the coming weeks, while Petersen says Flexport will not acquire Convoy’s business.