Editor’s note: A previous version of this story incorrectly referred to the Seattle-based company as Convoy Logistics. It is, in fact, Convoy Inc. and is not affiliated with Convoy Logistics, a freight brokerage based in Crossett, Arkansas, nor it is affiliated with Convoy Systems out of Kansas City, Kansas.
A change is brewing in the next day or two at Seattle-based digital brokerage Convoy, with reports Wednesday of all loads being canceled.
A communication from Convoy representatives to their customers, obtained by FreightWaves, said the company is “taking several necessary steps to prepare Convoy’s business for a transition that we will have more details on in the next 48 hours.”
The message from Convoy said the company could not “answer any additional questions at this time.”
A Convoy spokeswoman issued a brief statement to FreightWaves, also citing potential developments in the next 24 to 48 hours, without elaborating further.
And with that, according to the communication, “all shipments have been canceled from our marketplace.” Convoy said that shippers could “choose to work with the carriers that were booked on canceled shipments directly.” It did provide an email address — cfbsupport@convoy.com — for customers to use if they needed additional support.
FreightWaves has confirmed that the Convoy load board went blank on Wednesday.
Although the market was filled with rumors of bankruptcy at Convoy Wednesday morning — not surprising when all loads are summarily canceled — there has been no bankruptcy filing by Convoy, according to a check of public records by FreightWaves.
In April 2022, Convoy was valued at $3.8 billion after an investment of $260 million in a Series E capital raise. That money came from existing investors Baillie Gifford and T. Rowe Price and $100 million in venture-debt investment from Hercules Capital Inc.
That a big change might be coming at Convoy is not surprising. Most if not all brokerage companies are struggling in the current freight market. But beyond that, Convoy in August hired an investment bank, reportedly Goldman Sachs, to help it explore possible options for its future ownership and capitalization. The list of potential suitors that might acquire or take a stake in Convoy — according to the rumor mill — has included C.H. Robinson (NASDAQ: CHRW), Walmart (NYSE: WMT), Amazon (NASDAQ: AMZN) and Maersk (DXE: MAERB.C.DX).
Besides that development, there has been significant upheaval at Convoy in the last several months. In June, Grant Goodalle, Convoy’s co-founder and chief experience officer, said he was leaving the firm.
In February, Convoy said it would undertake a restructuring. Along with that, the company made an undisclosed number of layoffs, though that has been a persistent theme in brokerages this year.
JP Hampstead contributed to this report.
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Marcus Moss
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Tony Dulay
find strength. As we navigate this challenging chapter together, let us remember that every ending is a new beginning.
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Embrace this moment as an opportunity for growth, innovation, and new horizons. Wishing each and every one of you the very best as you embark on your next journey. Together, we will rise again.
Have a strong support
GOD BLESS
Tony
BN TRUX
Brad Christianson
Garbage freight the last year anyway . Hopefully Uber is next !!!! This is proof that all the technology in the world can’t move freight
Dzuons
They sucked anyways
Willard Witham
This really is a Bummer. I made the move to work with Convoy to better position myself in the Freight Market after 3 years of Amazon nonsense. I Have an Excellent Status 100% on everything. Now this! I was on my Last Convoy Load when this happened this morning. I called but could not get an answers from the Company. What about the Rental Trailer that is attached to my Truck Right Now? Thankfully I have some Broker Friends on other platforms to secure work. I am Blessed to be working still. Keep the Rubber Side Down Road Warriors.
R Hedrick
Too Bad,,,,So Sad….adios.
Christopher Robinson
come over to outwest express
Roy Sears sr
Man all the hard work 💪 to be one of the 1# carriers for this company …now this…now I got to start all over again from the bottom to be Recognize as one of the top Trustworthy career again for some one else…dammmmit this is not a good time 😑 for this…