project44 announces $255 million acquisition of Convey
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Real-time supply chain visibility provider project44 has announced the $255 million acquisition of Austin-based last mile delivery experience company Convey.
Convey, founded in 2014, provide direct-to-consumer delivery experiences for well known US brands including The Home Depot, Nieman Marcus, Ferguson, Ingram-Micro, and others.
Its offering features real-time visibility, post-purchase experiences, and machine learning-powered analytics that aim to improve overall customer experience. The company were also recognized as a Challenger in the Gartner 2021 Magic Quadrant for Real-Time Visibility Platforms.
In a statement, project44 said the two companies would now serve the global supply chain end-to-end, “providing real-time visibility and actionable insights from raw materials to the front door to help brands deliver differentiated direct-to-consumer and eCommerce experiences for their customers.”
As a result of the acquisition, project44 says its platform now connects more than 880 global shippers and 3PL providers with a network of 113,000 carriers, 2.6 million assets and more than 9 billion last-mile shipment events.
The acquisition, for $255 million in total consideration, is project44’s third in the past 6 months and its largest to date. Earlier this year, the company also acquired Ocean Insights and ClearMetal.
project44 achieved unicorn status earlier this year with a valuation of more than $1.2 billion dollars. It achieved the feat after attracting $205 million in investment via a Series E funding round in June.
The company argues its most latest acquisition demonstrates that it is the “acquirer of choice” for Generation 2 logistics technology companies.
According to the supply chain visibility giant, the acquisitions represent modern “tech stacks” that allow it to rapidly reuse componentry from an acquired company’s tech within its own platform. The company claims this can be done with a dramatically shorter turn-around time than is possible for traditional Generation 1 logistics technology companies.
Among the benefits project44 believes Convey will bring to its platform is the ability to resolve parcel delivery issues through automated customer communication.
Commenting on the latest project44 acquisition, CEO Jett McCandless said the deal would bring project44 “all the way to the front doorstep”:
“project44 is solving today’s most critical business challenge – how to deliver on continuously evolving customer expectations while remaining operationally efficient during unprecedented uncertainty and growing complexity. Our acquisition of Convey brings project44 all the way to the front doorstep and helps our partners become more proactive and efficient so they can get people the products they want and need this holiday and beyond.”