project44 acquires last-mile delivery Convey in $255M
project44, the global leader in real-time supply chain visibility, has acquired Austin-based Convey, the last-mile technology leader. Together, the two companies 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.
Covey has direct-to-consumer delivery experiences for more than 200 of the world’s largest brands, including The Home Depot, Nieman Marcus, Ferguson, Ingram-Micro, and others. Convey, recognized as a Challenger in the Gartner 2021 Magic Quadrant for Real-Time Visibility Platforms, combines real-time visibility, post-purchase experiences, and machine learning-powered analytics to improve the overall customer experience.
The acquisition, for $255 million in total consideration, is project44’s third in 2021 and it’s largest to date, cementing the company’s position as the connective tissue for modern supply chains. Having achieved unicorn status earlier this year with a valuation of more than $1.2 billion dollars, project44 is the largest visibility platform company as measured by ARR, customer count, and number of carriers.
This acquisition is also significant because it demonstrates project44’s position as the acquirer of choice for Generation 2 logistics technology companies. With three such acquisitions in the past six months, including Ocean Insights, ClearMetal, and now Convey, project44 is the largest Generation 2 logistics technology brand. These modern tech stacks allow project44 to rapidly reuse componentry from the acquired company’s technology within the project44 platform in a dramatically shorter turn-around time than is possible for traditional Generation 1 logistics technology companies.
“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,” said Jett McCandless, CEO and founder of project44. “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.”
project44 and Convey radically change the way companies view, learn, and react to downstream changes, such as shipping delays, ETA changes, COVID-related worker shortages and port closures.
“The stakes are high for companies to not only fulfill and ship orders but to make the right promises about availability and delivery. However, volatile conditions, overwhelming complexity and blind spots in the supply chain make this difficult to achieve,” continued McCandless. “We’ve solved this with the acquisition of Convey, making project44 the unequivocal choice for any company that wants to leverage supply chain and logistics as a competitive advantage and driver of brand loyalty.”
Together, project44 and Convey provide a single solution that delivers value to customers and supply chain partners by many factors.
“Salesforce, Google and Adobe have transformed virtually every aspect of the digital customer experience through visibility and intelligent decisioning in the shape of marketing automation, targeted advertising and personalization. Now with Convey, project44 is bringing this approach and cutting-edge technology to the most complex customer experience challenge yet: the supply chain,” said Rob Taylor, founder and CEO of Convey. “We are thrilled to merge forces with project44 and look forward to continuing to build out one of the world’s greatest and most disruptive software companies.”
“With thousands of shipments in-flight at any point in time and the details around those orders living in many disparate systems across our organization, it can be difficult to figure out which ones need our immediate attention,” said Devin Van Hout, vice president of digital commerce at Ferguson Enterprises. “Convey’s solution gives our team all the information we need to go from reactive to proactive, while also providing us with the tools to communicate with all relevant parties within the same view. The result is a simple, consistent customer experience in the face of massive B2B complexity.”