Supply chain platform project44, which offers technology to help shippers and logistics service providers see where their shipments are, on Tuesday, September 21, it has purchased a delivery experience management company To transmit in a $ 255 million purchase, according to a Press release.
With the acquisition, project44 and Convey connect more than 880 global shippers and third-party logistics providers to a network of 113,000 carriers, 2.6 million assets and over 9 billion shipments. Together, the companies serve the global end-to-end supply chain and can help shippers increase revenue and improve costs, speed and the overall delivery experience. Businesses can provide up-to-date information at every step of the supply chain and delivery journey to help businesses deliver direct-to-consumer and e-commerce experiences for their customers.
The $ 255 million purchase marks project44’s third this year and the largest to date.
Convey, which provides direct-to-consumer delivery experiences to more than 200 leading companies including The Home Depot and Neiman Marcus, uses artificial intelligence to help improve collaboration, push towards automation of workflows, and prevent breaches. business interruptions thanks to the predictive intelligence of orders.
The acquisition follows project44’s rise to unicorn status, with the completion of a $ 202 million funding round in June allowing the company’s valuation to reach $ 1.2 billion , according to PYMNTS.
Read more: Supply Chain Platform44 Project Raises $ 202 Million, Becomes A Unicorn
In addition to purchasing Convey to help improve supply chain efficiency, project44 earlier this year launched Supplier Visibility, which gives shippers a new way to view prepaid freight from suppliers, according to PYMNTS.
Real-time information enables shippers to manage inventory levels and transportation costs while further seeking to break down internal silos between transportation and demand chain services. The program helps retailers, consumer goods companies and warehouse manufacturers achieve better workforce optimization and increased efficiency in the warehouse, which could help avoid further overspending. of $ 20 million with inefficient labor distribution in fleets and warehouses, excess inventory and waiting times for trucks in warehouses and distribution centers.
See also: Project44 launches supplier visibility feature