On Tuesday, real-time global supply chain visibility provider project44 announced its acquisition of last-mile technology company Convey in a deal valued at $255 million.
With a plan to provide the supply chain community with powerful and actionable real-time data, project44 will utilize this acquisition, along with its previous purchases of vessel visibility company Ocean Insights and supply chain planning software company ClearMetal, to provide customers with the ability to leverage last-mile analytics and machine-learning capabilities for end-to-end insight on their global full supply chain.
"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, in the announcement. "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."
As Convey works with brands like Walmart WMT, The Home Depot HD, Neiman Marcus, Ferguson, and Ingram-Micro, this acquisition will enable project44 to leverage and strengthen its current machine-learning capabilities with last-mile and parcel use cases project44 has not previously gained insight on.
Earlier this year, research group Gartner noted in its annual Magic Quadrant for Real-Time Visibility Platforms that while it did have a strong customer base, it lacked a strong presence in the public sector and product solutions for document management and transportation planning, two areas Gartner listed as strong suits of Convey.
With Convey's capabilities and network under its wing, project44 is now connected to more than 880 global shippers and logistics providers and a network of 113,000 carriers with 2.6 million assets, creating a data pool of more than 9 billion last-mile shipment events.
These data points will empower project44 as it builds out analytical tools to provide predictive ETAs, both before and after purchases are made, optimize workflows between supply chain companies, and overall provide a better e-commerce experience for its B2B customers.
"Salesforce CRM, Google GOOGL, and Adobe ADBE 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 Convey founder and CEO Rob Taylor.
"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," said Taylor.
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