Market Overview

Convoy Awarded Company of the Year by Frost & Sullivan for Industry-Leading Digital Freight Network

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Analysts recognize Convoy for first-to-market innovation, business strategy, and customer satisfaction

Convoy, the nation's most efficient digital freight network, was recognized as the Company of the Year by analyst research firm Frost & Sullivan in a benchmark study covering the nations top digital freight providers. Convoy led on industry-first innovation and customer experience and was also recognized for its ability to help shippers improve the resilience of their supply chains and weather market volatility through its digital freight network.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200629005125/en/

Convoy Awarded Company of the Year by Frost & Sullivan for Industry-Leading Digital Freight Network (Graphic: Business Wire)

Convoy Awarded Company of the Year by Frost & Sullivan for Industry-Leading Digital Freight Network (Graphic: Business Wire)

Each year, Frost & Sullivan presents the ‘Company of the Year' award to an organization that demonstrates excellence in terms of innovation and growth in its field. Within the freight industry, growth in the digitization of freight providers has accelerated in recent years, driven by a need to reduce inefficiencies in the shipment lifecycle, improve capacity utilization, and ultimately lower transportation costs for shippers.

Based on interviews with shippers from a range of industries, Convoy was commended for its unmatched customer service and its ability to anticipate latent industry needs. This includes 100% automation of the truck matching process, an innovative approach to backup freight that provides shippers with instant prices and guaranteed coverage, a nationwide drop-and-hook marketplace that uses smart trailers to improve load visibility, and a unique partnership model that helps shippers uncover hidden inefficiencies in their supply chain.

"Thanks to technology-intensive brokerages like Convoy, gone are the days when shippers and carriers had to manually broker loads through phone calls and emails, matching some, delaying some, registering empty miles and containers all while paying heavy commissions to brokers," said Silpa Paul, team lead of Commercial Vehicle Research and Consulting at Frost & Sullivan. "Convoy's 100% automation saves shippers time and money by finding the highest quality drivers faster, by reducing falloff through automatic truck reassignment."

According to Frost & Sullivan, the future of freight hinges on achieving greater efficiencies and reducing its carbon footprint and "Convoy's unique solutions are enabling this greener future for the transportation industry." Convoy launched Automated Reloads in 2019 to address the 72M metric tons of CO2 equivalent emissions from empty miles in freight. Machine learning automatically bundles multiple truckload shipments into one job, reducing empty miles and the resulting unnecessary carbon emissions. Additionally, Green Appointment Windows, a new feature in the Convoy shipper platform that was announced in early 2020, offers shippers the ability to book their freight in a flexible appointment window to get access to the best carriers at the best price while simultaneously reducing their carbon emissions. To date, more than 2M pounds of CO2 have been saved.

"We see the future of freight today, with technology delivering better service and better prices while reducing environmental waste. This is progress," said Dan Lewis, co-founder and CEO of Convoy. "As shippers increasingly look for ways to reduce the total cost of transportation, make their supply chain resilient, and lower their carbon footprint, Convoy's digital freight network is becoming an essential third category of freight partner with unique capabilities over asset-based carriers and brokers. We're honored to be recognized as a leader by Frost & Sullivan and look forward to continuing to innovate on behalf of our shippers and carriers."

Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.

ABOUT CONVOY

Convoy is the nation's most efficient digital freight network. We connect shippers to carriers to move millions of truckloads, saving money for shippers, reducing hassle for carriers, and eliminating carbon waste for our planet. We use technology and data to solve problems of waste and inefficiency in the $800B trucking industry, which generates over 76M metric tons of wasted CO2 emissions from empty trucks. Shippers like Anheuser-Busch, CHEP, P&G, and Unilever, trust Convoy to lower costs, increase logistics efficiency, and achieve environmental sustainability targets. For more information, visit www.convoy.com.

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