Article Summary
DAT Freight & Analytics, a Beaverton-based freight company, has acquired Outgo, a Seattle-based startup that provides banking services to freight carriers. The acquisition will enable DAT to expand its offerings and enhance the payment process between shippers and carriers. Terms of the deal were not disclosed. Outgo will continue operating in Seattle as a distinct service within DAT and will retain its employees. The startup had raised over $19 million since its launch in 2022.
What This Means for You
- DAT Freight & Analytics will now be able to offer enhanced financial services to its customers, thanks to the acquisition of Outgo.
- Freight carriers will benefit from faster invoice processing and payment collection through Outgo’s finance software.
- Outgo’s factoring services will help carriers access cash quickly while running their businesses, improving cash flow.
- DAT’s acquisition of Outgo highlights the growing trend of consolidation in the logistics industry, as companies look to expand their capabilities and enhance their offerings to customers.
Original Post
DAT Freight & Analytics, a freight company based in Beaverton, Oregon, has announced the acquisition of Outgo, a Seattle-based startup that offers financial services to freight carriers. The acquisition is expected to enable DAT to expand its offerings and enhance the payment process between shippers and carriers.
Terms of the deal were not disclosed. Outgo, which was founded in 2022, had raised over $19 million since its launch. Its finance software enables trucking companies to manage invoice processing and payment collection in one place, without requiring annual contracts.
Outgo will continue to operate as a distinct service within DAT, which operates the largest truckload freight marketplace in North America. The company has 30 employees in Seattle and will retain them, according to a spokesperson.
Outgo is also designed to help carriers with factoring, or the ability to access cash quickly while running their businesses. “Cash flow is the lifeblood of small carriers, and at the heart of any great high-trust marketplace is the payment connection between the buyer and seller,” said DAT CEO Jeff Clementz in a statement. “Outgo sets the industry standard for funding speed, transparency, and flexibility.”
Marcus Womack, Outgo CEO and co-founder, will join the executive team at DAT. Outgo is among a growing number of logistics tech startups in the Seattle region, which is becoming a world-class hub for supply chain software talent.
The acquisition highlights the growing trend of consolidation in the logistics industry as companies look to expand their capabilities and enhance their offerings to customers.
Outgo’s investors included Gradient Ventures, Construct Capital, Neo, PSL Ventures, Bezos Expeditions (the investment office of Jeff Bezos), Fintech Fund, Operator Stack, and Upper90.
The acquisition is expected to close in the third quarter of 2024.
Key Terms
- DAT Freight & Analytics
- Outgo
- logistics tech startups
- freight payment processing
- cash flow management
- Factoring
- Supply chain software
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