Beaverton-based freight marketplace operator DAT Freight & Analytics has completed its acquisition of Seattle fintech startup Outgo, expanding its financial services capabilities in the trucking industry. The financial details of the transaction were not disclosed.
Outgo, which has secured over $19 million in funding since its establishment in 2022, developed specialized banking software for the freight carrier sector. The platform streamlines invoice processing and payment collection for trucking companies, offering these services without requiring long-term contractual commitments.
Following the acquisition, Outgo will maintain its Seattle operations while functioning as a separate service within DAT’s broader ecosystem. DAT, founded in 1978 and now part of Roper Technologies, operates North America’s largest marketplace for truckload freight.
A key feature of Outgo’s platform is its factoring capability, which provides trucking companies with rapid access to working capital. Jeff Clementz, DAT’s CEO, emphasized the vital role of cash flow for small carriers, stating that payment connectivity between buyers and sellers is fundamental to building trust in marketplaces. He praised Outgo’s industry-leading position in terms of funding speed, transparency, and flexibility.
The acquisition brings Outgo’s leadership talent to DAT, with CEO and co-founder Marcus Womack joining DAT’s executive leadership team. The company’s 30-person Seattle workforce has been invited to remain with the organization to continue developing the business under DAT’s ownership.
Outgo’s founding team brings significant tech industry experience. Womack, who previously held a product leadership position at Uber, established the company alongside Mike Bohlander and Ray Fortna. The trio’s collaboration dates back to their time at iLike, a social music platform acquired by MySpace in 2009. They subsequently founded Familiar, a photo-sharing application that was later purchased by Evidence.com, a division of Axon (formerly Taser). Both Bohlander and Fortna also served as principal software engineers at Convoy, the Seattle-based digital freight marketplace that ceased operations in 2023.
The startup had attracted investment from several prominent venture capital firms and investors, including Gradient Ventures, Construct Capital, Neo, PSL Ventures, and Bezos Expeditions, which manages Jeff Bezos’s investments. Additional backers included Fintech Fund, Operator Stack, and Upper90.
This acquisition adds to Seattle’s growing reputation as a hub for logistics technology startups. Outgo’s integration into DAT’s operations represents a significant development in the freight industry’s ongoing digital transformation, particularly in addressing the financial needs of transportation companies.
The deal marks another chapter in the evolving landscape of freight technology, where traditional logistics operators are increasingly acquiring innovative fintech solutions to enhance their service offerings. By incorporating Outgo’s financial technology capabilities, DAT strengthens its position in the freight marketplace while providing its carrier network with advanced financial management tools.
The retention of Outgo’s Seattle office and team suggests DAT’s commitment to preserving the startup’s innovative culture while leveraging its technology across DAT’s established freight marketplace platform. This strategic move combines DAT’s extensive industry presence with Outgo’s modern financial technology solutions, potentially creating new opportunities for both companies’ customer bases in the transportation sector.