FreightVana is buying Loadsmith’s brokerage business. What’s happening to Loadsmith’s autonomous future plans?
Loadsmith, an innovative and ambitious tech-focused brokerage company founded by a former trucking executive that aimed to “shape the future of truckload transportation,” is selling its brokerage operations to FreightVana, a fast-growing logistics company.
The deal will enhance FreightVana’s power-only offerings, while Loadsmith founder Brett Suma will continue to work towards an autonomous-truck future, he told HDT.
The power-only segment, which enables carriers to move freight without owning or maintaining trailers, has experienced unprecedented growth in recent years. Companies such as Uber Freight and J.B. Hunt have embraced it — although other companies offering this type of service, such as Convoy, floundered.
Some of the benefits include providing operational flexibility and cost savings for shippers, and reduced dwell times for truckers through drop-and-hook operations. It also makes more freight available to small carriers and owner-operators who can’t afford the investment in trailers.
Loadsmith, FreightVana notes, brings a wealth of experience and resources to the table. The deal will allow it to provide an expanded suite of services for hundreds of shippers and thousands of carriers across the country.
FreightVana announced it will acquire Loadsmith’s brokerage operations by year end.
Loadsmith’s Vision of an Intelligent Freight Network
Loadsmith was founded in 2019 and focuses on power-only and standard freight brokerage. Its founder, Brett Suma, has spent much of his career in trucking working on improving asset utilization and driver satisfaction.
Suma was looking to use artificial intelligence and eventually autonomous trucks, using a power-only/trailer pools model, to address both of those issues.
As he told HDT in 2023, to be ready for fully autonomous trucks, “We’ve got to get to work today to build the most intelligently designed network of freight that we possibly can, that incorporates asset connectivity and visibility. And then we have to deploy trailers in that network so that they flow.
“And then, once the regulatory and technology environments come together on the autonomous middle mile, we take that technology and we slam it right on top of intelligently designed [freight networks].”
Asked by HDT about the FreightVana deal, Suma explained, “We sold a portfolio company of Loadsmith Holding Corporation, which operates a freight brokerage that is more aligned with the core business of Freightvana. I will continue as an advisory to Freightvana for the next few years.
“Separately, Loadsmith Holding Corporation will continue under our leadership team and develop other more technical products as we continue to work towards an autonomous future.”
Suma said to expect additional announcements in January on that front.
FreightVana Becomes a Leader in Power-Only
FreightVana said this acquisition positions it as “the undisputed leader in the rapidly expanding power-only industry segment, further solidifying its commitment to providing innovative, technology-driven solutions in freight transportation.”
The company’s proprietary transparency platform, T3, and asset trailer model, FreightVana X, have improved operational efficiency and supply chain visibility for both motor carriers and shippers, according to the company.
In 2022, FreightVana partnered with Wabash on trailer availability and services through the Wabash Trailers as a Service (TaaS) platform.
By integrating Loadsmith’s expertise and market reach, FreightVana said, it strengthens its ability to deliver scalability, flexibility, and transparency across its growing freight network.
The integration of Loadsmith’s brokerage operations into FreightVana’s infrastructure is expected to be completed within the next few months. Suma will be working as a strategic advisor with the FreightVana team during this integration.
In the meantime, Freightvana said, both companies remain committed to ensuring uninterrupted service and ongoing collaboration with their industry partners.
“Together with Loadsmith’s complementary capabilities, we’re uniquely positioned to accelerate growth, drive efficiencies for our partners, and set the standard for what power-only logistics can achieve,” said Shannon Breen, CEO of FreightVana.
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