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THE WALL STREET JOURNAL reports:
Digital freight startup Transfix sold its brokerage unit and is resetting itself as a software provider, the latest in a string of setbacks for digital upstarts that only a few years ago threatened to disrupt trucking’s load-matching business.
The company, which was considering a public listing only two years ago through a reverse merger, is selling the digital middleman operation to trucking and warehousing company NFI Industries.
Transfix and NFI declined to disclose details of the cash transaction, which closed Tuesday. It said NFI, which is based in Camden, N.J., and has facilities at ports and freight hubs across North America, will absorb more than 100 Transfix employees and will become the software business’s first client.
Jonathan Salama, Transfix’s co-founder and chief executive, said Transfix had decided its software was its best asset, but that it couldn’t sell the platform to other brokers while operating its own brokerage…
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