Logistics Firm Forto, Last Valued at $2.1 Billion, Hires Moelis to Explore Sale

Even after a shakeout that’s lasted two years, consolidation is still coming for logistics startups. Forto, a Germany-based freight forwarding company that has raised more than $600 million from investors including SoftBank, has been working with investment bank Moelis & Co. to explore options including a potential merger or sale, according to a person involved in the discussions.

Forto is the closest venture-backed rival to U.S.-based Flexport, which has been also trying to navigate a sustained downturn in freight markets. Both are trying to operate profitably after spending heavily in prior years to grab market share from incumbents. Forto’s co-founder and chair, Michael Wax, stepped down as CEO last week.