MSCI’s proposal to bar companies with crypto as more than 50% of total assets is rankling DAT executives. Strategy called the rule “misguided” and “harmful.” https://t.co/obHvVqb2fF ...

Core Insights - The "Supply Chain Insiders" series by Pallet aims to provide an unfiltered look into the logistics industry, featuring candid conversations with industry leaders about significant events and challenges in freight [1] Group 1: Industry Challenges and Developments - The series discusses major issues such as the rise of double broker mafias, freight fraud, and the impact of AI automation on the logistics sector [1] - Paul Bernard-Jaroslawski shares a dramatic account of his experiences with double brokers in Armenia, highlighting the violent nature of some operations in the industry [3] - Bill Driegert provides insights into Convoy's $1 billion collapse and DAT's strategic acquisitions, indicating a renaissance period for DAT as it evolves into a technology company [4] Group 2: Key Industry Figures and Their Insights - Ben Gordon, a prominent figure in freight M&A, emphasizes the importance of honesty and resilience in the industry, sharing lessons learned from high-stakes negotiations [2] - The series features influential leaders such as Bill Driegert, Paul Bernard-Jaroslawski, Nabil Malouli, and Ben Gordon, each bringing unique perspectives on the logistics landscape [5]

Market Dynamics - The cryptocurrency market experienced a correction from approximately $110,000+ to $84,000 for BTC and $4,100 to $2,700 for ETH in about 24 days [1] - This bull market's driving force is fundamentally different, characterized by asset allocation from Digital Asset Traders (DAT) and TradFi participation through instruments like ETFs [1] - The pricing power of crypto assets has largely shifted outside the crypto space [1] - The $10/11 event primarily impacted altcoins within the crypto space, with a weaker effect on BTC and ETH [1] Investment Signals - IBIT's first significant sell-off occurred around October 20 [1] - DAT's first sell-off of ETH occurred around October 28 [1] - The market may have underestimated the significance of sell signals from IBIT and DAT, which are key drivers of the recent price increase [1] Fundamental Analysis - The analysis emphasizes the importance of understanding capital flow and supply-demand dynamics for making informed decisions [1]

Core Insights - Roper Technologies is optimistic about the performance of DAT, which has evolved beyond a traditional load board into a more comprehensive technology platform [1][4] - The acquisition of Convoy's data stack is currently not profitable, but Roper management believes it will yield attractive financial returns in the long term [2][3] Financial Performance - Roper did not disclose specific financial performance metrics for DAT during the earnings call, but expressed confidence in its growth potential [1] - The Convoy acquisition is viewed as an unusual transaction due to its current lack of profitability, yet Roper expects significant financial returns over the coming years [3] Strategic Acquisitions - DAT has made several strategic acquisitions, including the Convoy tech stack, Trucker Tools in December, and Outgo in May, to enhance its service offerings [5] - The acquired tech stack from Convoy is seen as a key asset that can scale up by leveraging DAT's customer unit economics [4] Technological Advancements - Roper's subsidiaries, including DAT, are experiencing early positive results from AI-driven initiatives aimed at improving efficiency and economic value for brokers and carriers [4] - DAT is transitioning from a traditional freight matching network to a fully automated freight marketplace powered by AI, which is expected to unlock significant growth opportunities [4]

This story was originally published on Trucking Dive. To receive daily news and insights, subscribe to our free daily Trucking Dive newsletter. Dive Brief A national average of dry van contract rates has remained relatively stagnant for over two years, per DAT Freight & Analytics data capturing tens of billions of dollars worth of freight. In September 2025, the average contract rate, including a fuel surcharge, was $2.42 per mile. That’s remained higher than the national average spot rate from March ...

RT Crypto Briefing (@Crypto_Briefing)🚨 JUST IN: @0xMert_ clarified that he is not involved with the new Solana project DAT, which just happens to share the same name as his company. https://t.co/PpMUVOrWdk ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $1,940 million, representing a 13% increase year-over-year, with 7% organic growth and 6% from acquisitions [12][34] - EBITDA for the quarter was $775 million, up 12%, resulting in an EBITDA margin of 39.9% [13][34] - Free cash flow reached $433 million, a 10% increase compared to the previous year, driving TTM free cash flow to over $2,300 million [14][34] Business Line Data and Key Metrics Changes - Application Software segment revenue grew by 17% in total, with organic revenue growth of 6% and EBITDA margins at 42.9% [17][34] - Network segment revenue increased by 6%, with organic revenue growth of 5% and EBITDA margins at 54.6% [22][34] - TEP segment revenue grew by 10% with organic revenue growth of 9% and EBITDA margins at 36.7% [28][34] Market Data and Key Metrics Changes - The acquisition of Subsplash, a cloud-native software provider for faith-based organizations, was announced for $800 million, expected to generate $115 million in revenue and $36 million in EBITDA for the twelve months ending Q3 2026 [9][10] - The U.S. total addressable market (TAM) for Subsplash is estimated at $2.5 billion, with significant potential for international expansion [10] Company Strategy and Development Direction - The company is focused on capital deployment, with over $5 billion available for acquisitions in the next twelve months [8][34] - The strategy emphasizes acquiring vertical market leaders and enhancing organic growth through AI and technology integration [30][34] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macroeconomic environment, noting resilience in certain sectors like education and healthcare [40][55] - The anticipated impact of the "Big Beautiful Bill" is expected to unlock government contracting opportunities, particularly for Deltek [52][55] Other Important Information - The company is seeing strong momentum in AI initiatives, with approximately 25 AI-enabled products either in market or in development [31][34] - The recent tax legislation is expected to reduce cash tax payments by around $150 million for 2025, benefiting the company's cash flow [14] Q&A Session Summary Question: Can you provide insights on customer focus around productivity and AI? - Management noted high teens bookings in Q2, indicating strong demand for productivity gains through AI tools, particularly in less macro-sensitive sectors [39][40] Question: What is the positioning of payments functionality across the suite? - Payments opportunities are seen as earned through software, with a strategic decision to layer more payments functionality across various platforms [44][45] Question: Did tariff headlines impact business trends? - The impact of tariffs is relatively small, and while there is uncertainty in K-12 education, overall bookings activity remains strong [50][51] Question: What contributed to the high teens bookings? - Strong performance in Aderant and solid healthcare bookings were highlighted as key contributors to the positive trend [58][59] Question: How is AI impacting R&D and revenue? - Significant productivity gains in R&D were reported, with expectations for revenue implications to grow as more AI products are developed [61][62] Question: How does the company decide on investments versus bottom-line returns? - The current focus is on driving growth and competitive advantage rather than prioritizing immediate bottom-line returns [67] Question: What are the dynamics driving Adderant's record quarter? - Adderant's growth is attributed to market share gains and a strong move to cloud solutions, supported by AI-based products [92]