Trucking

Terra Worldwide hits $1 billion in tracking revenue amid sale talks

Three years after its founding, Terra Worldwide Logistics announced Tuesday that the supply chain solutions company has surpassed $1 billion in revenue in a 12-month period.

“Terra is the largest transportation solutions company…you probably haven’t heard of it,” said founder and chief operating officer Jim Briles after the company posted triple-digit year-over-year growth since 2019. said. We will be close to our customers and solve their needs. That’s what got us here and keeps us going. ”

Atlanta-based Terra leverages a cloud-based platform powered by logistics data integration to link ocean, airfreight, domestic and customs brokerage services, increasing shippers’ profits by an average of 3.2%. , but world transport prices have shown historic fluctuations.

This SONAR chart tracks daily price changes for 40ft containers on 12 major ocean lanes. Expressed as average price per 40ft container and shown as a white line. The green line measures the weekly spot price movement of airfreight from 191 airports to airport lanes. (FreightWaves Sonar) For more information on FreightWaves SONAR, visit click here.

Chief Transformation Officer Devon Wijesinghe said: “In markets where supply is tight, we help our customers reserve capacity and receive the most competitive rates when space is available.”

story of sale

Terra is considering a sale, which coincides with the earnings announcement, according to a source familiar with the matter.

at Bloomberg reportsources said the global logistics firm is working with financial advisors to consider a number of offers from other logistics firms and investment funds, valuing the business at around $1 billion.

When asked about the Bloomberg News rumors, Briles said: … our focus is only on how to better serve our customers. ”

According to sources, no final decision has been made.

Watch now: A look at M&A activity in the first half of 2022

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https://www.freightwaves.com/news/terra-worldwide-reaches-1b-in-trailing-revenue-amid-talk-of-sale Terra Worldwide hits $1 billion in tracking revenue amid sale talks

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