Titanium Transportation Group has opened its fourth U.S. freight brokerage office, in Denver, the Canadian trucking and logistics firm said on Thursday as it pushed ahead with an increasingly key source of growth.
“Colorado is an attractive market opportunity,” CEO Ted Daniel said in a statement, pointing to the presence of almost 6,000 manufacturers and rapid population growth.
The Denver office joins Titanium’s (TSX-V:TTR) existing brokerages in Charlotte, North Carolina; Nashville, Tennessee; and Chicago.
The Ontario-based company plans to open at least one more U.S. brokerage location this year. It hopes to have at least 10 in operation by 2024.
Titanium’s U.S. freight brokerage operation has emerged as an important growth driver since it launched in May 2019. The asset-light business brought in nearly CA$40 million ($31 million) in revenue during the second quarter, an increase of 680% from a year ago.
The U.S. freight brokerages accounted for nearly 40% of Titanium’s revenue during the quarter. They operate separately from the company’s core Canada-based trucking business.