TripActions, an Israeli startup and a unicorn that offers travel tech solutions is looking toward holding an Initial Public Offering (IPO) in New York sometime in 2023. TripActions was reported to have filed its confidential prospectus for the IPO with the U.S. Securities and Exchange Commission (SEC). The company expects as much as a $12 billion valuation from its IPO.
TripActions first became a unicorn just one year ago when it raised $275 million in a Series F growth funding round that gave the company a $7.25 billion valuation in October 2021. So it has clearly grown since then. And the company has been putting that money to good use with a number of acquisitions, such as buying high-touch TMC Reed & Mackay in 2021 and both Swedish TMC Resia and Berlin-based TMC Comtravo this year.
So, what is travel tech? Well, fintech is anything related to financial technologies, so travel tech is any new tech developed to make traveling easier on the consumer. The Travel Tech Association says that Travel Tech is the voice of the travel technology industry, advocating for public policy that promotes transparency and competition in the marketplace to encourage innovation and preserve consumer choice.
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Founded in the US by Ariel Cohen and Ilan Twig, TripActions helps businesses get the best out of their employees travel expenses and services. The company says that it allows users to build, manage and scale a corporate travel and expense T&E management programs with ease. It promises to let firms get their employees the “best booking experience with unrivaled inventory, powerful personalization and 24/7 global travel agents paired with frictionless expense management so they can focus on being there, not getting there.”
Nearly two-thirds of businesses, explains TripActions, have or are planning to switch travel management solutions as a result of the global Covid pandemic. Because of this, from Feb 1, 2020 – Jul 31, 2021, TripActions more than doubled its aggregate travel budget under management, while the expense budget under management grew 1400% over the same period. Recent enterprise customer wins include Heineken, Crate & Barrel, Primark and Snowflake.
The company also explains that 68% of all end-to-end TripActions customers have switched from legacy T&E systems.