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TripActions files for IPO at $12 Billion valuation

TripActions is reported to go public at a $12 Billion valuation later next year, the travel and expense management company helps businesses with technology to keep employees informed and safe.

Why it matters: TripActions has customers such as Lyft, Pinterest, Yelp, Wayfair, Shopify, and Zoom, just to name a few. Overall, TripActions is trusted by more than 8,000 companies.

  • The spokesperson on the issue stated, “We have long considered a potential IPO as one option to fund the business, but we do not comment on our specific plans or timing.”

Details: The company has acquired two businesses to expand into new markets.

  • In 2021, it acquired Reed & Mackay, a high-end corporate travel management solution. Then in 2022, it added Comtravo to the mix.

  • Last October, TripActions raised $275 million in a Series F “growth” funding round at a $7.25 Billion valuation.

Backlash: In 2020, the company made headlines for laying off nearly 300 employees in the face of a slowdown in business related to the pandemic.

How it works: As the pandemic led to increased digitization across the board, employees were suddenly making spending decisions from outside the office and more merchants were accepting digital payments.

  • It provides a platform to help companies streamline elements of business travel like payments, rentals, and bookings.

  • But, As the economy is going through a downturn, the number of IPOs has dropped to record lows.

  • If trade analysts are to be believed, it might not be the best time to go public.

By the numbers: TripActions hit a record $68.9M in revenue with only 4K customers in 2022.

  • Company revenue went to $0 during the pandemic, (Link)

Catch up quick: Travel management company valued at $12 Billion, intends to go public as a means to raise money. While the company remains tight lipped, one must note that as per trends, it is not the best time to go public, that in light with the company’s tough time during the pandemic makes for an interesting wait to see what they would do next.


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