TripActions | October 14, 2021
In less than a year, TripActions has secured a second massive funding round – this time $275 million in Series F growth funding.
The round was led by Greenoaks Capital with participation from prior investors Elad Gil, Base Partners and all key existing financial investors and values TripActions at $7.25 billion on a post-money basis.
The funding comes less than nine months after TripActions' Series E round of $155 million in January. The travel management company's total funding to date is nearly $1.3 billion.
Is an IPO coming soon for the six-year-old company? Michael Sindicich, general manager of TripActions Liquid, the company’s payment and expense management solution, says while an IPO would be a “natural fundraising opportunity and another milestone in our growth,” it is not planned for the near future.
“We’ve got quite a lot of cash. We’re making great revenue. We are not in any rush to take the company public at this time,” Sindicich says. The vote of confidence from investors, he says, confirms TripActions’ belief that travel and expense management is “ripe for a tech makeover.”
Despite the global impact of COVID-19 on travel, TripActions says it has now exceeded pre-pandemic levels in terms of bookings and revenue and has more than doubled its aggregate travel budget under management from February 2020 through the end of July this year.
The gains are due in part to a focus on acquiring new enterprise customers, targeted with the launch of TripActions Enterprise Edition in September 2020. Clients include Heineken, Crate & Barrel, Snowflake, Thomson Reuters and Adobe.
“We were there for these customers, they were switching from legacy travel agencies and booking tools, legacy expense platforms, because we were innovating, we were supporting, we were adapting to the way the new world would operate moving forward and that gave them a lot of confidence to actually make a change.”
Michael Sindicich, general manager of TripActions
Also adding fuel to TripActions' growth in the last 18 months: the launch of Liquid in February 2020, first as a payment solution and then in October 2020 adding expense management tools.
Sindicich says transaction volume is similar for Liquid as for core travel, and more than 90% of the new companies TripActions is bringing onboard use its full suite of solutions for corporate travel, expense, spend and payment management.
“Seventy-percent of expenses happen while employees are on trips,” he says.
“So we’re learning about the power of the end-to-end solution. We built Liquid as a separate team in the beginning... and are now seeing that both platforms together, it’s a one-plus-one-equals-three type of situation.”
Along with continuing to develop these products, TripActions will accelerate development of Lemonade, its personal travel booking solution that launched in October 2020. Lemonade gives employees at TripActions’ client companies’ access to negotiated rates and exclusive deals, notifications about COVID requirements and around-the-clock support for their leisure trips.
The company is also continuing to develop TripActions Team Travel, a self-serve solution that launched in June to facilitate gatherings of distributed employees. Earlier this month it added support for meetings and events to Team Travel, leveraging the capabilities it gained with its acquisition of Reed & Mackay in May.
TripActions will also add staff globally, expand its efforts in Europe, the Middle East and Africa – Europe now represents 30% of TripActions’ business - and, says Sindicich, continue to look for merger and acquisition opportunities.
“We’re always looking for companies that would make sense to acquire and work with and add to the portfolio so this could be another deployment of this capital as well,” he says.
“There’s not a prospect we are announcing or have in mind right now, but it would be natural for us to also look at other opportunities as well since we see Reed & Mackay is working so well for us.”
Viking | October 06, 2020
Viking has again been voted the Best River Cruise Line by Condé Nast Traveler in the publication's 2020 Readers' Choice Awards. With the #1 winning score, Condé Nast Traveler readers voted Viking higher than any other river cruise line. Also, after five years of operating ocean cruises, Viking was again named one of the Best Ocean Cruise Lines.
More than 715,000 readers submitted ratings and tens of thousands of comments as part of the 33rd annual Readers' Choice Awards survey. Viking will also be featured in the November issue of Condé Nast Traveler US and UK print editions; the full results of the awards can be found at www.cntraveler.com/rca.
Optii Solutions | May 02, 2022
Optii Solutions announced a two-way integration with Maestro PMS. Optii Solutions is the leading optimization technology for hotel operations. Maestro PMS is the trusted and proven cloud or on-premise browser-based PMS solution for independent hotel and resort groups. The bidirectional link will help existing Maestro users to optimize their housekeeping and maintain dynamic alignment between the front and back of the house in hospitality operations.
This two-way interface will give Maestro and Optii clients an easy solution that optimizes labor and cleaning processes through predictive technology and automation. The software improves daily cleaning plans and sequences for room attendants, allowing hotels to anticipate faster turnaround times and leverage predictive AI to run more effective day-to-day operations.
Optii's unique 360-degree methodology offers hotels complete insight into their operations, allowing them to identify areas where additional resources should be deployed and high and poor production areas. It results in increased overall efficiency and productivity, and the platform often pays for itself within a month of use, making it a very cost-effective option for hotels.
"It has never been more important for hotels to maximize their hotel operations systems in place to manage the challenges in hospitality. We're very happy to be partnering with Optii on this integration so we can continue to support our customers with the right 3rd party technologies that will help them reduce costs, increase profitability, centralize their operations and improve the overall guest and staff experience."
-Warren Dehan, President, Maestro PMS