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.”
Xeniapp Inc | November 16, 2021
Xeniapp, Inc., the travel technology company, announced that it has partnered with CTW to build the most sophisticated flight shopping engine in the world for Xeniapp's unique travel operating system.
Xeniapp is transforming the travel industry with its web 3.0 operating system built on a blockchain network. Today, corporate and leisure travel professionals can launch their full-service, web-based travel agency complete with custom booking engine, traveler web portal, CRM, and payment settlement engine. Xeniapp offers a full suite of bookable wholesale travel inventory, including flights, hotels, car rentals, airport transfers, and activities.
"Flight booking is the most complex issue in travel today, with heavy regulation and millions of potential booking configurations. Servicing cancellations and rescheduling of flights is the most time-consuming, costly, and complex problem that the industry faces. By partnering with CTW, our operating system can automate flight reshopping, resolving one of the key pain points for travelers and travel professionals,"
-Sachin Narode, CEO of Xeniapp.
The CTW platform is the most accurate airline pricing system on the market as evidenced by ATPCo's ratings. It is also the only platform to offer customers two years of historical flight schedules and fares with up-to-the-minute accuracy, a crucial necessity for post-ticketing servicing. CTW offers cost-effective technology, ticket exchange and refund management. CTW enables Xeniapp to automate even the most complex transactions and itineraries that previously required painstaking manual calculations and long customer service calls.
"Partnering with Xeniapp - one of the most innovative travel companies in the world - is extremely rewarding for us. It demonstrates the value that the CTW platform can add for clients who are willing to innovate around the powerful functionalities that we offer. This partnership underscores our belief that future growth in the industry will come from companies that invest in continually improving the user experience and simplifying self-management of even the most complex trips,"
-Andrew Cuomo, Chief Commercial Officer of CTW.
About Xeniapp, Inc.
Xeniapp, Inc., the travel technology company, is based in New York City. Xeniapp's mission is to transform the travel industry by bringing travel software into the 21st century. The company was co-founded by Sachin Narode and Rachel Obenshain.Xeniapp Contact: Rachel Obenshain, President, Xeniapp; email: firstname.lastname@example.org.For more information about Xeniapp, visit https://xeniapp.com.
CTW has developed several generations of airline shopping and pricing systems. The CTW Platform provides complete shopping, fares and pricing, reshopping, and ancillaries. CTW connects content providers and retailers worldwide. CTW Platform provides final pricing and repricing for 20% of all ARC/BSP-issued airline tickets in the world and has operations in Europe, North America, Asia and Oceania.For more information about CTW, visit https://ctw.travel.
The Guardian | April 22, 2020
All of the UK’s biggest airlines and most big holiday companies are breaking the law by denying refunds within 14 days for travel cancelled during the pandemic, according to Which? Most have instead offered vouchers or credit notes. Ryanair has started telling customers they will have to wait until “the Covid-19 emergency has passed” for a refund. Passengers booked with easyJet and British Airways have told the Guardian they could not get their money back. Which? says customers of holiday companies, including Love Holidays and Tui, are in a similar boat. It is estimated up to £7bn could be owed for cancelled trips but the airlines body Iata and travel company association Abta say firms would be bankrupted by repaying it now when they have no income. Which? has backed calls for the government to extend the processing deadline to 28 days and for vouchers to be guaranteed against insolvency and eventually redeemable for cash.