The best cloud-based T&E tech paired with best-in-class travel agents plus $125M more in financing positions TripActions to emerge from COVID-19 as the market leader
While travel has been on pause for the last three months, TripActions has been shoring up its position as the leading cloud-based corporate T&E management platform. In the spirit of our mission-driven culture centered on our customers and their success, we’ve been driving rapid innovation in our platform to help travel, finance, operations, HR and risk leaders navigate the COVID-19 global health crisis and its subsequent economic impact. As a result, enterprises large and small are turning to TripActions for the real-time data and actionable insights they need to protect their traveling employees while controlling costs and saving money—all critical to business recovery as travel resumes.
For the last five years we’ve been disrupting the market, competing against companies that have been around for as many as 100+ years. We took the simple yet unique approach of focusing on solving the pain points of the business traveler to solve the pain points of the enterprise: If you create a platform users love, they’ll willingly use it, giving enterprises the spend visibility, control, data, and insights needed to optimize their travel programs and policies for safety and savings.
Pre-COVID-19, we raised $480 million in financing and we used about half of it to build the only end-to-end cloud-based T&E management solution with the best online booking experience, best travel agent service, and best expense solution. A bold statement indeed, but backed by 94% traveler satisfaction, a Net Promoter Score near 50, average time to book a trip of only 4 minutes 40 seconds, and average hotel savings of 30% across customers (Latest metrics available on the TripActions Trust & Transparency page).
The unfortunate reality is that many enterprises found themselves unprepared for COVID-19 with their existing, antiquated legacy corporate travel and expense solutions:
Additionally, we’ve seen incredible uptake of TripActions Liquid™, adding 29 new customers over the last three months as finance teams realized they need to be able to control employee spend not only while traveling but also when working from home.
We are already seeing signs of travel rebounding in our business with booking activity recovering steadily week over week. Total bookings grew for the ninth consecutive week up 114% last week compared to four weeks ago (latest metrics available on the TripActions Business Travel Recovery site). Both domestic and international air are up 119% and 211%, respectively, and hotel bookings are up 110%. This mirrors traveler sentiment in our latest survey which showed 74%+ of frequent business travelers comfortable or somewhat comfortable traveling by train and rental car right now; 66%+ comfortable or somewhat comfortable staying in a hotel; and 51%+ traveling by plane.
In EMEA, we’ve expanded our European operations with the strategic hire of Christopher Vik as senior vice president of Sales for EMEA. Vik has a proven track record of leading the successful expansion of US-based tech companies across Europe, particularly among enterprise customers. This builds on our European momentum of:
All of this global momentum coupled with our announcement today that TripActions has raised $125 million in convertible-to-IPO financing gives TripActions $350 million in the bank to weather COVID-19 while accelerating our investment in R&D and expanding Enterprise Sales. The financing was led by Greenoaks Equity Partners with participation from Vista Equity Partners, and Goldman Sachs & Co. LLC. acted as the exclusive placement agent to TripActions on the transaction.
Our co-founder and CEO Ariel Cohen sums it up best: “TripActions is well positioned to seize the massive market opportunity in front of us as the #1 corporate T&E platform with the best online booking tool, travel agency service, and expense platform—all from a single trusted partner. Over the last three months we’ve seen growth as enterprises switch to modern T&E management with TripActions, including three new large enterprise customers and rapid adoption of TripActions Liquid—adding $450 million plus in travel budget under management to bring our total to more than $2.8 billion despite COVID-19.
“With our mission-driven culture focused on customer success and the support of Greenoaks, Vista, and our existing investors, we will emerge from COVID-19 stronger than ever as the clear T&E management leader,” added Cohen.
Read today’s press release here.