Company:TripActions

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Short description: US travel management company


TripActions, Inc.
TypePrivately Held Company
IndustryCorporate Travel Management
FoundedMarch, 2015
FoundersAriel Cohen (CEO), Ilan Twig (CTO)
HeadquartersPalo Alto, California , United States
Area served
Worldwide
Key people
Ariel Cohen (CEO)
Ilan Twig (CTO)
Thomas Tuchscherer (CFO)
Fred Stratford (CEO, Reed & Mackay, A TripActions Company)
Shaka Senghor (Head of DEI)
Ofer Ben-David (SVP of R&D)
Grant McGrail (CRO)
Whitnee Hawthorne (CCO)
Danny Finkel (CCO)
Meagen Eisenberg (CMO)
Michael Sindicich (GM, Liquid)
Nina Herold (GM, Travel)
Michael Riegel (GM, Europe)
Kim Huffman (CIO)
Howard Baik (GC)
Number of employees
2,500[1] (2022)
Websitetripactions.com

TripActions is a travel management, corporate card and expense management company for businesses.[2] Booking and managing travel and expenses can be done on the web or via a smartphone app.[3]

History

The Palo Alto, California-based travel company, TripActions Inc., was founded in May 2015 by Ariel Cohen and Ilan Twig (also the founders of StreamOnce, acquired by Jive Software).[4]

In May 2015, TripActions received a $4 million Seed round led by Zeev Ventures with participation from Dovi Frances and Lightspeed Venture Partners.

In January 2016, TripActions received $14.6 million series A round led by Oren Zeev Ventures and Lightspeed Venture Partners with participation from Group 11. The company officially launched out of stealth mode and announced their funding in January 2017.[5] In October 2017, the company announced that they had raised an additional $12.5 million led by Lightspeed with participation from Zeev Ventures and Group 11.[6]

The company moved in June 2017 from Menlo Park, California to its headquarters in Palo Alto.[7]

In March 2018, the company announced a $51 million Series B round led by the same two investors with participation from prior investors.[7]

In July 2018, TripActions announced its international expansion to Europe with an office in London and their European headquarters in Amsterdam.[2] They shared potential plans to expand to the Asia-Pacific region to scale their customer support infrastructure.[8]

In September 2018, the company opened an office in Sydney, Australia.

In November 2018, the company announced a valuation north of $1 billion and a $154 million Series C funding round led by new investor Andreessen Horowitz, with participation from repeat investors Lightspeed Venture Partners, Zeev Ventures, and Group 11.[9] Ben Horowitz joined the Board of Directors.

In February 2019, the company announced its new flight storefront in alignment with major airline partners and industry association ATPCO.[10] The storefront includes branding and imagery of cabin classes and amenities for each airline. It works for domestic and international flights, including international-to-international itineraries, and for flights on joint venture partners of American, Delta and United.[11]

In February 2019, the company also announced the addition of Meagen Eisenberg as Chief Marketing Officer.[citation needed]

Later in February 2019, TripActions was recognized as one of Fast Company's Most Innovative Companies in Travel for 2019.[12]

In June 2019, the company announced its NDC-enabled platform in partnership with United Airlines.[13] At the same time, TripActions raised a $250 million Series D funding round from Andreessen Horowitz, Zeev Ventures, Lightspeed Venture Partners and Group 11. The total valuation of the company reached $4 billion.[14]

In July 2019, the company appointed Ciara Govern as Chief Customer Officer.[citation needed]

In September 2019, the company announced its carbon impact initiative through providing customers visibility into the emission output of their travel programs.[15] In the same month, TripActions was recognized in the Top 20 of the Forbes Cloud 100 award.[16]

In November 2019, TripActions announced that it had enabled an NDC-enabled direct connection to the Lufthansa Group.[17]

In December 2019, the company announced the addition of Thomas Tuchscherer as Chief Financial Officer to scale corporate development and finance operations.[18]

In February 2020, TripActions launched TripActions Liquid, a payment, expense and reconciliation technology integrated into its core platform.[19] Alongside that announcement, the company announced the security of $500 million on credit to fuel the platform.[20]

In June 2020, TripActions raised $125 million in debt financing.[21]

In October 2020, TripActions expanded the TripActions Liquid product by adding broader expense capabilities.[22]

In January 2021, TripActions raised a $155 million Series E round of funding.[23]

In May 2021, TripActions announced that it had acquired UK corporate travel management specialist Reed & Mackay.[24]

In October 2021, TripActions raised a $275 million Series F round of funding with a valuation near $7.25 billion. It reported having 1500 employees.[25]

In February 2022, TripActions acquired Comtravo, a German corporate travel company with 2,500 clients and 250 employees.[26]

Services

All functionality including administrative travel management can be done through the desktop and mobile application. Users have the ability to book trips, file receipts, modify reservations, track travel itineraries, chat with travel support agents, receive real-time notifications, and reconcile expenses.[27]

TripActions partners with multiple suppliers in the market to provide users with a wide array of travel selection. Inventory on the platform comes from consumer, corporate, and direct integrations.[28]

TripActions Liquid provides companies and employees with a suite of tools to manage and track spend. With physical and virtual cards, smart approval workflows, automated expense reports and centralized billing, the technology is positioned as a modern alternative to legacy payment and expense systems.

The platform uses artificial intelligence and machine learning to optimize search results, inventory and the support experience. Results are prioritized using the company's policies, real-time market prices and individual employee preferences including loyalty program memberships.[29]

The system's admin dashboard tracks company spend, potential savings, and employees' travel and spend patterns. In accordance with duty of care, the admin dashboard features a live map that shows where employees are traveling in real time. Finance and travel teams can contact travelers directly within the application in emergency situations.[30]

Partnerships

TripActions partners with Sabre Corporation and the Amadeus IT Group for Global distribution system content and is a member of the Priceline Group Affiliate Network as well as the Expedia, Inc. Partner Network to combine inventories for flights, accommodations, and rental cars from direct, corporate, and consumer sites.

Users can access mobile apps for Uber and Lyft in their mobile travel itineraries while traveling.[31]

TripActions Liquid is powered by partnerships with Stripe and Visa Inc.

External links

References

  1. ↑ "TripActions | Company Overview & News". https://www.forbes.com/companies/tripactions/?sh=33b121c89cf1. 
  2. ↑ 2.0 2.1 Sheivachman, Andrew (18 July 2018). "TripActions Expands Globally With a Focus on Service". https://skift.com/2018/07/18/tripactions-expands-globally-with-a-focus-on-service/. Retrieved 18 July 2018. 
  3. ↑ Wolfe, Bryan (26 January 2017). "TripActions Aims to Eliminate Business Travel Nightmares Forever". https://appadvice.com/post/business-travel-nightmares/736236. Retrieved 10 July 2017. 
  4. ↑ Roof, Katie. "TripActions raises $14.6 million for its corporate travel booking tool". https://techcrunch.com/2017/01/24/tripactions-raises-14-6-million-for-corporate-travel-booking/. Retrieved 6 July 2017. 
  5. ↑ O'Neill, Seab (26 January 2017). "TripActions Raises $14 Million to Trim Rogue Bookings". https://skift.com/2017/01/26/tripactions-raises-14-million-business-travel-booking-travel-startup-funding-this-week/. Retrieved 10 July 2017. 
  6. ↑ Barzilay, Omri. "TripActions Raises $27M To Transform The $1.3T Business Travel Industry" (in en). Forbes. https://www.forbes.com/sites/omribarzilay/2017/10/04/tripactions-raises-27m-to-transform-the-1-3t-business-travel-industry/#7218e70773b7. 
  7. ↑ 7.0 7.1 Josephs, Leslie (2018-03-07). "Start-up TripActions raises $51 million to take on corporate travel giants". CNBC. https://www.cnbc.com/2018/03/07/tripactions-plots-expansion-with-51-million-investment.html. 
  8. ↑ Habtemariam, Dawit (24 July 2018). "TripActions Opens First Non-U.S. Offices". http://www.businesstravelnews.com/Global/TripActions-Opens-First-Non-US-Offices. Retrieved 18 July 2018. 
  9. ↑ "Rapid customer growth momentum propels new-era corporate travel management company TripActions to $154M raise with valuation north of $1B". TripActions. 2018-11-08. https://tripactions.com/tripactions-raises-154m-at-over-1b-valuation. 
  10. ↑ "A New Standard for Booking Flights". TripActions. 2019-02-05. https://tripactions.com/blog/new-standard-for-booking-flights/. 
  11. ↑ "TripActions Adopts U.S. Airlines' Next-Generation Storefront Effort". Skift. 2019-02-05. https://skift.com/2019/02/05/tripactions-adopts-u-s-airlines-next-generation-storefront-effort/. 
  12. ↑ "The World's Most Innovative Companies 2019". Fast Company. 2019-02-21. https://www.fastcompany.com/most-innovative-companies/2019/sectors/travel. 
  13. ↑ "TripActions launches NDC platform in partnership with United Airlines". Phocuswire. 2019-06-11. https://www.phocuswire.com/TripActions-United-NDC-integration. 
  14. ↑ Carson, Biz. "TripActions, A Corporate Travel Startup That Rewards Road Warriors For Booking Cheap Hotels, Is Now Worth $4 Billion" (in en). https://www.forbes.com/sites/bizcarson/2019/06/27/tripactions-corporate-travel-road-warrior-4-billion/. 
  15. ↑ "TripActions surfaces carbon impact data for flights and rail". Phocuswire. 2019-10-02. https://www.phocuswire.com/tripactions-carbon-impact-data. 
  16. ↑ "The Cloud 100". Forbes. 2019-09-11. https://www.forbes.com/cloud100/#13d0b8065f94. 
  17. ↑ "TripActions Connects to Lufthansa Group NDC API". Business Travel News. 2019-11-06. https://www.businesstravelnews.com/Distribution/TripActions-Connects-to-Lufthansa-Group-NDC-API. 
  18. ↑ "Travel Startup TripActions Hires First CFO". The Wall Street Journal. 2019-12-11. https://www.wsj.com/articles/travel-startup-tripactions-hires-first-cfo-11576080000. 
  19. ↑ "TripActions Breaks Into Financial Technology". Skift. 2020-02-28. https://skift.com/2020/02/28/tripactions-breaks-into-financial-technology/. 
  20. ↑ "TripActions secures $500M credit facility for its new corporate travel product". TechCrunch. 2020-02-25. https://techcrunch.com/2020/02/25/tripactions-secures-500m-credit-facility-for-its-new-corporate-travel-product/. 
  21. ↑ "TripActions lands millions in financing as it plans for corporate travel comeback". Silicon Valley Business Journal. 2020-06-16. https://www.bizjournals.com/sanjose/news/2020/06/16/tripactions-debt-ipo-financing-greenoaks-vista.html. 
  22. ↑ "TripActions Expands Into Expense Management With Eye on Rivals Like Concur". Skift. 2020-10-06. https://skift.com/2020/10/06/tripactions-expands-into-expense-management-with-eye-on-rivals-like-concur/. 
  23. ↑ "Scientist-investor Elad Gil is making a big bet that business travel will rebound after Covid". CNBC. 2021-01-21. https://skift.com/2020/10/06/tripactions-expands-into-expense-management-with-eye-on-rivals-like-concur/. 
  24. ↑ "Inflexion exits Reed & Mackay to TripActions" (in en). 2021-05-05. http://www.privateequitywire.co.uk/2021/05/05/299711/inflexion-exits-reed-mackay-tripactions. 
  25. ↑ "Why TripActions' $275M raise has fintech to thank" (in en). 2021-10-13. https://techcrunch.com/2021/10/13/from-0-in-revenue-to-a-7-25b-valuation-why-tripactions-275m-raise-has-fintech-to-thank/. 
  26. ↑ "TripActions Rolls Up Another European Travel Agency With German Acquisition" (in en). 2022-02-08. https://skift.com/2022/02/08/tripactions-rolls-up-another-european-travel-agency-with-german-acquisition/. 
  27. ↑ Magistretti, Bérénice (24 January 2017). "TripActions launches its business travel app and unveils a $14.6 million round". https://venturebeat.com/2017/01/24/tripactions-launches-its-business-travel-app-and-unveils-a-14-6-million-round/. Retrieved 12 July 2017. 
  28. ↑ Harrison, Kate. "After $14.6M Raise In 2016, A New Corporate Travel Rewards Program Arrives On The Scene". https://www.forbes.com/sites/kateharrison/2017/01/25/after-14-6m-raise-in-2016-a-new-corporate-travel-rewards-program-arrives-on-the-scene/#6f2acf6f6bec. Retrieved 2 July 2017. 
  29. ↑ "Finding the Balance: Why We Focus on Employee Experience and Company Savings". http://www.businessnewsdaily.com/9907-ariel-cohen-tripactions.html. Retrieved 9 July 2017. 
  30. ↑ Moreno, Denisse (24 January 2017). "TripActions: Platform Aims To Make Booking Business Trips Easier For Companies and Employees". http://www.ibtimes.com/tripactions-platform-aims-make-booking-business-trips-easier-companies-employees-2479836. Retrieved 12 July 2017. 
  31. ↑ "Corporate Travel, Online With Ease And Savings". 31 January 2017. http://www.pymnts.com/news/b2b-payments/2017/corporate-travel-online-with-ease-and-savings/. Retrieved 10 July 2017. 




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