Corporate travel and expense management platform TripActions may be one of the brightest brands in these relatively dark days for the travel industry.
Bookings dropped off 95 percent during a three-week period, Cohen told the Business Journal in late March, shortly after the layoffs.
Today the company announced it has raised USD 125 million in debt financing convertible at IPO, led by Greenoaks Capital with participation from Vista Credit Partners. Terms of the deal and the timeline for an IPO have not been disclosed.
TripActions no longer plans to go public this year, its CEO adds, with a 2021 IPO now unlikely, too.
The latest $125 million infusion gives TripActions a total of $350 million in reserve, according to TripActions CEO Ariel Cohen—funds he said will be used to "weather Covid-19 while accelerating our investment in R&D and expanding enterprise sales."
Those funds are enough to last five years, CEO Ariel Cohen told Forbes.
In the past three months – as the coronavirus began to impact markets around the globe – TripActions says it has added 265 new customers, including three large enterprise customers. The value of its travel budget under management annually has grown from USD 2.3 billion to USD 2.8 billion during that same period.
“The winners in the travel and expense industry will be those who can pivot, adapt and drive rapid innovation in support of their customers,” says David Flannery, president of Vista Credit Partners.
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