US-Israeli company TripActions believes that the primary market gates in New York will reopen next year and that it will be able to double its valuation in an IPO. How much does it believe that? The company founded in the US by Ariel Cohen and Ilan Twig recently filed a confidential prospectus with the US Securities and Exchange Commission valuing the company at $12 billion, according to Business Insider. Only a year ago, in October 2021, the company raised capital at a valuation of $7.1 billion. Goldman Sachs is representing the company as one of its potential underwriters.
TripActions was founded in the US and most of its employees are American, but the company has a strong Israeli connection in that both founders are Israeli, as is its first investor, Oren Zeev, and it maintains a development center in Tel Aviv with several dozen employees.
This is not the company’s first attempt to go public. Bloomberg reported in the past that it was close to an IPO, and that last May it raised additional capital, in what was apparently meant to be a pre-IPO round, at a valuation of $9 billion.
TripActions has become a dominant player in the market for business trip management systems. Its solution enables business travelers to plan their own itineraries, while at the same time giving their organizations control over expenses.
Published by Globes, Israel business news - en.globes.co.il - on September 29, 2022.
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