Latest news with #RichLiu
Skift
20-06-2025
- Business
- Skift
Navan Moves Toward IPO With Confidential SEC Filing
Navan's first move toward an IPO has been a long time coming. Navan, a business travel tech company, said Friday it has filed with the U.S. Securities and Exchange Commission for a proposed IPO – but it was a "confidential" submission and no financial details were publicly available. 'The number of shares to be offered and the price range for the proposed offering have not yet been determined,' the company said. The company was last valued at $9.2 billion during its series G venture capital raise in October 2022, a time when many private valuations were considered inflated. The IPO market has been unusually slow, but analysts believe that several offerings in recents weeks signal that the market is heating up. Navan is a corporate travel agency with a tech platform where employees at client companies can complete bookings and manage expenses. Clients include Lyft, Wayfair, Toast, Thomson Reuters, Zoom, Shopify, and more. Navan CEO Ariel Cohen in May 2024 said the company was "not far" from an IPO, though he noted the timing could be affected by market conditions and geopolitical factors outside the company's control. The company has hired two execs with IPO experience over the past year. Amy Butte joined Navan as chief financial officer last June, and was previously CFO at the New York Stock Exchange during its IPO. Rich Liu, an early chief revenue officer for Navan, returned to the company as CEO of Navan Travel. Liu previously helped two companies go public. Cohen and CTO Ilan Twig founded Navan in 2015. The company now has more than 3,000 employees and more than 10,000 clients, according to its website. The company has raised well over $1 billion in venture capital. Business travel tech platforms have been gaining traction as companies have been looking to streamline various operations post-pandemic. TravelPerk has raised over $700 million, most recently $200 million in January. Expense management platform Ramp has raised over $2 billion, with reports that it's seeking more funding at a valuation of $16 billion. Several others have been raising money to target their respective geographic regions.
Yahoo
22-05-2025
- Business
- Yahoo
Navan's Summer Travel Trend Report: Stronger Overall Travel Demand Compared to 2024
Canadians Are Top Travelers to US and London Is Leading Destination for American Business Travelers PALO ALTO, Calif., May 22, 2025--(BUSINESS WIRE)--Ahead of the summer travel season, Navan, the all-in-one global travel and expense management platform, dived into the data to look for summer business travel trends – showing double-digit year-over-year (YoY) business travel booking growth among a cohort of current Navan customers who have used the platform since 2023*. With summer hotel and flight bookings up, major discounts available on flights, and Canada remaining the top country traveling to the US for business, there are a number of reasons to consider a busier-than-expected business travel season. Summer Travel Demand Remains Strong Navan's data reveals that business travelers aren't slowing down, carrying strong momentum into the summer season. Summer flight bookings on the platform are up 10% and hotel bookings up 25% compared to last summer. "We're seeing strong demand for business travel this summer," said Rich Liu, CEO of Travel at Navan. "Executives have businesses to run, they clearly recognize the value of travel, connection, and face-to-face interactions. By planning early and understanding the marketplace shifts we're seeing, businesses can seize significant savings for those amazing summer offsites in top destinations around the world." International Surprises And Non-Surprises Canada has maintained its position as the top country traveling to the US for business this summer on the Navan platform, followed by the UK, which was also the top destination for American business travelers. Nice is on the rise as the #2 business travel destinations coming from both the US and the UK, but a 60% rise in hotel prices comes with it. Spain saw the biggest drop in travel to the US, dropping five slots to #12. The biggest risers in business travel to the US include Israel (+4 spots to #10), India (+3 spots to #9) and Mexico (+3 spots to #7). Domestic Business Travel Sees a Mix of Traditional and New Markets While major hubs like San Francisco and New York remain top for business travel, demand is diversifying across more cities, including rising destinations such as St. Louis (+49 spots YoY), Los Angeles (+14), and Orlando (+8). Flight Prices Trending Lower Economy business travel flight prices in the summer months are down 23% YoY, averaging $414 compared to an average of $539 in 2024. Miami is the top destination for flight savings when compared to summer 2024 flight booking prices. The average booking price for flights to Miami is down 45% from Summer 2024 prices, from $1022 to $556. Lisbon, Dublin, Bangalore and Toronto round out the top five destinations for flight savings. In the United States, travelers can save on summer airfare by flying to less crowded destinations like Toronto (saving from $764 to $501), Boston (saving from $662 to $476), Washington (saving from $627 to $460) and Seattle (from $555 to $401). US Airports Lead Flight Cancellations & Delays Notably, some of the airports with the highest cancellation ratios so far in 2025 include LAX, DCA, and BNA – important considerations for travelers planning high-stakes or tight itineraries. For more insights into summer travel destination data, cost-saving tips, or to unlock smarter summer travel experiences, visit About Navan Navan is the leading all-in-one business travel and expense management solution that makes travel easy for frequent travelers. From finding flights and hotels, to automating expense reconciliation, with 24/7 support along the way, Navan delivers an intuitive experience travelers love and finance teams rely on. See how Navan customers benefit and learn more at * Methodology Navan analyzed bookings made via its platform for summer travel (June–August 2025) across economy flight and hotel forward bookings with reservations made from September 1, 2024 through the first Tuesday of May. Year-over-year comparisons are based on an analysis of comparable, average flight and hotel booking prices in the US and globally over the same period using a 2023 cohort of customers to isolate behavioral changes from company growth. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including without limitation statements regarding our expectations for booking and pricing trends. These forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements, including those described from time to time in our filings with the Securities and Exchange Commission. Except as required by law, we undertake no obligation, and do not intend, to update these forward-looking statements. View source version on Contacts Eric SmithNavanesmith@ Sign in to access your portfolio
Skift
22-05-2025
- Business
- Skift
Navan Takes a Step Towards an IPO
U.S. stock markets are definitely not cooperating with Navan's long-held plans to IPO. Navan has hired underwriters for an IPO that could value the company at $8 billion. The move toward an IPO, reported by Reuters, follows Navan officials discussing such a prospect several times over the last couple of years. Goldman Sachs is the lead underwriter, according to the report, and an IPO, depending on market conditions, would take place in the fourth quarter at the earliest. A year ago, Navan CEO Ariel Cohen said the company is "not far" from an IPO, though he noted the timing could be affected by market conditions and geopolitical factors outside the company's control. In April 2024, Navan brought back former Chief Revenue Officer Rich Liu as CEO of Navan Travel and appointed former New York Stock Exchange CFO Amy Butte to its board, CNBC reported following an interview with Cohen in May 2024. Navan offers travel management, expense and payments services. Both Liu and Butte have IPO experience. Cohen, also a Navan co-founder, has been discussing IPO prospects for several years. In 2022, the company filed confidential IPO paperwork with the aim of going public at a $12 billion valuation. Business Insider reported in the summer of 2023 that Navan would seek to go public in about a year, subject to market conditions. Correction: The CNBC interview with Navan CEO Ariel Cohen took place in May 2024, not May 2025. The article has been updated to reflect that.
Skift
21-05-2025
- Business
- Skift
Navan 'Not Far' From IPO, Aims for 2025 Profitability
U.S. stock markets are definitely not cooperating with Navan's long-held plans to IPO. Navan CEO Ariel Cohen said the company is "not far" from an IPO, though he noted the timing could be affected by market conditions and geopolitical factors outside the company's control. In April, Navan brought back former Chief Revenue Officer Rich Liu as CEO of Navan Travel and appointed former New York Stock Exchange CFO Amy Butte to its board, CNBC reported following an interview with Cohen earlier this week. Both Liu and Butte have IPO experience. Reuters reported earlier this month that Navan hired underwriters for an IPO that could value the company at $8 billion. Navan offers travel management, expense and payments services. Cohen, also a Navan co-founder, has been discussing IPO prospects for several years. In 2022, the company filed confidential IPO paperwork with the aim of going public at a $12 billion valuation. Business Insider reported in the summer of 2023 that Navan would seek to go public in about a year, subject to market conditions. Profitability In Sight? In December 2023, Navan, formerly called TripActions, laid off 5% of its staff as it sought to focus on profitability. Cohen told CNBC this week that Navan will reach profitability in 2025. He said Navan's revenue is growing at a 40% clip overall, while its travel business and fintech arms are expanding 30% and 100%, respectively. Founded in 2015, Navan signed a contract with Citi in 2024 to use Navan Connect, a new product for expense reporting that would be made available to Citi Commercial Bank card holders, CNBC reported. Cohen said Navan Connect expands the company's total addressable market, and it's having discussions with other banks about signing on. Here's a video of Navan CEO Ariel Cohen's appearance on CNBC.
