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Last updated on April 23rd, 2024

Why TripActions Ditched a $2-Billion Brand Name for Navan

Article's Content

The idiom “if it ain’t broke, don’t fix it” is applicable in many different instances throughout our personal and professional lives — but in the world of B2B SaaS, it’s a very dangerous proposition.

The industry is all about innovation. Products, marketing strategies, and even brands that seem to have staying power are, actually, constantly iterating and changing behind the scenes. Even a multi-billion-dollar corporate travel company, with thousands of high-profile enterprise clients like Zoom, Canva, and Patreon, might need to ditch its valuable brand name to unlock the next level of growth. 

This is what we see with TripActions’s rebrand to Navan.

The company has dominated the corporate travel industry for years, even surviving the dark days of the pandemic that wreaked havoc on the key pillars of travel: airlines, hotels, and car rentals. But despite its perseverance and success, the company decided to ditch the billion-dollar brand name TripActions for the sleek alternative “Navan.” 

In this article, we’ll dive into why a flourishing SaaS brand like TripActions decided to scrap its branding to unlock the next level of growth.

But before we dive into the specifics of the TripActions-Navan transition, let’s take a quick look at why a simple name change can make such a big impact.

The Importance of the Brand in Brand Equity

For all the attention we as marketers pay to metrics, processes, and analytics in the SaaS industry, it’s easy to forget about the importance of the creative element. Decisions about the company name, color scheme, brand story, and values — the foundation upon which you build the rest of your marketing strategy — are driven by highly creative exercises. 

The right mix of brand elements, when channeled through your marketing efforts, is what separates a good brand from the truly great ones. Ross recently touched on this very topic in his recent interview with Chase Dimond:

This is the accrual of brand equity. 

Brand equity is also a precursor to increased CLV and company profitability. Studies of the impact that marketing efforts have on brand equity have been around for decades. So too, has research on the impact that brand equity can have on customer acquisition, retention, and profitability . But it wasn’t until the last decade that marketing researchers started to differentiate between specific marketing efforts and improved customer lifetime value. 

Essentially, “the soft marketing” approach of building a brand that customers relate to on a human level is invaluable for companies that want to increase customer lifetime value. 

The real financial impact of brand marketing is something we’ve observed firsthand at Foundation during our research and analysis for our 2023 BRICK Report on SaaS branding excellence. Companies that come in near the top of their industry in terms of market cap, like Slack, Atlassian, and DocuSign, consistently outperform on the branding side as well. 

Now, let’s take a look at the reason behind TripActions’s brand equity gamble.

Already a $2-Billion Company, Why Did TripActions Rebrand?

Since being founded in 2015, TripActions has raised $2.2 billion in capital over 15 funding rounds, culminating in a $9.2 billion valuation as of 2022. Over this period of time, the company has expanded its core offering beyond business travel to provide expense and corporate card management as well. This helped the company capture and retain a laundry list of high-profile enterprise clients , including Lyft, Okta, Snowflake, Axios, Yelp, and more. 

This strategic product development and network of high-profile clients had given TripActions a massive edge over its competitors in the travel management niche , including products from major brands like SAP and Zoho.

So, this begs the question: Why would TripActions mess with its brand equity and risk letting the rest of the pack catch up?

Let’s take a look at three reasons why.

1) Freeing Itself From a Constraining Brand Name 

For a company that wants to dominate a niche like business travel management, TripActions is an amazing name. It gives potential customers the gist of the product category in a straightforward way. 

But this style of name is a double-edged sword. By including the industry niche in its brand name, TripActions was tying itself directly to the travel management industry — limiting its ability to effectively market new products and expand into other vertical markets . 

While the travel management software market size does have a sizable TAM, with 2023 projections coming in at over $9 billion, the association between the TripActions name and the travel industry was limiting its ability to compete in other industries like expense management. 

One of its main competitors in this new niche, Expensify, has a brand name that connects directly to the industry. Even though TripActions had its own popular expense product, TripActions Liquid, the core brand name made it an uphill climb.

Taking a look at the tight 325-brand race for the best expense management product , it’s clear that the switch to Navan was the right decision. The newly named Navan has a slim lead over Expensify and other established names in the niche, like SAP and Airbase.

Changing to Navan means potential customers are less likely to think of the company as “a business travel company that also offers expense management” and more likely to view it as a comprehensive platform that can address all travel and expense needs. 

So, not only is Navan winning at corporate travel, but it’s also captured an adjacent industry to further extend its TAM by billions of dollars. This is particularly important considering the big plans it has on the horizon. 

2) Using “Navan” as a Go-to-Market Launchpad

According to CEO Ariel Cohen , Navan is a portmanteau of “navigate” and “avant,” signifying the company’s dedication to addressing corporate travel and expense management in an innovative way. He also points out that it’s a palindrome — a word spelled the same whether read left to right or right to left — which signifies that the platform is accessible to its customers from every angle. 

Is the explanation a bit cheesy? Yes. But research shows that this type of strategic introduction has an impact on how customers perceive the brand name.

The Journal of Marketing recently published a study on unconventionally SaaS-y brand names like Lyft or Kustomer, finding that customers have a negative reaction unless there’s a compelling story behind it or the customers want a memorable experience . Essentially, the rebrand needs to have meaning behind it, and that meaning needs to be tied to engaging experiences. 

In the case of TripActions, it’s not just a move for the sake of a move. The Navan name is part of a strategic play to advance the company’s position as the top travel and expense option for enterprises and SMBs. Here’s what Cohen had to say about the reason behind the change in a rebrand announcement post : 

“We are rebranding as part of our expanded go-to-market strategy — we are also introducing a loyalty club for our users, where they can earn points for personal trips on our platform. This is just one of the many ways we are taking the company to the next level and gaining more reach.

We are confident that our new branding, design, messaging, and loyalty club will help us lead this new category of software that is focused on not just the business side, but also the people side. We believe that by balancing these two aspects, we are creating a unique and magical experience for all of our users.”

So, Navan is the vessel for delivering a better experience to the two sides of the company’s product offering: the business side and the employee side. 

3) Providing the Brand Boost for Its Suspected IPO

The buzz around a potential TripActions/Navan IPO is almost a year old at this point, in part due to the fact that IPOs have been few and far between since the heyday of 2021. That hype ramped up after the Navan rebrand earlier this year, when the company’s designs on going public were all but confirmed by Cohen . 

But does a sleek new name, updated color scheme, and new brand ethos really provide the added boost a solid SaaS brand needs to reach the escape velocity for a successful IPO? 

In the right setting, the answer, apparently, is yes. 

In Ernst & Young’s Guide to going public , the consulting experts state that the “intangibles” of brand strength and company story actually play a large role in the decision-making process for institutional investors. In fact, according to EY, the equity story pitched by the founder is the second most important IPO success factor to investors, coming in just behind the strength of the management team themselves. The guide also states that approximately 40% of IPO investment decisions are based on non-financial factors, including brand strength. 

Considering the general hesitancy from VCs and founders to take SaaS companies public amid market uncertainties, the decision to rebrand to Navan in the lead-up to the IPO seems to be a smart play by the travel and expense company.    

How Navan Compares to Other Tech Rebrand Gambles  

Some SaaS rebrands, like Airbnb or Instagram, are as simple as revamping a logo to keep the brand fresh and generate some hype. But for others, this process is extensive, involving an entirely new name, brand ethos, and market orientation. Both can be beneficial, but the latter carries a lot more risk. 

There are countless examples of software brands undergoing a rebrand to prepare for IPOs, expand market share, or take over adjacent verticals. Let’s take a look at a few prominent examples:

eShares → Carta

Carta’s decision in 2017 to ditch its original name, eShares, in many ways mirrors the switch from TripActions to Navan. 

For one thing, the initial name had the company pigeonholed to a niche segment within an expanding market. In eShares’s case, it was helping founders issue stock within the private equity space, while for TripActions, it was assisting with corporate travel within the expense management space. By switching to Carta and Navan, both companies opened themselves up to an increase in market share by transitioning away from restrictive feature-specific names.

Since the rebrand, Carta has also built up its presence with a substantial SEO moat . It will be interesting to see what opportunities Navan can capitalize on with its new name. 

ChubbyBrain → CB Insights

Say you’re a founder, investor, or market analyst interested in gathering data about private companies and VCs from a reputable source. Which analytics platform are you going to invest in: ChubbyBrain or CB Insights?

Yeah…not a difficult decision. 

Well, it just so happens that this is exactly what happened to the growing ChubbyBrain brand. In an old blog post , the team explains how they lost out on a potential client who “[loved] the product and the data” but simply couldn’t buy the product because of the name.

But that’s what rebrands are for — smoothing over any cracks (or chasms) that emerge between a company’s product or service offering and its appearance in the market. The simple name change is a big reason why CB Insights is able to rake in an estimated $100 million in annual revenue. 

Realtime Board → Miro

Miro’s masterclass in product-led growth is something I’ve touched on before, but it’s important to note that its explosion in popularity was precipitated by a brand overhaul as well. Like Carta and Navan, Miro first launched with a straightforward brand name that served primarily to define a new category for visual collaboration tools: Realtime Board.  

In the first quarter of 2019, Realtime Board became Miro — a brand name that CEO Andrey Khusid says “symbolizes visual expression, experimentation, and work that transcended borders and impacts many.” Khusid says the objective for the rebrand was finding a name that was: 

• Easy to pronounce and spell
• Reflective of the brand story and values

The Navan team can be optimistic about the success of its rebrand, given that the name meets these three key objectives. And considering Miro is now number 4 on the Forbes Cloud 100, I’m willing to take this as a recipe for brand-name success. 

Brand Names are Delicate But Powerful: Use Them Wisely

It’s still too early to tell whether TripActions’s rebrand to Navan will be a success, especially given the uncertainty around IPOs. Still, all signs seem to point in a positive direction. The company has followed in the footsteps of prominent brands like Carta and Miro, ensuring that the new brand name is memorable and easy to pronounce and spell. 

The Navan rebrand also checks all the important strategic boxes for a successful transformation:

• It opens the company up to new verticals and customer segments
• There is a compelling reason behind the decision for the new name
• It doesn’t rely on SaaS-y gimmicks like incorrect spelling or the “ify” suffix
• The rebrand is timed with a new product rollout and upcoming IPO

Successfully navigating a rebrand isn’t easy, and the process requires lots of creative and strategic thinking. But if you follow in the footsteps of  Navan, you may be able to 10x that brand equity. 

Did you enjoy this post?

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TripActions to Rebrand as Navan

Matthew Parsons , Skift

February 1st, 2023 at 9:00 AM EST

New year, new look, as travel agencies across the board look to get off to a fresh start as business recovers.

Matthew Parsons

Corporate travel agency TripActions is rebranding to Navan, Skift has learned.

The new name will take effect on Feb. 7, sources tell Skift, and comes after the corporate travel agency filed the trademark last year .

In October, TripActions told Skift that it gets “trademarks and domains often” and that the filing was “not indicative” of a name change.

It’s unclear what the strategy is for the rebrand and what Navan is meant to represent — perhaps navigate?

TripActions did not immediately respond to Skift for comment.

The trademark/service mark application (below) spans six categories, and as well as booking travel and managing travel includes provision for issuing credit cards and payment cards, credit card and payment card transaction processing services, and financial administration of credit card and payment card accounts.

In October, TripActions raised $300 million, with the extra funding to be “used to accelerate expansion.”

As of the end of July 2022, TripActions had 2,500 employees across nearly 60 global offices.

TripActions isn’t the only one looking for a fresh start as corporate travel starts to recover. Last week rival agency American Express Global Business Travel announced it was r estructuring to focus on small and medium-sized companies .

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Photo credit: TripActions co-founder and CEO Ariel Cohen, left, with co-founder and chief technology officer Ilan Twig. TripActions

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The cost of travel can be difficult to track and optimize without clear visibility into spend. tripactions automates reporting and integrates with the rest of your tech stack, making everything from reconciliation to forecasting easy. what’s more, tripactions delivers an exceptional traveler experience that drives high adoption, helping you ensure traveler safety. one centralized platform to help turn travel into a lever for strategic growth., ensure the safety of your travelers, tripactions innovates rapidly to ensure businesses can keep travelers safe and adapt to changing business travel continuity needs.    coronavirus report: a real-time report that shows impacted travel regional blacklisting: set travel restrictions for regions that may pose a risk live traveler map: know where travelers are at all times traveler notifications: communicate directly with travelers via the admin dashboard   .

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When expenses take longer than the trip itself, something has to change.

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“Everyone who touches accounting knows that reconciliation is an issue, but it was just always one of those ‘acceptable evils’ that you had to deal with. I wasn’t surprised at all when Navan approached me with a possible solution to this problem. What impressed me though, was how effective it is.”

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Navan (previously TripActions) vs SAP Concur - 2024 Comparison

Navan core differentiators and main strengths, 1. sustainable travel management, 2. risk management and mitigation, 3. reporting technology to increase savings, 4. ai-powered setup, navan user reviews, explore more valid alternatives to navan. click below:, sap concur core differentiators and main features, 1. integrated travel and expense platform, 2. automated invoicing process.

• Three-way match : the tool analyzes and matches every payment's purchase order, receipt, and invoice. This automated process is a fast and error-free alternative to manual processing.
• Invoicing intelligence : you get an integrated analysis of your travel expenses alongside ERP and credit card data to control your expenditure. These customized reports and dashboards can significantly enhance decision-making.
• Streamline payments : on top of bringing a complete breakdown and analysis of your expenses, Concur Invoice is also integrated with a variety of payment gateways. So, you can create an approval workflow and make payments instantly.

3. Partnerships with big suppliers

4. compliance and risk management, sap concur user reviews, explore more valid alternatives to concur. click below:.

TravelPerk core differentiators and main strengths

1. industry-leading travel inventory, 2. top-rated customer service, 3. greater flexibility and ease of travel, 4. award-winning, robust technology.

• Develop the integrations they need, besides the standard ones offered
• Enhance the platform’s automation capabilities and ROI
• Embed it within your business workflows and augment its utility
• New APIs are constantly being added to suit current needs, like Covid-19 API, GreenPerk API, and TravelCare API.

5. Sustainable travel options

Travelperk user reviews, prepare for take-off with travelperk.

Make business travel simpler. Forever.

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$9 billion travel tech firm Navan on track to hit profitability this year and 'not far' from IPO, CEO says

• Asked about when Navan would choose to go public, the firm's CEO and co-founder Ariel Cohen said the company is close to reaching that milestone.
• While Cohen wouldn't commit to a date for Navan's eventual IPO, he said the business was "not far" from being ready for a stock market listing.
• Navan has raised more than $1.5 billion in venture funding to date and was last valued at $9.2 billion.

The boss of travel and expense management platform Navan told CNBC he's preparing the company to get its business into shape for an eventual initial public offering this year, in another sign leaders of privately-held startups are getting more optimistic about their prospects in the public markets.

Asked about when Navan would choose to go public, the firm's CEO and co-founder Ariel Cohen said the company is close to reaching that milestone. "We can see the signals," he said, adding that Navan has been adjusting its leadership structure and making changes to its board in a signal of maturity.

Last month saw Navan announce the return of Rich Liu, formerly Navan's chief revenue officer and "an expert on scaling companies from seed to IPO and beyond," to the business as CEO of Navan Travel, the company's travel division.

Amy Butte, the former chief financial officer of the New York Stock Exchange who oversaw the U.S. exchange operator's transition to a public company in 2006, was also appointed to Navan's board of directors as audit committee chair.

"I don't want to give a date," Cohen told CNBC, adding that he's not even told his own family a date for when he expects Navan to go public — let alone his board and Navan employees. "At the end of the day, there are things that are out of my control."

"The market can collapse. There are elections in the U.S. There are wars. So I never actually promise things to people if I don't know that the delivery is in my control," he added.

While Cohen wouldn't commit to a date for Navan's eventual IPO, he said the business was "not far" from being ready for a stock market listing. The company is on track to become cash-flow positive and achieve profitability for the first time this year, he said.

"The timing will need to include several things," he said. "Today, in this market, to be public, you need to be profitable. We are not far from that, but we are not there. We're going to be there this year. And it's not easy to do it while you're growing fast."

Cohen said he's also keeping a wary eye on the market — but added that although, previously, investors would have seen a company like his as dependent on buoyant market sentiment surrounding technology, today he sees the firm as "mature enough" to go public independent of the market backdrop.

Navan is now growing revenues by around 40% on average, according to Cohen, with the company's fintech business seeing faster growth (100%) than its travel business (30%).

Founded in 2015 as TripActions, Navan began life as a travel management platform for businesses, seeking to provide a smoother experience to travel agents and incumbent players like American Express, BCD Travel, and SAP Concur. The company counts the likes of Unilever and Christie's as clients.

The firm subsequently expanded into expensing and payments with solutions for automating linking credit cards to a single platform and automating expenses.

Navan is backed by major investors including Andreessen Horowitz, Coatue, Goldman Sachs, and Lightspeed. Navan has raised more than $1.5 billion in venture funding to date and was last valued at $9.2 billion. It competes with Spanish startup TravelPerk, which was most recently valued at $1.4 billion.

Navan introduced a big evolution of that product last year with the arrival of Navan Connect, a new expensing product.

Most corporate card startups, like Brex and Ramp, offer users their own branded corporate smart cards. But Navan's Connect feature lets businesses offer automated expense management and reconciliation without having to change corporate card provider.

The company signed up U.S. banking giant Citi as a partner for the product last year to issue co-branded cards for corporations that hand out Citi Commercial Bank cards to their employees.

Like other tech firms, Navan has been making a big investment into artificial intelligence. The company rolled out its own AI personal assistant, called Ava, last year. The tool uses generative AI to help travelers, travel admins, and finance managers make travel plans and budget effectively.

Ava — which stands for automated virtual assistant — now processes around 150,000 monthly chats, more than 35% of which are managed to completion as of April 2024, according to Navan.

Cohen said Navan is planning to roll out an even more personalized version of Ava's AI assistant, which can generate travel plans for someone based on their past behavior, to even greater accuracy in six months' time.

Navan was named on the 2024 edition of CNBC's Disruptor 50 list.

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Business travel global report 2024: market to reach $1.46 trillion by 2028 - long-term forecast to 2033.

Global Business Travel Market

Dublin, Aug. 16, 2024 (GLOBE NEWSWIRE) -- The "Business Travel Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.

The business travel market size has grown rapidly in recent years. It will grow from $812.89 billion in 2023 to $913.21 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The business travel market size is expected to see rapid growth in the next few years. It will grow to $1.46 trillion in 2028 at a compound annual growth rate (CAGR) of 12.5%.

The growth in the historic period can be attributed to the industrial revolution, the increasing interconnectedness of global economies, the rise of multinational corporation meetings, the rise in the number of conferences and trade shows, and the rise of technology companies.

The growth in the forecast period can be attributed to the growth of a strong economy, increased business activities, rise in investment in business travel, generous travel policies, and increasing globalization of multinational corporations. Major trends in the forecast period include innovations in travel technology, advancements in online booking platforms, integration of AI, prioritizing sustainability, and opting for eco-friendly travel options.

The surge in exhibitions is anticipated to drive the expansion of the business travel sector in the foreseeable future. Exhibitions, structured events where products, artworks, or information are showcased to the public, are witnessing a surge due to their recognized efficacy in facilitating direct interaction with customers and enhancing brand visibility in competitive markets.

These events serve as pivotal points within business travel, offering platforms for companies to network, exhibit products, and nurture client relationships globally. Moreover, the outlook for 2024 is optimistic, with revenues projected to grow by an average of 15%, positioning the industry for record-high revenue levels. Hence, the upsurge in exhibitions is propelling the expansion of the business travel market. Major players within the business travel sector are pioneering innovative solutions, such as AI-driven flight organization platforms, to streamline reservation procedures, enrich traveler experiences, and maximize cost-effectiveness. These AI-driven flight organization platforms are digital solutions employing artificial intelligence algorithms to assess and prioritize flight alternatives based on criteria such as safety, affordability, travel duration, and traveler preferences. Asia-Pacific was the largest region in the business travel market in 2023. The regions covered in the business travel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the business travel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Companies Featured

American Express Company

Delta Air Lines

United Airlines Inc.

Lufthansa Ltd

British Airways plc

Travelport Worldwide Ltd

Carlson Wagonlit Travel (CWT)

Upside Business Travel

Corporate Travel Management Ltd

Clarity Business Travel Agency

FCM Travel Solutions

SOTC Travel Limited

Thomas Cook

Wexas Travel Management

Key Attributes:

Key Topics Covered: 1. Executive Summary 2. Business Travel Market Characteristics 3. Business Travel Market Trends and Strategies 4. Business Travel Market - Macro Economic Scenario 4.1. Impact of High Inflation on the Market 4.2. Ukraine-Russia War Impact on the Market 4.3. COVID-19 Impact on the Market 5. Global Business Travel Market Size and Growth 5.1. Global Business Travel Market Drivers and Restraints 5.1.1. Drivers of the Market 5.1.2. Restraints of the Market 5.2. Global Business Travel Historic Market Size and Growth, 2018 - 2023, Value ($ Billion) 5.3. Global Business Travel Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion) 6. Business Travel Market Segmentation 6.1. Global Business Travel Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Managed Business Travel

Unmanaged Business Travel

6.2. Global Business Travel Market, Segmentation by Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Transportation

Food and Lodging

Business Activity

6.3. Global Business Travel Market, Segmentation by Age Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Marketing Travel Fare Travelers Below 40 Years

Travelers Above 40 Years

6.4. Global Business Travel Market, Segmentation by Purpose, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Trade Shows Or Exhibitions

Product Launch

Other Purposes

6.5. Global Business Travel Market, Segmentation by Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

7. Business Travel Market Regional and Country Analysis 7.1. Global Business Travel Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion 7.2. Global Business Travel Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion For more information about this report visit https://www.researchandmarkets.com/r/a1vs3g

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