Skift Travel News Blog

Short stories and posts about the daily news happenings around the travel industry.

Business Travel

Medius Acquires Corporate Expense Management Startup Expensya

7 months ago

Expensya, the corporate expense management startup, has been acquired. 

The Tunisia-based company said Tuesday that the deal is now complete with buyer Medius, the New York-based provider of accounts payable automation software. 

Terms were not disclosed. 

Medius’s software primarily deals with invoices, processing, and payments. The Expensya software automates the processing of employee expenses. 

Medius said it completed the acquisition to give its clients a more complete set of services, and the deal also expands the buyer’s clients base into new regions.

Medius said it has more than 4,000 customers in 102 countries. Expensya has more than 6,000 clients in 100 countries, with a workforce of 200 employees. 

“Expensya’s AI capabilities, employee spend management solution, and payment cards, with Medius’s AP automation platform, means we can now cover the whole indirect spend of companies and can apply the power of AI to help finance teams to optimize cost and processes across the board,” said Karim Jouini, CEO of Expensya, in a statement. 

Expensya had raised a total of $25.6 million over four funding rounds, according to Crunchbase. The most recent raises were a $20 million series B round in 2021 and $4.5 million in 2018.

Business Travel

Navan Moves Beyond Its Own Smart Card in Link-Up With Visa and Mastercard

9 months ago

Navan, the corporate travel agency previously called TripActions, rolled out a feature that enables companies to retain the benefits of their Visa and Mastercard corporate cards and still gain access to Navan’s automated expense management features.

Source: Navan

The new patent-pending feature, Navan Connect, saves enterprise clients and smaller companies, if applicable, from having to transition away from their corporate cards and their benefits to access Navan’s expense management features, the company said. “With the swipe of an enrolled card, expenses are automatically checked against company policy, categorized, and reconciled,” Navan states.

Previously, clients had to use a Navan Card to gain access to these features, launched three years ago, and this may have been a roadblock to Navan signing up more enterprise accounts. 

“With Navan Connect, we’re expanding this convenience and efficiency to the corporate cardsthat our customers prefer, harmonizing personal choice with corporate needs,” said Navan co-founder and CEO Ariel Cohen in a statement. “It’s not just a product; it’s our pledge to simplify expense management while enhancing flexibility and control for businesses.”

Navan stated it intends to add other corporate cards to Navan Connect.

 

Travel Technology

SAP Concur on Track to Reach Pre-Pandemic Levels by Next Year

1 year ago

SAP, the parent company of the Concur suite of tools for managing travel expenses, said on Tuesday the company’s unit was recovering after the pandemic shock.

“Concur is actually recovering very nicely,” said Luka Mucic, chief financial officer for the German software giant. “They are only representing this quarter a 1 percent drag on the growth [in SAP’s Cloud Choice Profit (CCP) unit of cloud businesses].”

“Actually on the transactional revenue side, they are already showing very high growth in the high double digits,” Mucic said. “So that business will definitely exceed its pre-pandemic state next year, as we had projected.”

SAP cited increased use of Concur by existing clients. For example, Pennsylvania State University in the U.S. has used SAP Concur Solutions for over 15 years. But in the third quarter, it expanded its partnership because of increased student, faculty, and administrator travel.

“Our intelligence spend and business network is benefiting from a return to business travel combined with the increased focus on managing costs with cloud revenue growth in the mid-teens,” said Christian Klein, CEO of SAP.

As Skift recently reported, SAP Concur Travel is getting its first overhaul in more than 15 years. Earlier this week G2, a leading software rating service, named Concur as a market leader in its reviews-based ranking for travel expense management.