Travel management company Navan has reduced the size of its global workforce by five per cent “to increase operations efficiencies”, a company spokesperson has confirmed to BTN.
The staff reductions at US-based Navan, which was formerly known as TripActions before rebranding earlier this year, were first reported last week by The Information, which said the layoffs affected around 145 employees.
A Navan spokesperson said that while the company “has recorded strong growth over the past three years despite the challenges affecting our industry”, it was now “refocusing our efforts to move faster toward profitability as we enter the next phase of the company”.
Navan has been long rumoured to be planning an initial public offering (IPO), having reportedly filed confidential paperwork for the move more than a year ago.
Business Insider in August reported that Navan’s CEO Ariel Cohen has been considering April 2024 as a potential date for an IPO of the company, citing a confidential source.
Navan, which also owns UK-based Reed & Mackay, was ranked as the fourth largest travel management company in Europe in this year’s list of the continent’s leading TMCs.