Enterprise Travel and Expense Management Software sector
Strategic acquirers, private equity (buyout funds and growth funds) firms, and valuation benchmarks for Enterprise Travel and Expense Management Software
1.1 - About Enterprise Travel and Expense Management Software sector
Companies in the Enterprise Travel and Expense Management Software category build cloud platforms that centralize corporate travel booking and expense reporting. They automate receipt capture, policy enforcement, approvals, and reimbursement while integrating with ERP, HRIS, and corporate cards. The value is better spend control, real-time visibility into travel costs, and compliant processes that reduce manual work for finance and employees.
Providers typically combine online travel booking engines with negotiated rates and duty-of-care tools alongside itinerary management. Their mobile expense apps use OCR for receipt capture, match and reconcile corporate card transactions, and drive configurable policy workflows with multi-level approvals. Systems handle per diem and mileage tracking, VAT/GST reclaim and tax coding, integrate with ERP/AP and payroll, and apply audit rules with anomaly detection and analytics to surface spend insights by traveler, project, and vendor.
They primarily serve enterprise finance and accounting teams, corporate travel managers, and mid-market operations leaders. Outcomes include reduced travel spend through policy compliance and rate optimization, faster close through automated coding and ERP reconciliation, stronger audit readiness via centralized documentation and controls, and improved employee experience with mobile capture and timely reimbursements across currencies and regions.
2. Buyers in the Enterprise Travel and Expense Management Software sector
2.1 Top strategic acquirers of Enterprise Travel and Expense Management Software companies
Navan
HQ: United States
Website
- Description: Provider of an all-in-one travel and expense management platform that lets businesses simplify booking, automate expense reporting, and monitor spend in real time, delivering corporate travel booking, integrated payments, reward incentives, AI-powered insights, and 24/7 support for complete visibility across every traveler, trip, and transaction.
- Key Products:
- Corporate Travel Management Platform: Provides automated booking of corporate travel with policy-driven processes and travel booking automation tools that simplify reservations and support business travelers
- Expense Report Automation Tools: Delivers expense report automation that helps finance teams manage and reconcile employee spend, giving real-time visibility and control over costs
- TripActions Liquid Virtual Cards: Centralized billing solution with virtual corporate cards for travel payments, producing one consolidated statement to simplify reconciliation from reservation through payment
- Navan Cognition AI Platform: Advanced AI platform powering the Ava assistant to provide front-line travel customer support, leveraging artificial intelligence to enhance service speed and accuracy.
- Company type: Private company
- Employees: ●●●●●
- Total funding raised: $●●●m
- Backers: ●●●●●●●●●●
- Acquisitions: ●●
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2.2 - Strategic buyer groups for Enterprise Travel and Expense Management Software sector
M&A buyer group 1: Corporate Travel and Expense Cards
11 companies
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Description: Companies in the Enterprise Travel and Expense Card Platforms category deliver integrated corporate card programs and expense management tools that centralize travel and T&E spend. They issue physical and virtual cards, automate receipt capture and policy enforcement, and connect to ERP and online booking systems. The value proposition is real-time visibility, stronger compliance, and streamlined reimbursement and close—capabilities sought by strategic buyers in finance and accounting technology.
WEX
- Type: N/A
- Employees: ●●●●●
- Description: Provider of business-to-business payment solutions that include fleet and fuel payment cards, transaction processing and information management platforms, plus cloud software for employee benefit plan administration, helping commercial vehicle fleets, employers and healthcare benefit participants streamline operations and reduce manual administrative tasks.
- Key Products:
- WEX Benefits Account: Secure online portal allowing participants to log in, access benefits forms, participant knowledgebase, and Benefits Toolkit with eligible expense lists and savings calculators for efficient benefits management
- WEX Fleet Accounts: Support hub where fleet customers obtain forms and resources for WEX fleet
- EFS
- Fleet One, and factoring accounts, improving fleet payment administration processes
- WEX Corporate Payments: Dedicated resource center supplying corporate clients with payment-specific support materials and service representatives to streamline corporate payment operations and resolve account inquiries efficiently
- WEX Travel Payments: Service offering connecting customers to travel payments teams and regional support numbers for eNett and WEX Travel, facilitating travel-related payment processing assistance globally.
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Key Products: ████████, ████████, ████████, ████████
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Buyer group 3: ████████ ████████
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Key Products: ████████, ████████, ████████, ████████
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3. Investors and private equity firms in Enterprise Travel and Expense Management Software sector
3.1 - Buyout funds in the Enterprise Travel and Expense Management Software sector
2.2 - Strategic buyer groups for Enterprise Travel and Expense Management Software sector
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4 - Top valuation comps for Enterprise Travel and Expense Management Software companies
4.2 - Public trading comparable groups for Enterprise Travel and Expense Management Software sector
Valuation benchmark group 1: Enterprise Cloud Software Platform Companies
35 companies
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Description: Companies in this public trading comparables group are enterprise cloud software platform providers delivering ERP, CRM, HCM, ITSM, data management, and analytics capabilities via subscription and consumption models. Their platforms centralize mission-critical business processes and data, driving efficiency and insight. They are comparable for valuation because of recurring revenue profiles, large enterprise focus, multi-product suites, and scaled go-to-market motions, providing consistent valuation benchmarks across SaaS and data platforms.
Oracle
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of integrated cloud applications and platform services, including database and middleware software, cloud infrastructure solutions, enterprise applications, and hardware systems, aimed at enabling businesses to streamline operations and enhance productivity.
- Key Products:
- Oracle Cloud Infrastructure: Comprehensive cloud services platform for computing, storage, and networking
- Oracle Database: Relational database management system for data storage and management
- Oracle Fusion Applications: Suite of business applications for ERP, CRM, and HCM
- Oracle Exadata: Engineered system optimized for running databases
- Oracle SaaS: Cloud-based software solutions for various business functions.
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Revenue growth
Median
15.7%
2025E
16.0%
2026E
EBITDA margin
Median
28.2%
2025E
28.6%
2026E
Cash EBITDA margin
Median
27.6%
2025E
28.0%
2026E
EV/Revenue
Median
8.4x
2025E
6.8x
2026E
EV/EBITDA
Median
28.9x
2025E
24.4x
2026E
EV/Cash EBITDA
Median
29.0x
2025E
25.5x
2026E
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