Perk Holds Off on IPO as Annualized Revenue Nears $400 Million

Perk (formerly TravelPerk), a travel and expense management platform, has no immediate plans for an IPO despite exploring one last year and reportedly hiring Morgan Stanley, Goldman Sachs, and Jefferies. President and COO Jean-Christophe Taunay-Bucalo cited volatile markets and rival Navan's rocky post-IPO performance as reasons to wait. With roughly $400 million in annualized revenue (up 48% in 2025), near cash-flow breakeven, and no debt covenants, Perk faces no pressure to list. The company is focusing on the U.S. market and launching Perk Spend, a new expense product, to compete with Navan.