Perk Is in No Rush to IPO as Revenue Nears $400 Million

Skift Take Perk, the travel management tech company, says it can wait on an IPO as long as it keeps growing near 50% a year without burning cash. The choppy market debut of Navan, its closest rival, hints at one reason for its patience. Perk, the travel and expense platform formerly known as TravelPerk, has no immediate plans to go public, its president told Skift, despite its rival Navan having listed last fall. "We looked, and we were like, no, not the right time," said President and Chief Operating Officer Jean-Christophe "JC" Taunay-Bucalo. "We're always looking. At the size we are, we could IPO. … There's no plan for the moment." Perk has raised $550 million in primary venture funding, meaning new cash invested into the company for newly issued shares, as opposed to investors buying stakes from earlier backers. Perk reportedly hired Morgan Stanley, Goldman Sachs, and Jefferies in September to prepare a U.S. listing for the company backed by SoftBank's Vision Fund 2. Taunay-Bucalo declined to discuss the banks but confirmed the company weighed going public last year. He said Perk was deterred by volatile equity markets that he said have "gotten a little bit bette