TripStax celebrates two years of significant business growth - tech provider also sees surge in demand for automated carbon, risk and wellbeing data
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TripStax is marking its second year of impressive growth since the launch in 2022 of its ground-breaking stack of cloud-based inter-connected modules, powered by the TripStax Core, an unrivalled data-processing engine.
TripStax’s significant expansion has positioned the company as an established tech provider to more than 400 clients globally including large multinational TMCs, smaller SMEs and individual corporate customers. The number of bookings per annum being ingested into the TripStax Core from these clients has grown from 3 million in 2022 to a current annualised total of 14.2 million, an increase of 373%. These bookings are from 8.1 million individual travellers per annum, up 144% on 2022.
The Core is currently processing a total of 84 million data exchanges per annum because it collects, updates and enriches each booking an average six times during its lifecycle within the TripStax ecosystem. Most other technology vendors charge TMCs transactional fees based on data consumption and storage, meaning the more individual tech solutions TMCs adopt, the more their margins are diluted. However, TripStax only charges a TMC once for the ingestion of booking data, regardless of how many times that data is retrieved and returned to the Core via any of the ten TripStax modules (Approve, Analytics, Content, Docs, Hotels, Mobile, Portal Profile, Track and QC). This commercial model creates considerable cost savings for TMCs who have opted to subscribe to multiple TripStax modules.
In 2023, the number of data points added to bookings from third parties automatically via The TripStax Core rose by 185% year on year. This increase was primarily due to a surge in demand for data required for carbon reporting, risk management, and traveller wellbeing. For example, in 2023, TripStax sent 43.6 million automated requests (an 18% rise on 2022) to sustainability reporting platform, Thrust Carbon, to collect CO2 data per booking segment.
TripStax has also witnessed a marked increase in corporate clients’ focus on traveller security and wellbeing. In 2023, there was a 54% increase YOY in the number of requests from third parties such as security services and travel wellness specialists for bookings data from the TripStax Core. As a result, 88% of all bookings within The Core received requests from this type of third-party provider.
Jack Ramsey, CEO, TripStax commented: “The growth of TripStax since we launched to market is evidence that our focus on data management as the driver for much-needed technology evolution in our industry is paying off. This is primarily due to the unique capabilities of The TripStax Core, an agnostic data processing powerhouse that ensures the clean flow of data to each TripStax module and third-party systems. The increase in demand for automated carbon, risk and wellbeing data is just one sign that the evolution we set out to kick start is underway and TMCs want to migrate towards using a centralised data warehouse as a single point of truth for managing and enriching their customers’ travel data.
“Our growth can also be attributed to the fact that our commercial model means that TMCs can potentially improve their profit margins by making savings on third-party tech vendor fees. The TripStax offering is also highly flexible and scalable. Clients can start with The TripStax Core connected to one or two TripStax modules, and add further modules in their own timeframe, without disrupting their business-as-usual workflows.
“I am incredibly proud of the whole TripStax team for everything that we have achieved in the last two years. But it doesn’t stop here. We will continue to drive innovation to enhance TripStax’s tech proposition proactively with insight into TMCs’ and corporates’ needs, whilst driving change in the industry to address pain points caused by historically complex tech integrations for managing travel data.”
