Navan, the global AI-powered travel and expense management platform, has signed a definitive purchase agreement to acquire Smartrips, a leading Brazilian travel management company. This strategic move positions Navan to capture a greater share of the $185 billion market opportunity, with Brazil representing an estimated 40% of Latin American business travel spend. The acquisition will extend Navan's footprint deeper into Latin America, identified as one of the largest and fastest-growing segments of the global corporate travel market.

Following the integration of Smartrips, Navan customers with operations in Brazil will no longer need to direct local teams to partner sites or off-platform booking systems. Instead, employees can seamlessly book, manage, and track all Brazilian travel directly within the core Navan platform. By consolidating this historically fragmented spend onto a single, integrated interface, Navan delivers the unified experience and real-time spend visibility that modern finance teams demand.

"Global enterprises want a single, integrated travel platform, no matter where they're booking, and that's what the addition of Smartrips is all about," said Michael Sindicich, President of Navan. "Together, we will be able to better serve new and existing customers, and we know that we're such a great fit because we already partner together in Brazil, a critical market for any company with a global travel program. The combination of Navan's world-class technology with Smartrips' deep supplier relationships, local expertise, and IATA credentials will enable us to offer a level of service that legacy TMCs simply cannot match."

Transaction Details

Strategic Rationale

The acquisition of Smartrips follows similar efforts by Navan over the past five years to expand internationally by acquiring market-leading local operators with deep supplier relationships. As it has done with Comtravo in Germany, Tripeur in India, and what it is currently in the process of doing with Reed & Mackay in the UK, Navan will look to integrate Smartrips' capabilities onto its platform and extend its enterprise-grade experience to a new geography without sacrificing local expertise.

The transaction is expected to close in the second quarter of fiscal year 2027. This deal marks Navan's first acquisition as a public company. Terms of the transaction were not disclosed. The company stated that the acquisition will have no material impact on the guidance shared on June 10, 2026.

Navan (NASDAQ: NAVN) has received another bullish endorsement from Wall Street, as TD Cowen analyst Jared Levine maintained a Buy rating and raised the price target to $29 from $28. This adjustment aligns with a broader trend of positive sentiment from major financial institutions, all of which have recently increased their valuation targets for the travel and expense management company. The collective upgrades reflect growing confidence in Navan's operational strategy and its potential to capture greater market share.

The revised targets underscore a positive outlook on Navan's trajectory within the sector. Alongside TD Cowen and Citigroup, several other firms have updated their ratings, highlighting the company's focus on enhancing its integrated platform.

Investors will likely view these upgrades as a strong endorsement of Navan's growth strategy. The company continues to focus on enhancing its integrated platform for business travel and expense management.