TravelPerk is dropping the "travel" from its name as it broadens its scope to address "shadow work," which includes but is not limited to travel-related tasks, the company announced.
Now rebranded as Perk, the company is building on its new spend management platform, with its acquisition of Yokoy earlier this year. With those capabilities, the new name is meant to reflect Perk's capabilities to help employees not only with travel booking but also such tasks as filing expenses, coding invoices and getting approvals, the company said.
Perk also commissioned a report from Forrester Consulting, which surveyed 721 decision makers and 8,004 employees across companies in the U.S. and Europe, which showed employees were losing on average seven hours per week to non-core tasks.
"Over time, we realized these small, frustrating tasks people do outside of their core job weren't just hiding in travel, they were everywhere," Perk CEO and co-founder Avi Meir said in a statement. "To truly solve the problem, we first had to grasp its scale, and the numbers from the research surprised even me. How can a 1,000-person company afford to lose around 7,000 hours to shadow work every week?"
Besides the new name, Perk announced it is establishing dual headquarters in Boston and London to reflect "its global scale and ambition" and "to support its next phase of growth." The company was founded with headquarters in Barcelona, though London and Boston already were among its business hubs. The Boston office has grown since its acquisition of AmTrav last year, a move that doubled its U.S. revenue.
Perk currently reports more than 1,800 employees across 12 global offices.