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From:
Platform Aeronaut
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Navan S-1 & TMC Industry Deep Dive | A Modern AI-Powered Travel Management Company
https://www.platformaeronaut.com/p/navan-s-1-and-tmc-industry-deep-dive
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Navan’s S‑1 shows a TMC built like software: a single platform where AI, direct content, and payments converge to pull unmanaged spend on‑platform (and gross margins along with it).
