Business travel startups face tough choices as they mature. TripActions and TravelPerk remain independent as their investors raise stakes in what is not a get-rich-quick industry. Others could be acquired by existing travel management companies. Then there is a middle ground.

Some new entrants are attempting to leverage TMC partnerships even though that means sharing the profits. There's a variety within this category. Having narrowed its focus to guest travel, Pana partners with multiple TMCs as . . .

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