Cvent
American software-as-a-service company
From Wikipedia, the free encyclopedia
Cvent Holding Corp. is a Tysons Corner, Virginia–based company that provides software-as-a-service (SaaS) for meetings, events, and hospitality management.
Cvent also provides software for hotels and venues to manage group bookings, including corporate travel, and source new group business.[4] Previously a public company, Cvent was acquired by investment firm Blackstone Inc. for $4.6 billion in June 2023.[3][5]
Operations
Cvent is headquartered in Tysons Corner, Virginia, a suburb of Washington D.C. International Cvent offices include Canada, the United Kingdom, India, Singapore and Melbourne.[6][7]
Cvent traded on the New York Stock Exchange starting in 2013 under the symbol CVT until it was taken private in 2016 by Vista Equity Partners.[8] After becoming a public company again, Cvent was traded on the Nasdaq Global Market under the stock symbol CVT starting in 2021, before being taken private by Blackstone.[9][10]
History
Cvent was founded in September 1999 by Reggie Aggarwal.[11] At its founding, Cvent had an initial staff of six individuals working in technology, business, and marketing.[12] Prior to co-founding Cvent in 1999, Reggie served as the president of the Indian CEO Network.[13]
In 1999, Cvent received US$17 million in venture capital and grew its staff to 125 employees.[14]
In April 2001, Cvent had 300 customers, including MCO WorldCom, McDonald's, Princeton University, University of Virginia, Ernst & Young, and Hughes Network Systems.[15]
Following the dot-com bubble burst and the September 11 attacks, Cvent faced near-bankruptcy and was forced to cut 80% of its staff. The company became profitable again in 2003.[16]
In 2011, Cvent was growing by 50% a year and received $136 million of funding from New Enterprise Associates in July 2011, which, at the time, was the largest investment in a U.S. software company since 2007.[14][17][18]
Cvent filed an S-1 with the U.S. Securities and Exchange Commission on July 8, 2013, proposing an initial public offering of 5.6 million shares.[19] The company went public on the New York Stock Exchange on August 9, 2013, at an initial price of $21.[19][20] Cvent raised $117.6 million and received a market capitalization of over $1 billion. The IPO was referenced in regard to its use of the JOBS Act, which enabled the company to quickly offer an IPO.[20]
In 2016, the company was acquired by venture capital company Vista Equity Partners for $1.65 billion.[21] Ashok Trivedi, the co-founder of Mastech Digital and iGate was an early investor in the company.[22] After closing its acquisition of Cvent, Vista Equity Partners announced it would merge Cvent with Lanyon, another meetings-technology firm owned by Vista, branding them both under the Cvent name.[23][24]
Following the close of a merger deal with Dragoneer Growth Opportunities Corp. II, a special purpose acquisition company (SPAC), Cvent went public on the Nasdaq Global Market. on December 9, 2021.[25][26] In March 2023, Cvent agreed to be taken private again by Blackstone Inc. in a $4.6 billion deal that includes a significant minority investment from the Abu Dhabi Investment Authority.[27]