Cvent Explained

Cvent Holding Corp.
Type:Private
Industry:Software for planning, managing, and hosting in-person, virtual, and hybrid events, conferences, and meetings
Key People:Reggie Aggarwal (CEO)[1]
David Quattrone (CTO)[2]
Chuck Ghoorah (President of Worldwide Sales & Marketing)
Num Employees:4,800 (2023)[3]
Location City:Tysons Corner, Virginia
Location Country:United States

Cvent Holding Corp. is a Tysons Corner, Virginia-based company that provides software-as-a-service (SaaS) solutions for meetings, events, and hospitality management. Their web-based platform caters to in-person, virtual, and hybrid events, offering functionalities like online registration, venue selection, event management tools, and attendee engagement features. 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.[5]

Operations

Cvent is headquartered in Tysons Corner, Virginia, a suburb of Washington D.C., with other U.S. offices in Texas, Oregon, Utah, and Virginia. International Cvent offices include Canada, the United Kingdom, and India.

Cvent traded on the Nasdaq Global Market under the stock symbol CVT prior to being taken private by Blackstone.[6]

History

Cvent was founded in September 1999 by Reggie Aggarwal.[7] At its founding, Cvent had an initial staff of six individuals working in technology, business, and marketing.[8] Prior to co-founding Cvent in 1999, Reggie served as the president of the Indian CEO Network.[9] In 2018 and 2019 Reggie was named the number one influential SaaS CEO by the SaaS Report.[10] [11]

In 1999, Cvent received US$17 million in venture capital and grew its staff to 125 employees.[12]

In April 2001, Cvent had 300 customers, including MCO WorldCom, McDonald's, Princeton University, University of Virginia, Ernst & Young, and Hughes Network Systems.

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.[13]

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] [15]

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.[16] The company went public on the New York Stock Exchange on August 9, 2013, at an initial price of $21.[17] 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.

In 2016, the company was acquired by venture capital company Vista Equity Partners for $1.65 billion.[18] Ashok Trivedi, the co-founder of Mastech Digital and iGate was an early investor in the company.[19]

On July 20, 2021, the WSJ reported that Cvent Nears $5-Billion-Plus SPAC(DGNS) Deal.[20]

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.[21] [22] In March 2023, Cvent agreed to be taken private again by Blackstone Inc. in a $4.6billion deal that includes a significant minority investment from the Abu Dhabi Investment Authority.[23]

Acquisitions

Software and services

Cvent's current products are listed under three categories, Event Marketing & Management, Exchange, and Suppliers & Venues.[38]

In July 2000, Cvent introduced its first SaaS product, a web-based tool for event planners to manage invitations and collect registration fees.[39] [40] In 2006, it introduced a product for conducting online surveys, which was followed by the introduction of the Cvent Supplier Network two years later. The Supplier Network is an online marketing place that connects meeting planners with venues and services.[41] [42] In 2009, the company began offering professional services.[43]

Cvent produces the Destination Guide an online travel guide designed for meeting planners with information about 800 different destinations.[44]

Notes and References

  1. Web site: Cvent Leadership . Cvent . August 5, 2013.
  2. News: Cvent Company Profile. Craft . 27 September 2019 .
  3. Web site: Clabaugh . Jeff . June 16, 2023 . Blackstone completes $4.6B acquisition of Tysons-based Cvent . WTOP.
  4. Web site: June 13, 2012 . Event Management Giant Cvent Scoops Up Seed Labs To Help It Go Mobile . TechCrunch.
  5. News: Events software provider Cvent accepts Blackstone's $4.6 BLN deal. Reuters . 14 March 2023 .
  6. Web site: Nasdaq . Nasdaq.
  7. Web site: Cremades . Alejandro . This Entrepreneur Went From $400,000 In Credit Card Debt To Selling His Business For $1.65 Billion . 2022-03-04 . Forbes . en.
  8. Web site: There And Back Again – How Cvent's Founder Stood By His Company, For Better Or Bankruptcy . 2022-03-04 . TechCrunch . 20 July 2011 . en-US.
  9. Web site: Reggie Aggarwal The Software Report . 2022-03-04 . en-US.
  10. Web site: The SaaS Report's Top 50 SaaS CEOs of 2018 The Software Report . 2022-03-04 . en-US.
  11. Web site: The Top 50 SaaS CEOs of 2019 The Software Report . 2022-03-04 . en-US.
  12. Web site: July 20, 2011 . There And Back Again – How Cvent's Founder Stood By His Company, For Better Or Bankruptcy . TechCrunch.
  13. Web site: There And Back Again – How Cvent's Founder Stood By His Company, For Better Or Bankruptcy . 2022-03-05 . TechCrunch . 20 July 2011 . en-US.
  14. Web site: July 21, 2011 . The Daily Start-Up: NEA, Insight Lead Mega-Round For Cvent . Wall Street Journal.
  15. Web site: October 19, 2011 . Venture investments grow in 3Q from last year . The Washington Times.
  16. Web site: July 29, 2013 . Cvent Unveils Estimated Terms of Planned IPO of 5.6 Million Shares . Wall Street Journal.
  17. Web site: August 14, 2013 . Cvent stock drifts back to earth . Washington Business Journal.
  18. Web site: 2016-11-29 . After months of government scrutiny, $1.65B Cvent acquisition is finalized . washingtonpost.com . 2017-06-26.
  19. News: 2016-12-27 . Ashok Trivedi Floats $500 Mn Corpus - Establishes Family Office For Investing In Early-Stage Tech Startups - Inc42 Media . en-US . Inc42 Media . 2018-05-17.
  20. News: Reuters . 2021-07-23 . Tech firm Cvent to return to public markets via $5.3 bln blank-check deal . en . Reuters . 2022-03-04.
  21. News: Reuters . 2021-07-23 . Tech firm Cvent to return to public markets via $5.3 bln blank-check deal . en . Reuters . 2022-03-05.
  22. Web site: 2021-12-16 . Cvent goes public again . 2022-03-05 . Virginia Business . en-US.
  23. News: Schuetz . Molly . 2023-03-14 . Blackstone to Buy Cvent in Deal Valued at $4.6 Billion . Bloomberg News.
  24. Web site: Cvent Sells Ticketing System To Concentrate On Corporate Market . 2022-03-04 . www.businesstravelnews.com . en.
  25. 2015-12-07 . Vendini Acquires CrowdTorch . 2022-03-04 . GlobeNewswire News Room . en.
  26. News: June 24, 2012 . With a pair of acquisitions, Cvent expands into mobile . The Washington Post.
  27. Web site: Oregonian/OregonLive . Mike Rogoway The . 2012-06-19 . Cvent pays $10 million for Portland mobile startup CrowdCompass . 2022-08-11 . oregonlive . en.
  28. Web site: Kapow . About . 2022-03-04 . Kapow! . en.
  29. Web site: Medici . Andy . Social Tables sells to a N. Va. software giant in a nine-figure deal . Washington Business Journal . 25 November 2019.
  30. Web site: Maake . Katashi . Cvent acquires San Francisco wedding venue curator . Washington Business Journal . 25 November 2019.
  31. Web site: Cvent Acquires Wedding Spot to Provide Hotels and Venues Direct Wedding Business . Wedding Spot . 25 November 2019.
  32. Web site: Graham . Michelai . Cvent has acquired a Silicon Valley-based wedding venue sourcing platform . 23 May 2019 . Technical.ly DC . 25 November 2019.
  33. Web site: Cvent acquires mobile event technology provider DoubleDutch . 2019-06-18 . TechCrunch . 10 June 2019 . en-US.
  34. Web site: 2021-07-20 . Cvent Nears $5-Billion-Plus SPAC(DGNS) Deal . wsj.com.
  35. Web site: 2021-07-20 . Dragoneer Growth Opportunities II(NASDAQ:DGNS) Nears Deal with Cvent, Inc. . mg21.com.
  36. Web site: micebook. . 2022-06-08 . Cvent acquires VenueDirectory . 2022-06-16 . micebook. . en-GB.
  37. https://www.cvent.com/en/press-release/cvent-acquires-jifflenow-and-icapture-expand-its-trade-show-and-conference-offerings
  38. Web site: Events & Venue Management Planning Tools Cvent . 2022-03-04 . www.cvent.com . en.
  39. Web site: April 30, 2001 . For Cvent, recent months a mix of ups and downs . Washington Business Journal.
  40. News: November 7, 2010 . How Reggie Aggarwal turned Cvent into a success . The Washington Post.
  41. News: Cvent Offers New Web Survey Product. 2022-03-04 . Bloomberg.com. 4 October 2006 .
  42. Web site: October 23, 2008 . Cvent launches event venue directory and RFP management system . Hospitality World Network.
  43. Web site: Cvent Launches Professional Services Program for Web Survey Clients . 2022-03-04 . Hospitality Technology . en.
  44. Web site: February 2, 2012 . Cvent launches new edition of Destination Guide . dead . https://web.archive.org/web/20120203152228/http://www.conference-news.co.uk/news/2012/02/02/Cvent-launches-new-edition-of-Destination-Guide/3989 . February 3, 2012 . Conference News.

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