Cvent

Cvent Holding Corp.
Company typePrivate
IndustrySoftware for planning, managing, and hosting in-person, virtual, and hybrid events, conferences, and meetings
Founded1999; 26 years ago (1999)
Founders
  • Reggie Aggarwal
Headquarters
Tysons Corner, Virginia
,
United States
Key people
Reggie Aggarwal (CEO)[1]
David Quattrone (CTO)[2]
Chuck Ghoorah (President of Worldwide Sales & Marketing)
Owners
Number of employees
4,800 (2023)[3]

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.[3][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.[13]

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.[14]

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.[12][15][16]

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.[17] The company went public on the New York Stock Exchange on August 9, 2013, at an initial price of $21.[17][18] 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.[18]

In 2016, the company was acquired by venture capital company Vista Equity Partners for $1.65 billion.[19] Ashok Trivedi, the co-founder of Mastech Digital and iGate was an early investor in the company.[20]

On July 20, 2021, the WSJ reported that Cvent Nears $5-Billion-Plus SPAC(DGNS) Deal.[21]

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.[22][23] 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.[24]

Acquisitions

  • On June 13, 2012, Cvent announced the acquisition of Austin-based startup CrowdTorch, previously known as Seed Labs, for $4.2 million. On December 7, 2015, Vendini announced they acquired CrowdTorch from Cvent.[25][26][27]
  • On June 19, 2012, Cvent announced its acquisition of Portland-based application developer CrowdCompass for $10 million.[28]
  • On May 23, 2018, Cvent announced that it had acquired Quickmobile, a Vancouver-based mobile event app developer.[29]
  • On June 5, 2018, Cvent announced that it had acquired Kapow, an online booking platform for venues and experiences.[29] Cvent has since sold Kapow, which is currently a division of Hello! Destination Management.[30]
  • On October 16, 2018, Cvent announced that it had acquired Social Tables, an event diagramming, seating, and collaboration platform based in Washington, D.C.[29]
  • On May 22, 2019, Cvent announced that it had acquired Wedding Spot, a wedding venue sourcing platform that allows users to find venues based on budget, location, style, and guest count.[31][32] At the time of the acquisition, Wedding Spot, which was founded in 2013 in San Francisco, California, had partnerships with over 12,000 venues across the United States.[33]
  • On June 10, 2019, Cvent announced that it had acquired mobile event technology provider DoubleDutch.[34]
  • On July 20, 2021, WSJ reported that Cvent Nears $5-Billion-Plus SPAC(DGNS) Deal.[35] [36]
  • On June 1, 2022, Cvent acquired UK-based VenueDirectory.[37]
  • On January 14, 2024 Cvent acquires Jifflenow, a leading B2B 1:1 and group appointments scheduling solution and iCapture, an award-winning lead capture solution.[38]


Software and services

Cvent's current products are listed under three categories, Event Marketing & Management, Exchange, and Suppliers & Venues.[39]

In July 2000, Cvent introduced its first SaaS product, a web-based tool for event planners to manage invitations and collect registration fees.[13][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]

References

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

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