Cvent

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Cvent
TypePrivate
IndustrySoftware for planning, managing, and hosting in-person, virtual, and hybrid events, conferences, and meetings
Founded1999
Founders
  • Reggie Aggarwal
Headquarters
Tysons Corner, Virginia
,
United States
Key people
Reggie Aggarwal (CEO and Founder)[1]
David Quattrone (Co-founder and CTO)[2]
Chuck Ghoorah (Co-founder and President of Worldwide Sales & Marketing)
OwnerVista Equity Partners
Number of employees
3,600+
Websitewww.cvent.com

Cvent, Inc. is a privately held software-as-a-service (SaaS) company that specializes in meetings, events, and hospitality management technology. The company offers web-based software for meeting site selection, online event registration, event management, email marketing, and web surveys.[3]

History[]

Cvent was founded in September 1999 by Reggie Aggarwal. That same year it received $17 million in venture capital and grew its staff to 125 employees. Following the dot-com bubble burst and the September 11 attacks, Cvent faced near-bankruptcy and was forced to cut 80% of its staff.[4]

The company became profitable again by 2003. 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.[4][5][6]

On June 13, 2012, Cvent announced the acquisition of Austin-based startup CrowdTorch, previously known as Seed Labs, for $4.2 million.[7] Seven days later, it announced its acquisition of Portland-based application developer CrowdCompass for $10 million.[8]

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.[9] It went public on the New York Stock Exchange on August 9, 2013,[9] at an initial price of $21.[10] The company raised $117.6 million and received a market capitalization of more than a billion dollars. The IPO was referenced in regards to its use of the JOBS Act, which enabled the company to quickly offer an IPO.[10]

In 2016, the company was acquired by venture capital company Vista Equity Partners for $USD 1.65 billion.[11] Ashok Trivedi, the co-founder of Mastech Digital and iGate was an early investor of the company.[12]

On May 23, 2018, Cvent announced that it had acquired Quickmobile, a Vancouver-based mobile event app developer.[13]

On June 5, 2018, Cvent announced that it had acquired Kapow, an online booking platform for venues and experiences.[14][15]

On October 16, 2018, Cvent announced that it had acquired Social Tables, an event diagramming, seating and collaboration platform based in Washington, D.C.[16][17]

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.[18][19] 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.[20]

On June 10, 2019, Cvent announced that it had acquired mobile event technology provider DoubleDutch.[21]

On July 20, 2021, WSJ reported that Cvent Nears $5-Billion-Plus SPAC(DGNS) Deal[22] [23]

Software and services[]

In July 2000 Cvent introduced its first SaaS product, a web-based tool for event planners to manage invitations and collect registration fees.[24][25] In 2006, it introduced a product for conducting online surveys,[citation needed] which was followed by the introduction of the Cvent Supplier Network two years later. The Supplier Network is a free, online marketing place that connects meeting planners with venues and services.[26] In 2009, the company began offering professional services.[citation needed]

An app development tool, CrowdTorch, was launched in 2009.[citation needed] Cvent also produces a Destination Guide, a free, online, 8,000-page travel guide designed for meeting planners with information about 800 different destinations.[27] A "Strategic Meetings Management" helps users manage budgets.[28][29]

External links[]

References[]

  1. ^ "Cvent Leadership". Cvent. Retrieved August 5, 2013.
  2. ^ "Cvent Company Profile". Craft. Retrieved 27 September 2019.
  3. ^ "Event Management Giant Cvent Scoops Up Seed Labs To Help It Go Mobile". TechCrunch. June 13, 2012.
  4. ^ Jump up to: a b "There And Back Again – How Cvent's Founder Stood By His Company, For Better Or Bankruptcy". TechCrunch. July 20, 2011.
  5. ^ "The Daily Start-Up: NEA, Insight Lead Mega-Round For Cvent". Wall Street Journal. July 21, 2011.
  6. ^ "Venture investments grow in 3Q from last year". The Washington Times. October 19, 2011.
  7. ^ "With a pair of acquisitions, Cvent expands into mobile". The Washington Post. June 24, 2012.
  8. ^ "After Seed Labs, Cvent Snags CrowdCompass For $10M To Double Down On Mobile Event Apps". Tech Crunch. June 19, 2012.
  9. ^ Jump up to: a b "Cvent Unveils Estimated Terms of Planned IPO of 5.6 Million Shares". Wall Street Journal. July 29, 2013.
  10. ^ Jump up to: a b "Cvent stock drifts back to earth". Washington Business Journal. August 14, 2013.
  11. ^ "After months of government scrutiny, $1.65B Cvent acquisition is finalized". washingtonpost.com. 2016-11-29. Retrieved 2017-06-26.
  12. ^ "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.
  13. ^ "Cvent Closes Acquisition of QuickMobile". Business Wire.
  14. ^ "Cvent Acquires Kapow to Deliver Unique Event Experiences That Drive Engagement and Increase Sales". 2018-06-05.
  15. ^ "Cvent buys again, this time a Chicago company that offers thousands of venues and experiences". www.bizjournals.com. Retrieved 2019-06-18.
  16. ^ "Cvent Acquires Social Tables to Power Tighter Collaboration Between Event Planners and Venues". Cvent. Retrieved 25 November 2019.
  17. ^ Medici, Andy. "Social Tables sells to a N. Va. software giant in a nine-figure deal". Washington Business Journal. Retrieved 25 November 2019.
  18. ^ Maake, Katashi. "Cvent acquires San Francisco wedding venue curator". Washington Business Journal. Retrieved 25 November 2019.
  19. ^ "Cvent Acquires Wedding Spot to Provide Hotels and Venues Direct Wedding Business". Wedding Spot. Retrieved 25 November 2019.
  20. ^ Graham, Michelai. "Cvent has acquired a Silicon Valley-based wedding venue sourcing platform". Technical.ly DC. Retrieved 25 November 2019.
  21. ^ "Cvent acquires mobile event technology provider DoubleDutch". TechCrunch. Retrieved 2019-06-18.
  22. ^ "Cvent Nears $5-Billion-Plus SPAC(DGNS) Deal". wsj.com. 2021-07-20.
  23. ^ "Dragoneer Growth Opportunities II(NASDAQ:DGNS) Nears Deal with Cvent, Inc". mg21.com. 2021-07-20.
  24. ^ "For Cvent, recent months a mix of ups and downs". Washington Business Journal. April 30, 2001.
  25. ^ "How Reggie Aggarwal turned Cvent into a success". The Washington Post. November 7, 2010.
  26. ^ "Cvent launches event venue directory and RFP management system". Hospitality World Network. October 23, 2008.
  27. ^ "Cvent launches new edition of Destination Guide". Conference News. February 2, 2012. Archived from the original on February 3, 2012.
  28. ^ "Cvent Targets Strategic Meetings Management". Successful Meetings. June 3, 2009.
  29. ^ "Creative Group selects Cvent as strategic meetings management technology partner". Travel Daily News. June 13, 2011. Archived from the original on March 29, 2012. Retrieved September 23, 2011.
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