Cvent went public on The Nasdaq Global Market last Thursday (9 December) following a merger with special purpose acquisition company Dragoneer Growth Opportunities Corp. II, in a move the event tech giant said will enable it to accelerate product innovation and expansion.
This marks the second time 22-year-old company has gone public – it listed on the New York Stock Exchange in 2013, but an acquisition by Vista Equity Partners took it private in 2016. The deal with Dragoneer values Cvent at $5.3bn (£4bn) and is expected to provide about $800m (£600m) in cash.
Reggie Aggarwal, Cvent CEO & Founder, said, “This is an exciting day for Cvent and our more than 4,000 employees around the world. The closing of our Business Combination and our return to the public markets represents an important inflection point for our company and the industry.
“Organisations around the world want to get back to meeting – whether virtually, in-person, or both with hybrid – and are leveraging technology more than ever to connect with their attendees. We’ve invested heavily in our virtual and hybrid event solutions so that now, no matter how our nearly 21,000 customers want to bring people together, Cvent can help them deliver more engaging, impactful experiences. The proceeds from this transaction enable us to expand our global headcount, drive innovation, and help us deliver on our long-term growth objectives.”
Since the deal with Dragoneer was announced in July, Cvent has closed several large transactions, including a three-year deal with a state transportation agency with a total contract value (TCV) of $900,000, a 2-year deal with a publicly traded pharma company with a TCV of $1 million, and a three-year contract with a global marketing association with a TCV of nearly $900,000, among others.
It has also announced the launch of Cvent Studio, a new solution that delivers powerful live stream and video production capabilities expanding Cvent’s virtual and hybrid offerings and expanded its partnership with Amadeus to increase bookings for small meetings and events.