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Cvent Holding Corp.
Company typePrivate
IndustrySoftware
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
5,000+ (2025)[3]

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

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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

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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]

References

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  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. ^ "Cvent opens new offices in Singapore and Australia". Marketing-Interactive. 2017-05-23. Retrieved 2025-04-03.
  7. ^ Staff (May 25, 2017). "Cvent opens offices in Australia and Singapore". TTGmice.
  8. ^ Overly, Steven (2013-08-09). "McLean-based Cvent raises $117.6M in IPO". The Washington Post. ISSN 0190-8286. Retrieved 2025-04-03.
  9. ^ "Nasdaq". Nasdaq.
  10. ^ Althouse, Michaela (2021-12-09). "Cvent is once again a publicly-traded company". Technical.ly. Retrieved 2025-04-03.
  11. ^ 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.
  12. ^ "There And Back Again – How Cvent's Founder Stood By His Company, For Better Or Bankruptcy". TechCrunch. 20 July 2011. Retrieved 2022-03-04.
  13. ^ "Reggie Aggarwal | The Software Report". Retrieved 2022-03-04.
  14. ^ a b "There And Back Again – How Cvent's Founder Stood By His Company, For Better Or Bankruptcy". TechCrunch. July 20, 2011.
  15. ^ "For Cvent, recent months a mix of ups and downs". Washington Business Journal. April 30, 2001.
  16. ^ "There And Back Again – How Cvent's Founder Stood By His Company, For Better Or Bankruptcy". TechCrunch. 20 July 2011. Retrieved 2022-03-05.
  17. ^ "The Daily Start-Up: NEA, Insight Lead Mega-Round For Cvent". Wall Street Journal. July 21, 2011.
  18. ^ "Venture investments grow in 3Q from last year". The Washington Times. October 19, 2011.
  19. ^ a b "Cvent Unveils Estimated Terms of Planned IPO of 5.6 Million Shares". Wall Street Journal. July 29, 2013.
  20. ^ a b "Cvent stock drifts back to earth". Washington Business Journal. August 14, 2013.
  21. ^ "After months of government scrutiny, $1.65B Cvent acquisition is finalized". washingtonpost.com. 2016-11-29. Retrieved 2017-06-26.
  22. ^ "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.
  23. ^ Shapiro, Michael J. (November 29, 2016). "Cvent CEO Reggie Aggarwal Discusses Next Steps for Lanyon Integration". www.meetings-conventions.com. Retrieved 2025-04-03.
  24. ^ "Vista Closes Cvent Acquisition, Merges Cvent & Lanyon". www.businesstravelnews.com. 2016-11-29. Retrieved 2025-04-03.
  25. ^ "Tech firm Cvent to return to public markets via $5.3 bln blank-check deal". Reuters. Reuters. 2021-07-23. Retrieved 2022-03-05.
  26. ^ "Cvent goes public again". Virginia Business. 2021-12-16. Retrieved 2022-03-05.
  27. ^ Schuetz, Molly (2023-03-14). "Blackstone to Buy Cvent in Deal Valued at $4.6 Billion". Bloomberg News.
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