Just three years after it’s billion dollar IPO, Cvent is going private again.
The 17-year old company, known as a provider of technology products for event planners, announced today that they’ve entered into a definitive agreement to be acquired by affiliates of Vista Equity Partners. The private-equity firm agreed to purchase Cvent in an all-cash deal for all of the outstanding shares of Cvent common stock, valued at approximately $1.65 billion (which is over 65% of Cvent’s closing price on April 15th). Cvent has seen consistent growth since 2003 through increased revenue and acquisitions of its own including Elite Meetings International and SignUp4.
Cvent CEO,Reggie Aggarwal (who helped to transform the company and take it public in 2013) said about the acquisition, “This milestone is the next chapter in our 17-year history. With Vista’s financial strength to invest in Cvent now and in the future, we will be better positioned to deliver innovative solutions that transform the meetings and events industry, and to offer employees new opportunities for career growth.”
Vista’s co-founder and President, Brian Sheath also told Yahoo Finance, “We are excited to work with the Cvent team to lead the business into this next phase. Over the last several years, Vista has developed a leading portfolio of meeting technology providers. This acquisition is our most significant investment in this space, and further solidifies our commitment to the broader industry.”
Cvent stockholders will receive $36.00 in cash per share and the company’s Board of Directors has recommended that they vote their shares in favor of the transaction, which is expected to be finalized in the 3rd quarter of 2016.
Event professionals will likely have heard of Vista Equity Partners from their acquisition of Lanyon in December 2012.
Already, there are rumors and speculation about potential future mergers involving the companies, however there has been no official indication that this is likely.
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