TYSONS, Virginia— Cvent Holding Corporation, an industry-leading meetings, events and hospitality technology provider, recently entered into a definitive agreement to be acquired by an affiliate of private equity funds managed by Blackstone, in a transaction with an enterprise value of approximately $4.6 billion.
Cvent’s comprehensive suite of technology solutions powers the event management process to maximize the impact of events. Cvent has approximately 22,000 customers globally in the corporate, nonprofit, higher education and hospitality sectors. Since its founding in 1999, Cvent has helped manage more than 5 million events, and lists over 302,000 hotels and venues on the Cvent Supplier Network, an online platform with tools to search, negotiate and contract with hotels and venues for event space.
“We are excited to share this announcement and look forward to our next chapter alongside the Blackstone team,” said Reggie Aggarwal, founder and CEO of Cvent. “As one of the world’s largest private equity firms, Blackstone brings deep expertise in the event and hospitality industry, and with their backing, we plan to continue to invest in our business and deliver the innovative solutions that meet our customers’ needs and power the meetings and events ecosystem.”
The continued events and travel recovery is one of Blackstone’s highest-conviction investment themes, said David Schwartz, a senior managing director at Blackstone. “Given our extensive experience in the hospitality, events and real estate sectors, we believe Blackstone is well positioned as a growth partner for this exceptional business,” he said.
Martin Brand, head of North America private equity and global co-head of technology investing at Blackstone, added, “Cvent is an industry leader, and we are excited to partner with their management team to continue the firm’s innovation and deliver world-class technology solutions to customers in the event and hospitality space.”
Cvent’s majority stockholder, Vista Equity Partners, a global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, has agreed to invest a portion of its proceeds as non-convertible preferred stock in financing for the transaction.
“Since Vista first invested, Cvent has undertaken considerable business transformation and has been a testament to how we partner with founders like Reggie to help their businesses scale and thrive,” said Monti Saroya, chairman of the Cvent Board of Directors, co-head of the Vista Flagship Fund and senior managing director. “The newly digitized events landscape, coupled with Cvent’s strong existing customer base and commitment to innovation, has provided a new growth vector in a post-COVID world. We look forward to seeing the company continue to execute on the opportunities ahead of it.”
For more information, please visit Cvent.com.