Cvent Goes Private in $1.65 Billion Deal

April 18, 2016

Cvent, a cloud-based enterprise event management company, entered into a definitive agreement to be acquired by affiliates of Vista Equity Partners, a private equity firm focused on investments in software, data and technology-enabled businesses.

Vista will acquire 100 percent of the outstanding shares of Cvent common stock for a total value of approximately $1.65 billion.

“We are pleased to announce this transaction that provides a significant premium for Cvent stockholders,” said Reggie Aggarwal, founder and CEO of Cvent.

He added, “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.”

The deal was a good one for Cvent stockholders. They will receive $36.00 in cash per share, representing a premium of approximately 69 percent, compared with Cvent's closing price on April 15, 2016, and a 70 percent premium to Cvent's average closing price during the past 30 trading days.

“Reggie and the Cvent team have built a leading portfolio of products and are positioned for expansion in a large and underpenetrated market,” said Brian Sheth, co-founder and president of Vista.

He added, “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 will become a privately held company. Cvent’s board of directors unanimously approved the deal and recommended that stockholders vote their shares in favor of the transaction.

Cvent’s headquarters will remain in Tysons Corner, Va. Closing of the deal is subject to customary closing conditions, including the approval of Cvent stockholders and required regulatory approvals. The transaction is expected to close in the third calendar quarter of 2016.

Morgan Stanley is serving as financial advisor to Cvent, and Wilson Sonsini Goodrich & Rosati, Professional Corporation is serving as legal advisor to Cvent. Vista’s legal advisor is Kirkland & Ellis LLP.

Aggarwal said in a LinkedIn post that it was the largest technology deal on Washington, D.C., history.

“When events like this happen, people tend to focus on the founders and management team,” he added.

Aggarwal said, “However, the soul of Cvent – like any great company – is a powerful combination of passionate employees who choose to share the journey, and supportive customers who picked us over the competition because they believed. We couldn’t have gotten here without you. Thank you."

Add new comment

Partner Voices
One of the most iconic names on the Las Vegas Strip just got an upgrade. Mandalay Bay has everything that your business needs from a refreshed convention space designed to inspire productivity and creativity, to an impressive selection of world-class restaurants and amenities. If you're looking for a venue that's both inviting and innovative, you have to be here. New Wave Experiences Mandalay Bay continues to invest in a new wave of enhancements both in the convention space and within the resort as a whole. New restaurant openings including Orla by Michael Mina, drawing inspiration from the award-winning chef’s childhood in Egypt and with flavors and décor inspired by the spices found in markets common to coastal Mediterranean towns, as well as Caramá by Wolfgang Puck, bringing the essence of Italy and spirit of Wolfgang into one concept, are recent additions. The Four Seasons Hotel Las Vegas also experienced a recent remodel of all 424 rooms. Swingers, a high-end, adults-only golf and entertainment concept will debut in Fall 2024. Enhanced Technology Creating a truly effective conference venue requires careful thought into what a business needs: the right technology, capacity, and inspiration to bring ideas to the next level. As part of the resort’s refresh, Mandalay Bay implemented state-of-the-art technology upgrades, installing cutting-edge Cat6A Ethernet cabling throughout the convention center. This advancement doubles the frequency of data transmission, enabling lightning-fast speeds up to 9400% faster. The convention center now boasts 11 dynamic digital walls, spanning up to 24' x 13', strategically positioned for brand placements, sponsorships and targeted event messaging. Additionally, attendees can benefit from 20 double-sided 55" mobile flexible display units, facilitating effortless navigation to meeting rooms and events. RFID locks were installed on all meeting room doors, and over 200 motion detection cameras have been placed throughout the space. Refreshing New Design & Fine Art The newly remodeled convention space provides a bright and vibrant atmosphere that complements Mandalay Bay's tropical-inspired brand. Featuring white-washed walls and ceilings adorned with bold floral patterns in cerulean and coral tones, the space is complemented by warm walnut accent walls. In addition to the redesign of all pre-function spaces, meeting rooms and ballrooms, Mandalay Bay's 1 million square feet of exhibit space has undergone a rejuvenation, including new paint, covered pillars and relocated strobe lights. Sustainable Spectacles Mandalay Bay is committed to Focused on What Matters and creating more responsible meetings. Refillable water stations all available around the resort, cutting unnecessary plastic usage from single-use bottles. The Mandalay Bay campus’ recent upgrades represent a bold step forward in redefining the Las Vegas experience. With a focus on innovation, sustainability, and unparalleled service, Mandalay Bay sets a new standard for excellence in business hospitality. Whether you're seeking cutting-edge conference facilities, world-class dining options, or simply a luxurious retreat, an unparalleled meeting experience awaits.