Cvent Goes Private in $1.65 Billion Deal
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
“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
“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
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."