Cvent, an event management software company, concluded its merger agreement with growth-oriented investment firm Dragoneer Investment Group, bringing the company’s enterprise valuation to $5.3 billion. As a result, Cvent announced it will go public in the Q4 2021.
With the acquisition, Cvent plans to use the $801 million in additional capital to increase its event research and expand its go-to-market (GTM) initiatives. Cvent will also accelerate the development of its Event Cloud and Hospitality Cloud solutions to innovate on their features, help users improve their virtual and hybrid events and increase attendee engagement and satisfaction.
“The meetings and events industry has experienced rapid digital transformation over the last 18 months, with the pandemic creating a new paradigm for the events industry,” said Reggie Aggarwal, Cvent CEO & Founder, in a statement. “Events became digitized through virtual and online experiences, and we invested heavily in expanding our virtual event capabilities. Now, we are engaging in a hybrid world, as in-person events resume, and virtual events remain prominent. With the increased digitization of our industry, events are ‘always on’ and have fewer boundaries. My management team and our nearly 4,000 employees around the world are excited for the opportunity to continue to innovate and enable our customers to leverage Cvent across their total event program.”
The combined company will rebrand to Cvent Holding Corp. and will also become publicly traded on Nasdaq at a $5.3 billion dollar enterprise valuation.