Cvent

Cvent, Inc. is a privately held software-as-a-service (SaaS) company that specializes in meetings, events, and hospitality management technology. The company offers web-based software for meeting site selection, online event registration, event management, email marketing, and web surveys.[3]

Cvent
TypePrivate
IndustrySoftware for planning, managing, and hosting in-person, virtual, and hybrid events, conferences, and meetings
Founded1999
Founders
  • Reggie Aggarwal
Headquarters
Tysons Corner, Virginia
,
United States
Key people
Reggie Aggarwal (CEO and Founder)[1]
David Quattrone (Co-founder and CTO)[2]
Chuck Ghoorah (Co-founder and President of Worldwide Sales & Marketing)
OwnerVista Equity Partners
Number of employees
3,600+
Websitewww.cvent.com

History

Cvent was founded in September 1999 by Reggie Aggarwal. That same year it received $17 million in venture capital and grew its staff to 125 employees. Following the dot-com bubble burst and the September 11 attacks, Cvent faced near-bankruptcy and was forced to cut 80% of its staff.[4]

The company became profitable again by 2003. In 2011, Cvent was growing by 50% a year and received $136 million of funding from New Enterprise Associates in July 2011, which, at the time, was the largest investment in a U.S. software company since 2007.[4][5][6]

On June 13, 2012, Cvent announced the acquisition of Austin-based startup CrowdTorch, previously known as Seed Labs, for $4.2 million.[7] Seven days later, it announced its acquisition of Portland-based application developer CrowdCompass for $10 million.[8]

Cvent filed an S-1 with the U.S. Securities and Exchange Commission on July 8, 2013, proposing an initial public offering of 5.6 million shares.[9] It went public on the New York Stock Exchange on August 9, 2013,[9] at an initial price of $21.[10] The company raised $117.6 million and received a market capitalization of more than a billion dollars. The IPO was referenced in regards to its use of the JOBS Act, which enabled the company to quickly offer an IPO.[10]

In 2016, the company was acquired by venture capital company Vista Equity Partners for $USD 1.65 billion.[11] Ashok Trivedi, the co-founder of Mastech Digital and iGate was an early investor of the company.[12]

On May 23, 2018, Cvent announced that it had acquired Quickmobile, a Vancouver-based mobile event app developer.[13]

On June 5, 2018, Cvent announced that it had acquired Kapow, an online booking platform for venues and experiences.[14][15]

On October 16, 2018, Cvent announced that it had acquired Social Tables, an event diagramming, seating and collaboration platform based in Washington, D.C.[16][17]

On May 22, 2019, Cvent announced that it had acquired Wedding Spot, a wedding venue sourcing platform that allows users to find venues based on budget, location, style and guest count.[18][19] At the time of the acquisition, Wedding Spot, which was founded in 2013 in San Francisco, California, had partnerships with over 12,000 venues across the United States.[20]

On June 10, 2019, Cvent announced that it had acquired mobile event technology provider DoubleDutch.[21]

Software and services

In July 2000 Cvent introduced its first SaaS product, a web-based tool for event planners to manage invitations and collect registration fees.[22][23] In 2006, it introduced a product for conducting online surveys, which was followed by the introduction of the Cvent Supplier Network two years later. The Supplier Network is a free, online marketing place that connects meeting planners with venues and services.[24] In 2009, the company began offering professional services.

An app development tool, CrowdTorch, was launched in 2009. Cvent also produces a Destination Guide, a free, online, 8,000-page travel guide designed for meeting planners with information about 800 different destinations.[25] A "Strategic Meetings Management" helps users manage budgets.[26][27]

References
  1. "Cvent Leadership". Cvent. Retrieved August 5, 2013.
  2. "Cvent Company Profile". Craft. Retrieved 27 September 2019.
  3. "Event Management Giant Cvent Scoops Up Seed Labs To Help It Go Mobile". TechCrunch. June 13, 2012.
  4. "There And Back Again – How Cvent's Founder Stood By His Company, For Better Or Bankruptcy". TechCrunch. July 20, 2011.
  5. "The Daily Start-Up: NEA, Insight Lead Mega-Round For Cvent". Wall Street Journal. July 21, 2011.
  6. "Venture investments grow in 3Q from last year". The Washington Times. October 19, 2011.
  7. "With a pair of acquisitions, Cvent expands into mobile". The Washington Post. June 24, 2012.
  8. "After Seed Labs, Cvent Snags CrowdCompass For $10M To Double Down On Mobile Event Apps". Tech Crunch. June 19, 2012.
  9. "Cvent Unveils Estimated Terms of Planned IPO of 5.6 Million Shares". Wall Street Journal. July 29, 2013.
  10. "Cvent stock drifts back to earth". Washington Business Journal. August 14, 2013.
  11. "After months of government scrutiny, $1.65B Cvent acquisition is finalized". washingtonpost.com. 2016-11-29. Retrieved 2017-06-26.
  12. "Ashok Trivedi Floats $500 Mn Corpus - Establishes Family Office For Investing In Early-Stage Tech Startups - Inc42 Media". Inc42 Media. 2016-12-27. Retrieved 2018-05-17.
  13. "Cvent Closes Acquisition of QuickMobile". Business Wire.
  14. "Cvent Acquires Kapow to Deliver Unique Event Experiences That Drive Engagement and Increase Sales". 2018-06-05.
  15. "Cvent buys again, this time a Chicago company that offers thousands of venues and experiences". www.bizjournals.com. Retrieved 2019-06-18.
  16. "Cvent Acquires Social Tables to Power Tighter Collaboration Between Event Planners and Venues". Cvent. Retrieved 25 November 2019.
  17. Medici, Andy. "Social Tables sells to a N. Va. software giant in a nine-figure deal". Washington Business Journal. Retrieved 25 November 2019.
  18. Maake, Katashi. "Cvent acquires San Francisco wedding venue curator". Washington Business Journal. Retrieved 25 November 2019.
  19. "Cvent Acquires Wedding Spot to Provide Hotels and Venues Direct Wedding Business". Wedding Spot. Retrieved 25 November 2019.
  20. Graham, Michelai. "Cvent has acquired a Silicon Valley-based wedding venue sourcing platform". Technical.ly DC. Retrieved 25 November 2019.
  21. "Cvent acquires mobile event technology provider DoubleDutch". TechCrunch. Retrieved 2019-06-18.
  22. "For Cvent, recent months a mix of ups and downs". Washington Business Journal. April 30, 2001.
  23. "How Reggie Aggarwal turned Cvent into a success". The Washington Post. November 7, 2010.
  24. "Cvent launches event venue directory and RFP management system". Hospitality World Network. October 23, 2008.
  25. "Cvent launches new edition of Destination Guide". Conference News. February 2, 2012. Archived from the original on February 3, 2012.
  26. "Cvent Targets Strategic Meetings Management". Successful Meetings. June 3, 2009.
  27. "Creative Group selects Cvent as strategic meetings management technology partner". Travel Daily News. June 13, 2011. Archived from the original on March 29, 2012. Retrieved September 23, 2011.
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