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Cvent says services are 'going nowhere' after $1.65bn Vista takeover

Online event management company has been acquired by the owner of competitor Lanyon

Pictured: Cvent senior vice president Brian Ludwig

Cvent says its acquisition by Vista Private Equity will ultimately strengthen its offering following a US$1.65bn takeover by Vista Private Equity.

The online event management company acknowledged it was in direct competition with another of Vista's companies, Lanyon, but said it was too early to tell how the two companies would operate alongside one another when Cvent comes under the same ownership. Vista Private Equity revealed it had completed a US$1.65bn deal for Cvent earlier this week.

Speaking at IMEX in Frankfurt, Cvent senior vice president Brian Ludwig also revealed Vista was one of four suitors to approach Cvent with a view to purchase the company.

He said: "Today we're direct competitors (Cvent and Lanyon). In 90 days from now I can't say what's going to happen. I can say categorically though, that the solutions aren't going anywhere.

"Everything that Cvent has built will remain. We have 600 plus people working on the development of more solutions and that won't change."

Cvent entered a definitive agreement with Vista on Friday, and the deal is expected to be finalised in 90 days from then. Ludwig said until then, Cvent would operate as an independent business and talks would take place down the track on how it would sit alongside Lanyon.

He added: "We're really excited about it (the acquisition). Vista has invested heavily in the event space already and they see a huge opportunity in the industry. They see us as an individual business, which is why they were willing to pay a 69 per cent premium."

Ludwig said Cvent chose Vista over the other three companies.

"Price was one part but we also thought it provided tremendous value for our shareholders. We loved the guys (from Vista) when we met with them and they believe in our business. They also have industry know-how. It got us excited."

Cvent has launched its Cvent Express product to German-speaking countries at IMEX this week, the first of many localised solutions for each of the markets it operates in. It will also provide the mobile platform for Marketing Week Live, taking place at London Olympia this week.

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