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Cvent sells consumer arm to focus on corporate business

Online event management system says it will become more strategic in corporate offering

Cvent CEO Reggie Aggarwal says the sale will allow the cloud-based company to 'redeploy' resources

Cvent has announced it is moving away from consumer event management to focus solely on its corporate and group business platforms.

The cloud-based event management tool is selling its consumer ticketing assets to Vendini Inc, a San Francisco based consumer ticketing company.

The sale includes the consumer ticketing line of solutions as well as the customer contracts, technology, and intellectual property underlying those solutions.

Cvent previously predicted revenue to fall between US $50.3 million to $50.7 million (£33m) for Q4 in 2015, but now says the sale could reduce revenue by up to US $0.8m (£0.5m).

Reggie Aggarwal, CEO of Cvent, said: "With the success of our corporate event cloud and hospitality cloud solutions in the marketplace, the divesture of our consumer ticketing assets will enable us to focus more of our attention, resources and efforts on the corporate and enterprise market.

"While our consumer ticketing solution was generating strong revenue growth, it was not core to our corporate focus. This sale will enable us to redeploy resources to more strategic areas of our business that we believe can help us maximize shareholder value over time. We would like to thank all our consumer ticketing employees for their hard work and dedication to Cvent and we wish them success and growth at Vendini. We believe this move is in the best interest of our consumer ticketing clients, our transitioned employees, and our shareholders."

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