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Cvent snapped up by equity firm for $1.6bn

Cloud-based event management platform is acquired by Vista Equity Partners for US$1.6bn

Pictured: Cvent CEO Reggie Aggarwal

Cvent, the cloud-based event management provider, is to be sold for US$1.6bn.

The platform, which has almost 16,000 customers worldwide, has struck a deal to be acquired by US-based private equity firm Vista Equity Partners, which sets it on course for substantial investment, said CEO Reggie Aggarwal.

He said: “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.”

Cvent is appearing at IMEX in Frankfurt this week, where it is launching its localised Cvent Express product to its customer base in German-speaking countries. The German launch is the first of many 'localised solutions' for each of the markets it operates in.

The company Cvent is being sold to is Vista, which specialises in investments in software, data and technology-based companies, and has more than US$20bn of capital commitments.

Vista co-founder and president Brian Sheth said: “Reggie and the Cvent team have built a leading portfolio of products and are positioned for expansion in a large and unpenetrated market. This acquisition is our most significant investment in this space and further solidifies our commitment to the broader industry.”

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