Cvent, a leading meetings, events, and hospitality technology provider, is reportedly looking into selling with private-equity firm Blackstone interested.
Cvent, a leading meetings, events, and hospitality technology provider, is reportedly looking into selling. According to the Wall Street Journal, the company is valued at more than $4 billion.
Private-equity firms, including Blackstone, are interested in the company that offers a suite of products that automates and simplifies the event management process.
As the event tech market rightsizes after its pandemic high, companies like Blackstone, which reportedly has $975 billion in assets, are taking note. Skift Meetings spoke to two Blackstone analysts in December who said they were doing due diligence about the event tech market. They wouldn’t share details, but this could be the deal they were researching. This isn’t Blackstone’s first foray in event tech. In 2018, it acquired events tech provider PSAV, now Encore.
If the sale does happen, and Cvent does go private, it will not be the first time. In 2016, Vista Equity Partners, a leading private equity firm focused on investments in software, data, and technology-enabled businesses, acquired the company for $1.65 billion with founder Reggie Aggarwal continuing as CEO and president.
In 2021, Cvent joined Dragoneer Growth Opportunities Corp. II and returned to the public markets. The Wall Street Journal reports that Vista still owns approximately 80 percent of Cvent.
Skift Meetings reached out to Cvent and was told, “Cvent does not comment on market rumors or speculation.”
On January 17, Cvent and MeetingPackage, an omnichannel sales automation software company for meetings and events, announced a partnership to give Cvent planners the ability to instantly book small meetings with more than 6,000 hotels and venues worldwide that use MeetingPackage.
Cvent has more than 4,700 employees worldwide and 290,000 hotels and venues listed on the Cvent Supplier Network.