Updated: Cvent Acquisition Cleared by Department of Justice

Cvent Connect 2015

This week, the acquisition of Cvent, Inc., a cloud-based enterprise event management company widely used by planners and hoteliers, by Vista Equity Partners, a private equity firm that invests in technology-enabled businesses, was cleared by the U.S. Department of Justice.

Cvent and Vista have agreed that all conditions to the completion of the merger have now been irrevocably satisfied, and that the merger will be closed on or before November 29, 2016. The company’s Board of Directors unanimously approved the deal and recommended that stockholders vote in favor of it.

According to Cvent, Vista will acquire 100 percent of the outstanding shares of its common stock for $1.65 billion. Cvent stockholders will receive $36 per share in the all-cash deal, representing a 70 percent premium over Cvent’s average closing price over the past 30 trading days.

Cvent, which is based in Tysons Corner, Virginia, will become a privately held company. The headquarters will remain there.

A Mutually-Beneficial Deal

“We are pleased to announce this transaction that provides a significant premium for Cvent stockholders,” said Reggie Aggarwal, founder and CEO of Cvent in the press release. “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.”

“Reggie and the Cvent team have built a leading portfolio of products and are positioned for expansion in a large and underpenetrated market,” said Brian Sheth, co-founder and President of Vista in the press release. “We are excited to work with the Cvent team to lead the business into this next phase. Over the last several years, Vista has developed a leading portfolio of meeting technology providers. This acquisition is our most significant investment in this space, and further solidifies our commitment to the broader industry.”

About Vista Equity Partners and Cvent

Vista Equity Partners is a leading private equity firm that invests in software and technology-enabled businesses. Vista, which has more than $20 billion in cumulative capital commitments, has offices in Austin, Chicago and San Francisco.

Cvent, Inc. has approximately 16,000 customers and 2,000 employees worldwide. Event planners often use the service for online event registration, venue selection, event management, mobile apps for events, email marketing and web surveys. Hoteliers turn to Cvent to increase group business demand through targeted advertising, and improve conversion through proprietary demand management and business intelligence solutions.