Cvent has announced the completion of its
$4.6 billion (£3.6bn) acquisition by private equity firm Blackstone.
The
transaction, previously announced in March, includes a
significant minority investment from a wholly owned subsidiary of the Abu Dhabi
Investment Authority (ADIA) and participation from existing stockholder Vista
Equity Partners (“Vista”). As a result of the transaction, Cvent's common stock
has ceased trading and will be delisted from the Nasdaq Stock Market.
Reggie
Aggarwal, founder and CEO of Cvent, said: “Events are more important and
more complex than ever before. We believe this partnership with Blackstone
positions Cvent to continue leading the market for best-in-class technology to
maximise event ROI and impact. We will continue to aggressively invest in the
innovative solutions organisations need to more deeply engage with their
customers, prospects, and employees that are so critical to their success.”
David
Schwartz, a senior MD at Blackstone, said: “Cvent has long been
a go-to event management partner for organisations of all kinds, enabling them
to embrace technology solutions in an increasingly digital world. We’re
thrilled to support its continued growth and product advancements, bringing
Blackstone’s global resources to bear and leveraging the firm’s deep expertise
and thematic focus on hospitality, events and real estate.”
“Vista is
proud of the partnership we’ve built with Reggie; the transformative change
that Cvent has driven in the meetings and events ecosystem is a testament to
how we help founders realise their company vision,” said Monti Saroya, co-head
of Vista’s Flagship Fund and senior MD. “Both he and his leadership
team are torchbearers of innovation, ingenuity and culture, and we look forward
to seeing what they accomplish next.”
