Cvent Holding Corp. is a software-as-a-service (SaaS) company based in Tysons Corner, Virginia, that specializes in meetings, events, and hospitality management technology by offering web-based software for in-person, virtual, and hybrid events, including online event registration, venue selection, event marketing and management, virtual and onsite, and attendee engagement. Cvent also offers software for hotels and venues to manage group and corporate travel business, and attract group business through its sourcing platforms. Previously public, Cvent was taken private by investment firm Blackstone Inc. for $4.6billion in June 2023.
Operations
Cvent is headquartered in Tysons Corner, Virginia, a suburb of Washington D.C., with other U.S. offices in Texas, Oregon, Utah, and Virginia. International Cvent offices include Canada, the United Kingdom, and India.
Cvent traded on the Nasdaq Global Market under the stock symbol CVT prior to being taken private by Blackstone.
Leadership
Reggie Aggarwal: CEO and Founder. Reggie attended the University of Virginia and graduated with a degree in finance. Reggie graduated from Washington and Lee University School of Law in 1994 with a Juris Doctor degree, after which he worked as an attorney specializing in the M&A and IPO process. Prior to co-founding Cvent in 1999, Reggie served as the president of the Indian CEO Network. EY named Reggie Entrepreneur of the Year for the Mid-Atlantic Region in 2009. In 2018 and 2019 Reggie was named the number one influential SaaS CEO by the SaaS Report. Chuck Ghoorah: Co-Founder, President of Worldwide Sales and Marketing David Quattrone: Co-Founder, Chief Technology Officer Billy Newman: Chief Financial Officer, Senior Vice President Patrick Smith: Chief Marketing Officer, Senior Vice President
History
Cvent was founded in September 1999 by Reggie Aggarwal. At its founding, Cvent had an initial staff of six individuals working in technology, business, and marketing.
In 1999, Cvent received US$17 million in venture capital and grew its staff to 125 employees.
In April 2001, Cvent had 300 customers, including MCO WorldCom, McDonald’s, Princeton University, University of Virginia, Ernst & Young, and Hughes Network Systems.
Following the dot-com bubble burst and the September 11 attacks, Cvent faced near-bankruptcy and was forced to cut 80% of its staff. The company became profitable again in 2003.
In 2011, Cvent was growing by 50% a year and received $136 million of funding from New Enterprise Associates in July 2011, which, at the time, was the largest investment in a U.S. software company since 2007.
Cvent filed an S-1 with the U.S. Securities and Exchange Commission on July 8, 2013, proposing an initial public offering of 5.6 million shares. The company went public on the New York Stock Exchange on August 9, 2013, at an initial price of $21. Cvent raised $117.6 million and received a market capitalization of over $1 billion. The IPO was referenced in regard to its use of the JOBS Act, which enabled the company to quickly offer an IPO.
In 2016, the company was acquired by venture capital company Vista Equity Partners for $1.65 billion. Ashok Trivedi, the co-founder of Mastech Digital and iGate was an early investor in the company.
On July 20, 2021, the WSJ reported that Cvent Nears $5-Billion-Plus SPAC(DGNS) Deal.
Following the close of a merger deal with Dragoneer Growth Opportunities Corp. II, a special purpose acquisition company (SPAC), Cvent went public on the Nasdaq Global Market. on December 9, 2021. In March 2023, Cvent agreed to be taken private again by Blackstone Inc. in a $4.6billion deal that includes a significant minority investment from the Abu Dhabi Investment Authority.