After merging with Dragoneer Growth Opportunities Corp. II, Cvent has announced that it will become a publicly traded company in a deal that will result in its enterprise valuation at $5.3 billion.
In an announcement made this past Friday, Cvent has revealed that, following its merger with Dragoneer Growth Opportunities Corp. II, the transaction values Cvent as an enterprise at approximately $5.3 billion.
“The meetings and events industry has experienced rapid digital transformation over the last 18 months, with the pandemic creating a new paradigm for the events industry. Events became digitized through virtual and online experiences, and we invested heavily in expanding our virtual event capabilities. Now, we are engaging in a hybrid world, as in-person events resume, and virtual events remain prominent. With the increased digitization of our industry, events are ’always on’ and have fewer boundaries. My management team and our nearly 4 000 employees around the world are excited for the opportunity to continue to innovate and enable our customers to leverage Cvent across their Total Event Program,” says Cvent CEO and founder, Reggie Aggarwal.
Cvent is a technology provider with nearly 200 000 users worldwide across the meetings, events, and hospitality industries. The company was founded in 1999 and its offering is centred on its comprehensive event management and marketing platform.
The company Cvent has merged with, Dragoneer Growth Opportunities Corp. II, is an affiliate company of Dragoneer Investment Group. Dragoneer Investment Group is an investment firm with over $19 billion in capital from the world’s leading foundations, sovereign wealth funds, trusts, and family offices. With an appetite for tech-enabled businesses, Dragoneer has been an investor in companies such as Airbnb, Alibaba, Doordash, Slack, Spotify and Uber, among others.
“We are excited to lock arms with Cvent and help position the business for its next phase of growth as a publicly listed company. In H2-20, Cvent launched its virtual events solution, and ever since, this virtual product line has been growing rapidly and has been well-received by customers. As the world reopens, we expect to move into a hybrid world that combines elements of in-person and virtual events. With the optionality, flexibility and reach that Cvent can provide, we expect organizations to increasingly turn to Cvent to expand their audiences and create new, user-friendly ways for both virtual and in-person participants to interact with their events,” explains Marc Stad, Dragoneer founder and managing partner.
Cvent’s hospitality cloud business is said to be a differentiator that benefits from powerful network effects – a key tenet that Marc says is sought out by Dragoneer in many of its investments.
“Cvent is led by an exceptional management team with years of industry experience and a strong track record of profitable growth. We believe the $801 million of capital expected to be raised from this transaction will enable management to double down on product development and further cement Cvent’s position as a leader in this software category,” he notes.
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