Cvent

Cvent
Public
Traded as
Industry Meeting planning
Founded 1999
Founder
  • Reggie Aggarwal
Headquarters Tysons Corner, Virginia, United States
Key people
 Reggie Aggarwal (Chief Executive Officer)[1]
Products Event Management, Cvent Supplier Network, Strategic Meetings Management, Web Surveys
Number of employees
 1,750+
Website www.cvent.com

Cvent, Inc. is a publicly held software-as-a-service (SaaS) company that specializes in meetings management technology. The company offers web-based software for meeting site selection, online event registration, event management, email marketing, and web surveys.[2] Cvent Enters into Definitive Agreement to be Acquired by Vista Equity Partners for $1.65 Billion.

History

Cvent was founded in September 1999 by Reggie Aggarwal. That same year it received $17 million in venture capital and grew its staff to 125 employees. Following the dot-com bubble burst and the September 11 attacks, Cvent faced near-bankruptcy and was forced to cut 80% of its staff.[3]

The company became profitable again by 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.[3][4][5]

In 2012, Cvent entered the mobile market with the acquisition of two event application developers. On June 13, Cvent announced its acquisition of Austin-based startup Seed Labs, recently rebranded as CrowdTorch, for $4.2 million.[6] Seven days later, the company announced its acquisition of Portland-based application developer CrowdCompass for $10 million.[7] CrowdTorch develops mobile applications for consumer-oriented events and CrowdCompass develops mobile applications for business-related events.[6]

Cvent filed an S-1 with the U.S. Securities and Exchange Commission on July 8, 2013, proposing an initial public offering of an estimated $5.6 million in shares.[8] It went public on the New York Stock Exchange on August 9, 2013,[8] at an initial price of $21.[9] The company raised $117.6 million and received a market capitalization of more than a billion dollars. The IPO was referenced in regards to its use of the JOBS Act, which enabled the company to offer an IPO much more quickly.[9]

Software and services

In July 2000 Cvent introduced its first SaaS product, a web-based tool for event planners to manage invitations and collect registration fees.[10][11] In 2006, it introduced a product for conducting online surveys, which was followed by the introduction of the Cvent Supplier Network two years later. The Supplier Network is a free, online marketing place that connects meeting planners with venues and services.[12] In 2009, the company began offering professional services.

An app development tool, CrowdTorch, was launched in 2009. Cvent also produces a Destination Guide, a free, online, 8,000-page travel guide designed for meeting planners with information about 800 different destinations.[13] A "Strategic Meetings Management" helps users manage budgets.[14][15]

External links

References

  1. ↑ "Cvent Leadership". Cvent. Retrieved August 5, 2013.
  2. ↑ "Event Management Giant Cvent Scoops Up Seed Labs To Help It Go Mobile". TechCrunch. June 13, 2012.
  3. 1 2 "There And Back Again – How Cvent's Founder Stood By His Company, For Better Or Bankruptcy". TechCrunch. July 20, 2011.
  4. ↑ "The Daily Start-Up: NEA, Insight Lead Mega-Round For Cvent". Wall Street Journal. July 21, 2011.
  5. ↑ "Venture investments grow in 3Q from last year". The Washington Times. October 19, 2011.
  6. 1 2 "With a pair of acquisitions, Cvent expands into mobile". The Washington Post. June 24, 2012.
  7. ↑ "After Seed Labs, Cvent Snags CrowdCompass For $10M To Double Down On Mobile Event Apps". Tech Crunch. June 19, 2012.
  8. 1 2 "Cvent Unveils Estimated Terms of Planned IPO of 5.6 Million Shares". Wall Street Journal. July 29, 2013.
  9. 1 2 "Cvent stock drifts back to earth". Washington Business Journal. August 14, 2013.
  10. ↑ "For Cvent, recent months a mix of ups and downs". Washington Business Journal. April 30, 2001.
  11. ↑ "How Reggie Aggarwal turned Cvent into a success". The Washington Post. November 7, 2010.
  12. ↑ "Cvent launches event venue directory and RFP management system". Hospitality World Network. October 23, 2008.
  13. ↑ "Cvent launches new edition of Destination Guide". Conference News. February 2, 2012, 2008. Check date values in: |date= (help)
  14. ↑ "Cvent Targets Strategic Meetings Management". Successful Meetings. June 3, 2009.
  15. ↑ "Creative Group selects Cvent as strategic meetings management technology partner". Travel Daily News. June 13, 2011.
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