Meetings management technology company Cvent
announced today that it has agreed to be acquired by private equity firm Vista Equity Partners
for $1.65 billion. The companies expect the acquisition to close in the third quarter of this year. As a result of the deal, Cvent will become a private company, headquartered in Tysons Corner, VA.
The acquisition by the San Francisco-based private equity firm will give Cvent the resources to grow, Cvent founder and CEO Reggie Aggarwal said in a statement announcing the deal.
"This milestone is the next chapter in our 17-year history," said Aggarwal. "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."
Vista will acquire 100 percent of the outstanding shares of Cvent common stock. Stockholders will receive $36 per share, a premium of 69 percent over Cvent's closing price on April 15.
Brian Sheth, co-founder and president of Vista, called the Cvent acquisition his company's most significant investment in the space. Vista also owns the meetings technology software company Lanyon
, which it acquired in 2012.
"Reggie and the Cvent team have built a leading portfolio of products and are positioned for expansion in a large and underpenetrated market," said Sheth. "We are excited to work with the Cvent team to lead the business into this next phase."
The closing of the deal is subject to Cvent stockholders's approval and required regulatory approvals. The deal was unanimously approved Cvent's board of directors.