Vista Equity Partners, owner of meetings technology company Lanyon, has completed its acquisition of chief competitor Cvent, it reported today. With the transaction complete, Vista will now execute a merger of Lanyon with Cvent, creating the world's largest meeting, event, and travel technology company.
The combined firm will operate under the Cvent umbrella from Cvent's existing headquarters in Tysons Corner, VA, with a significant presence in Lanyon's former headquarters in Dallas. It will have more than 1,500 staff and approximately 28,000 customers in 100 countries.
"We celebrate two new milestones today as we formally join the Vista family and merge with our highly regarded peer, Lanyon," said Cvent Founder and CEO Reggie Aggarwal, who will serve as the newly merged company's chief executive. "Combined under the Cvent umbrella, and with Vista's powerful backing, we will draw on our decades of experience to push the boundaries of event technology innovation and remain focused on delivering outstanding technology, capabilities, and service to the events industry."
The merger is effective immediately, with the companies' business operations to be combined over the course of the coming year.
"We are thrilled to welcome Cvent to our portfolio of high-performing software companies," said Brian Sheth, cofounder and president of Vista. "There is an incredible opportunity to upgrade and expand the technology in the enormous and largely untapped meetings and events industry. With the leadership of Cvent's highly successful management team, working with our experienced Lanyon team, we are bullish on our ability to seize the green field opportunity ahead and remain the market leader in this segment."
Cvent's primary competitor, StarCite, was acquired in 2012 by Active Network, which in turn was acquired by Vista Equity Partners in October 2013. The following February, Vista spun off the Active Network Business Solutions Group, including StarCite, and merged it with hotel-technology provider Lanyon, another company in its portfolio. The combined meetings and hotel technology company has been operating under the Lanyon banner ever since.
"Cvent is a growth company chasing an enormous opportunity ahead of it," Aggarwal continued. "Our employees have been the DNA of our success and we're excited to add the talent, experience, and the products of the Lanyon team."
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