Cvent Reports Record Year of Growth

Meetings management technology company Cvent experienced 50 percent year-over-year revenue growth in the fourth quarter of 2010, making last year the most successful year in the company's 11-year history, Cvent announced last week.

For 2010, overall, Cvent reported 41 percent revenue growth, added 200 net new employees and acquired more than 3,000 new customers globally.

"We performed exceptionally well on all fronts in 2010, as businesses called on Cvent to help them navigate a 'new normal' left by the recession," said Cvent CFO Thomas Kramer. "With a laser focus on cutting costs and boosting efficiency, organizations of all kinds turned to Cvent's software to get the most out of their meetings programs and web survey initiatives. As a result, we brought on a record number of new customers and also saw a significant jump in existing customer program expansions and renewals."

According to the company, Cvent last year experienced a 49 percent increase in new booked business for its core meeting and event management product; added more than 1,700 new users of its web survey solution; and achieved a milestone of 125,000 venue profiles in the Cvent Supplier Network — its online meeting site selection and RFP tool — which it's forecasting will facilitate $4 billion worth of group business in 2011.

Said Kramer, "We continue to set the pace in the industry as we kick off 2011 and are poised to maintain our rapid growth."