Cvent, Inc. a leading cloud-based enterprise event management company, today announced that it has been acquired by Vista Equity Partners (“Vista”), a leading private equity firm focused on investments in software, data, and technology-enabled businesses. The $1.65 billion transaction, originally announced April 18, 2016, was completed on Tuesday, November 29, 2016. Cvent’s shareholders approved the agreement on July 12, 2016. Following the transaction, Reggie Aggarwal will remain the Chief Executive Officer and President of Cvent. Cvent will continue to operate as Cvent, Inc.
“We see tremendous value in the cloud-based solutions that Cvent delivers to its customers in this largely untapped meetings and events industry,” said Brian Sheth, co-Founder and President of Vista. “We are thrilled to welcome Cvent into the Vista portfolio of high-performing software companies and are excited to partner with Reggie and his team as they continue to build upon the strong foundation they have already established.”
“Cvent is extremely pleased to close this transaction and believe that it is the right move for our customers, employees and investors,” said Reggie Aggarwal, founder and Chief Executive Officer and President of Cvent. “We look forward to working with Vista to continue to innovate the meetings and events technology space.”
Cvent’s common stock has ceased to be traded on NYSE on November 29, 2016.
Wilson Sonsini Goodrich & Rosati served as legal advisor to Cvent. Kirkland & Ellis LLP served as legal advisor to Vista.