Cvent acquires California-based hospitality marketing company
Tysons Corner-based event management company Cvent Inc. has acquired Elite Meetings International, a Santa Barbara, Calif.-based hospitality marketing company.
Terms of the deal were not released.
Elite Meetings’ online venue-sourcing tools for meeting planners — EliteMeetings.com and SpeedRFP.com — will be integrated into Cvent’s hospitality offerings.
Cvent expects the financial impact of the transaction to be immaterial to revenue in 2015 and to be dilutive to this year’s adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) by about $3.5 million.
Cvent is a publicly traded company with more than 1,450 employees and more than 12,600 customers worldwide. Cvent offers software solutions to event planners for online event registration, venue selection, event management, mobile apps for events, email marketing and web surveys. Cvent provides hotels with a targeted advertising platform designed to reach event planners looking for suitable venues.