McLean-based Cvent lays off, furloughs 10% of workforce

Tech company would not disclose how many Virginia employees were affected.

Published May 22, 2020 by Sydney Lake

As the hospitality industry has taken one of the biggest COVID-19 hits of all, McLean-based event software company Cvent Inc. confirmed Friday it is laying off or furloughing 10% of its global workforce due to business impacts from the pandemic.

“Meetings and events boost the global GDP by more than $1.5 trillion and impact nearly 26 million jobs,” Cvent co-Founder and CEO Reggie Aggarwal said in a March letter. “The economic significance of our industry is undeniable.”

But with hotels, restaurants and event venues being closed for months now, Cvent said it had to cut its headcount.

“Furloughs and layoffs have greatly impacted professionals across the meetings, events and hospitality industries – industries that we directly support,” Cvent said in a statement. “As the pandemic initially took hold, we aggressively pursued multiple expense reduction measures. Unfortunately, today we have had to follow others in taking the expense reduction of last resort, reducing our headcount and furloughing some employees, a decision we have not taken lightly.”

In total, the company employs 4,300 people among its 21 locations worldwide (with 14 U.S. locations), so more than 400 people were affected by the layoffs and furloughs. A company spokesperson would not comment on the amount of jobs lost in Virginia. Reports cite, however, that approximately 80 jobs were lost in the Washington, D.C. area, where the company employs approximately 1,200 people.

“These Cventers were valued members of our team who made great contributions to the business, and we will miss them,” Cvent said in a statement. “They were more than just our colleagues and our hearts go out to them and their families. This decision weighs heavily on all of us.”

Founded in 1999, Cvent specializes in software that supports event planners, event marketers, hotels and corporate events. The platform has 30,000 customers and 300,000 users worldwide.