Cvent goes public again
Tysons-based event management software firm closed $5.3B SPAC deal
Tysons-based event software company Cvent Holding Corp. began trading on the Nasdaq Global Market Dec. 9 after closing its merger the day before with San Francisco-based SPAC Dragoneer Growth Opportunities Corp. II.
The move is Cvent’s second time going public. In 2016, Vista Equity Partners acquired it for $1.65 billion and took it private. The deal with Dragoneer was first announced in July and valued what was then Cvent Inc. at about $5.3 billion.
The company registered 487 million shares at a maximum price of $9.96 a share, according to Dragoneer’s S-4 filing with the U.S. Securities and Exchange Commission. It is trading under the ticker symbol “CVT.” As of 4 p.m. Thursday, shares were trading for $8.10.
Cvent adapted to provide remote events software in addition to its live event management services amid the pandemic. Its virtual events arm now generates more than $100 million in revenue, The Wall Street Journal reported.
Cvent’s return to the public market reflects changes in the industry, Cvent CEO and founder Reggie Aggarwal said in a statement.
“Organizations around the world want to get back to meeting — whether virtually, in-person or both with hybrid — and are leveraging technology more than ever to connect with their attendees,” Aggarwal said. “We’ve invested heavily in our virtual and hybrid event solutions so that now, no matter how our nearly 21,000 customers want to bring people together, Cvent can help them deliver more engaging, impactful experiences.”
Founded in 1999, Cvent provides an event marketing and management platform using the software-as-a-service model. The company has more than 4,000 employees. It reported $134.1 million in revenue for the third quarter of 2021, a 13% increase from the same quarter last year.