Cvent Holding Corp. (Nasdaq: CVT), a market-leading meetings, events and hospitality technology provider, and Dragoneer Growth Opportunities Corp. II (formerly Nasdaq: DGNS) (“Dragoneer”), announced the completion of the business combination of Cvent and Dragoneer, a special purpose acquisition company formed by Dragoneer Investment Group (the “Business Combination”) on 8 December 2021. The Business Combination was approved by Dragoneer shareholders at a special meeting held on 7 December 2021. Starting on 9 December 2021, the common stock of Cvent began trading on The Nasdaq Global Market under the ticker symbol “CVT”.
Reggie Aggarwal, Cvent CEO & Founder, said: “This is an exciting day for Cvent and our more than 4,000 employees around the world. The closing of our Business Combination and our return to the public markets represents an important inflection point for our company and the industry. Organisations 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. 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. The proceeds from this transaction enable us to expand our global headcount, drive innovation, and help us deliver on our long-term growth objectives.”
Since the announcement of the Business Combination on 23 July 2021, Cvent has announced a number of key business highlights. Notable highlights include:
- Hosted a third quarter 2021 earnings call during which Cvent discussed strong revenue growth and momentum across the business including in its acquisition of new logos and significant increases in initial contract values. Cvent closed several large transactions, including a 3-year deal with a state transportation agency with a total contract value (TCV) of $900,000, a 2-year deal with a publicly traded pharma company with a TCV of $1 million, and a 3-year contract with a global marketing association with a TCV of nearly $900,000, among others.
- Announced the launch of Cvent Studio, a new solution that delivers powerful live stream and video production capabilities expanding Cvent’s virtual and hybrid offerings. Cvent studio enables marketers and planners to produce broadcast-quality video content through web-based solutions.
- Launched an expanded partnership with Amadeus, a leading hospitality technology platform, to increase bookings for small meetings and events.
- Extended its long-standing strategic partnership with the largest global meetings and event industry association, Meeting Professionals International (MPI). Cvent and MPI will continue to deliver educational opportunities and thought leadership content to MPI’s global community of more than 60,000 meeting and event professionals.
- Received recognition and awards for Cvent’s industry-leading technology and employee experience, including the MarTech Breakthrough Award for “Event Management Innovation,” The Stevie International Business Awards, Bronze for “Most Innovative Company of the Year,” Business Travel Awards Europe, Technology Innovation for “Meetings & Events with Cvent Attendee Hub ®,” Micebook V Awards for “Best Virtual Events Platform,” Institute for Excellence in Sales for “Premier Sales Employer,” and most recently, awarded Gold in the 11th Annual Best in Biz Awards for “Most Customer Friendly Company of the Year – Large and Medium.”
“We’re thrilled to support Cvent and would like to congratulate Reggie and the entire team on reaching this incredible milestone,” said Christian Jensen, Partner at Dragoneer. “Cvent is an innovative and entrepreneurial pioneer in the enterprise event technology space offering trusted solutions and support to customers as they continue to need robust technology to manage and deliver their in-person, virtual and hybrid events. We look forward to witnessing Cvent’s next phase of growth as a publicly listed company.”
“Vista, Reggie and the Cvent team have partnered over the last five years to advance their bold vision to power the entire meetings and events ecosystem,” said Monti Saroya, Co-Head of Vista’s Flagship Fund and Senior Managing Director. “Through their deep commitment to product innovation, operational excellence, and sustainable growth, and their ability to expertly navigate the evolving hybrid world, Cvent has emerged as the preeminent meetings and events technology partner, no matter how organisations choose to gather, whether online or in-person. Vista is privileged to be part of Cvent’s journey, and we look forward to further advancing the organisation’s mission to connect and engage people around the world.
Author: Adam Parry
Adam is the co-founder and editor of www.eventindustrynews.com Adam, a technology evangelist also organises Event Tech Live, Europe’s only show dedicated to event technology and the Event Technology Awards. Both events take place in November, London.
