Cvent is set to be acquired by Blackstone for approximately $4.6 billion.
“We are excited to share this announcement and look forward to our next chapter alongside the Blackstone team,” said Cvent founder and CEO Reggie Aggarwal. “As one of the world’s largest private equity firms, Blackstone brings deep expertise in the event and hospitality industry, and with their backing, we plan to continue to invest in our business and deliver the innovative solutions that meet our customers’ needs and power the meetings and events ecosystem.”
Offering a comprehensive suite of technology solutions designed to power the entire event management process, Cvent reported approximately 22,000 global customers in the corporate, non-profit, higher education and hospitality sectors at the end of 2022. Since its founding in 1999, the event software company has helped manage more than 5 million events.
According to David Schwartz, a senior managing director at Blackstone, the continued recovery of the events and travel industry is one of Blackstone’s highest-conviction investment themes.
“Given our extensive experience in the hospitality, events and real estate sectors, we believe Blackstone is well positioned as a growth partner for this exceptional business,” said Schwartz.
Martin Brand, head of North America private equity and global co-head of technology investing at Blackstone, added that Blackstone looks forward to partnering with Cvent’s management team and continuing the firm’s innovation and delivering world-class technology solutions to event and hospitality customers.
Cvent provides a wide range of software solutions for managing, marketing, and reporting on events, such as tools for check-in, registration, event budgeting, and mobile event apps. It also has a suite of products for virtual meetings and provides a marketplace for meeting planners to search for hotels and other venues and send RFPs. The company recently announced a partnership with hivr.ai to automate and speed up the RFP process for conference hotels.