[November 29, 2016] |
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Vista Equity Partners Completes Acquisition of Cvent
Cvent (News - Alert), Inc. (NYSE: CVT), a leading cloud-based enterprise event
management company, today announced that it has been acquired by Vista
Equity Partners ("Vista"), a leading private equity firm focused on
investments in software, data, and technology-enabled businesses. The
$1.65 billion transaction, originally announced April 18, 2016, was
completed on Tuesday, November 29, 2016. Cvent's shareholders approved
the agreement on July 12, 2016. Following the transaction, Reggie
Aggarwal will remain the Chief Executive Officer and President of Cvent.
Cvent will continue to operate as Cvent, Inc.
"We see tremendous value in the cloud-based solutions that Cvent
delivers to its customers in this largely untapped meetings and events
industry," said Brian Sheth, co-Founder and President of Vista. "We are
thrilled to welcome Cvent into the Vista portfolio of high-performing
software companies and are excited to partner with Reggie and his team
as they continue to build upon the strong foundation they have already
established."
"Cvent is extremely pleased to close this transaction and believe that
it is the right move for our customers, employees and investors," said
Reggie Aggarwal (News - Alert), founder and Chief Executive Officer and President of
Cvent. "We look forward to working with Vista to continue to nnovate
the meetings and events technology space."
Cvent's common stock has ceased to be traded on NYSE on November 29,
2016.
Wilson Sonsini Goodrich & Rosati served as legal advisor to Cvent.
Kirkland & Ellis LLP served as legal advisor to Vista.
About Cvent
Cvent, Inc. (NYSE: CVT) is a leading cloud-based enterprise event
management company, with over 16,000 customers and 2,000 employees
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 hoteliers with
an integrated platform, enabling properties to increase group business
demand through targeted advertising and improve conversion through
proprietary demand management and business intelligence solutions. Cvent
solutions optimize the entire event management value chain and have
enabled clients around the world to manage hundreds of thousands of
meetings and events. For more information, please visit Cvent.com, or
connect with us on Facebook (News - Alert), Twitter or LinkedIn.
About Vista Equity Partners
Vista, a U.S.-based private equity firm with offices in San Francisco,
Chicago and Austin with more than $28 billion in cumulative capital
commitments, currently invests in software, data and technology-based
organizations led by world-class management teams with long-term
perspective. Vista is a value-added investor, contributing professional
expertise and multi-level support towards companies realizing their full
potential. Vista's investment approach is anchored by a sizable
long-term capital base, experience in structuring technology-oriented
transactions, and proven management techniques that yield flexibility
and opportunity in private equity investing. For more information,
please visit www.vistaequitypartners.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161129005797/en/
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