Private equity firm Blackstone Inc. has agreed to purchase event software provider Cvent Holding Corp for $4.6 billion.
The purchase saw the Tysons, Va.-based company’s shares, which fell about 34 percent last year, rise 12 percent on Tuesday.
In November of 2016, several years after its founding by CEO Reggie Aggarwal in 1999, Vista Equity Partners acquired Cvent for $1.65 billion. In July of 2021, Dragoneer Growth Opportunities Corp. II, a special purpose acquisition company, merged with Vista, with the combined company operating as as Cvent Holding Corp. and going public to trade under the ticker symbol “CVT.”
After surviving the shrinkage of the meetings industry and the move to virtual meetings as a result of the pandemic, the company, which has an estimated 21,000 meeting industry customers, 4,700 employee worldwide and 290,000 hotels and venues listed on its Cvent Supplier Network, will now return to the private sector.
“I want to thank the thousands of Cvent employees who’ve worked so hard, particularly during the pandemic. You never stopped believing in our company or our industry,” said Aggarwal in a post on LinkedIn on Tuesday. “I also want to thank our customers and shareholders for their commitment and partnership and Vista Equity partners for their truly unwavering support during our journey together. Their belief in entrepreneurs is simply incredible.”
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