Cvent Inc., a global provider of software for event managers, announced that it will be acquired by Vista Equity Partners for a price of approximately $1.65 billion. In the deal, Vista will buy 100 percent of Cvent’s stock at a price of $36 per share, and the organization will become a privately held company. The buyout is subject to the affirmation of current Cvent shareholders, however their approval is expected because the proposed stock purchase price represents a 70 percent premium over Cvent’s average trading price.
Vista investors have a long history of interest in software, data, and technology companies, and acquisition of Cvent positions the company as a leader in the event software space. “We are excited to work with the Cvent team to lead the business into this next phase,” said Brian Sheth, co-founder and president of Vista. “Over the last several years, Vista has developed a leading portfolio of meeting technology providers. This acquisition is our most significant investment in this space, and further solidifies our commitment to the broader industry.” Reggie Aggarwal, founder and CEO of Cvent, called the transaction a milestone for the 17-year-old company, adding that innovation and job opportunities would flourish with Vista’s support.