Cvent Inc. (NYSE: CVT), and Lanyon Solutions, Inc, leading providers of cloud-based enterprise event management technology solutions, has announced the merger of the two companies creating a global meeting, event and travel technology leader. The merger is effective today, and the companies will combine business operations in the coming year.
Vista Equity Partners, owner of Lanyon, has completed its previously announced acquisition of all outstanding Cvent common stock for $36.00 per share in a transaction valued at approximately $1.65 billion.
The combined company will be privately held and operate under the Cvent brand. Reggie Aggarwal, Cvent’s founder and CEO, has been named the CEO of the new combined company. David Bonnette, CEO of Lanyon, will work with the management team through the transition to a single company. The headquarters for the combined company will be in Tysons Corner, Virginia with a significant office presence in Lanyon’s former headquarters in Dallas, Texas.
“We celebrate two new milestones today as we formally join the Vista family and merge with our highly-regarded peer, Lanyon,” said Reggie Aggarwal, founder and CEO of Cvent. “Combined under the Cvent umbrella, and with Vista’s powerful backing, we will draw on our decades of experience to push the boundaries of event technology innovation and remain focused on delivering outstanding technology, capabilities and service to the events industry.”
“We are thrilled to welcome Cvent to our portfolio of high-performing software companies,” said Brian Sheth, co-founder and president of Vista. “There is an incredible opportunity to upgrade and expand the technology in the enormous and largely untapped meetings and events industry. With the leadership of Cvent’s highly-successful management team, working with our experienced Lanyon team, we are bullish on our ability to seize the green field opportunity ahead and remain the market leader in this segment.”
Over the past two decades, Lanyon and Cvent have delivered some of the most innovative and successful technology solutions addressing the needs of event planners, marketers, and hoteliers. These solutions cover the full spectrum of the event lifecycle including event management, strategic meetings management, sourcing solutions for both transient and group business, room block management, and mobile and onsite solutions.
Aggarwal continued, “Cvent is a growth company chasing an enormous opportunity ahead of it. Our employees have been the DNA of our success and we’re excited to add the talent, experience, and the products of the Lanyon team.”
Combined, the companies have more than 800 technology professionals and more than 700 customer-facing support staff. As the undisputed market leader with approximately 28,000 customers in 100 countries and having powered over 2 million events and sourced over $50 billion total RFP value through their sourcing networks, the new Cvent will continue to drive technology innovation while providing customers with world-class levels of support for all Cvent and Lanyon solutions.
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.
For more information about Cvent, please visit Cvent.com.