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Virtual Event - September 9-10, 2020
Virtual Event - September 14, 2020
Filter in or out as many as 200 cities, as well as hotel and car rental class and meals of the day and watch as the per-diem calculator automatically adjusts per diems to your program. Drill down into cost breakdowns and export the results.
Meetings technology firm Cvent has purchased smaller
competitor SignUp4 for $22 million, Cvent announced on Monday in conjunction
with its first-quarter earnings report.
The move, which represents Cvent's first-ever acquisition of
a competitor, is effective immediately.
Cvent CEO Reggie Aggarwal, during a conference call with
investors to discuss the company's first-quarter results, positioned the
acquisition as a method of accessing Atlanta-based SignUp4's
"hundreds" of primarily small and midmarket enterprise meeting
"They have several hundred customers," Aggarwal
said. "The good news is that we can upsell them with some of the solutions
that we have because we have a broader platform, for example our mobile,
social, our onsite technology and so forth."
In terms of platform integration, Aggarwal said, "We are
going to do what's right for the customers first. … In the long term, one
platform is the right strategy, but we are still finalizing the integration
plan and timeline."
Cvent reported first-quarter revenue of $41.1 million, an increase of 31 percent year over year. The company reported a first-quarter net loss of about $2.4 million versus a net profit of about $1.6 million in the first quarter of 2014. When adjusted for interest, taxes, depreciation and amortization, Cvent reported first-quarter earnings of $3.2 million, compared with $3.5 million last year.
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