Meetings technology firm Cvent during the first quarter of 2014 continued to invest in its sales and marketing solutions and product development, executives said late Wednesday during the company's first-quarter earnings conference call.
"We had a strong start to 2014," said Cvent CEO Reggie Aggarwal, who cited several new strategic meetings management accounts landed in the first quarter, including Gulfstream, Polycom and Protective Life Corp. The company also took on an undisclosed Fortune 100 telecommunications client and a Fortune 300 hotel company, officials said.
In addition to new clients, Aggarwal said some existing Cvent SMM customers licensed survey and mobile app offerings, including CrowdCompass. Aggarwal in February during Cvent's fourth-quarter earnings call declared the company would increase its investment in SMM and mobile technology.
"We are pleased to be able to balance strong revenue growth with healthy profitability as we continue to scale our business for the long term," Aggarwal said. "We continue to see increasing demand for CrowdCompass, as planners recognize the deeper social engagement event mobile apps can create."
New mobile app customers signed during the first quarter include Hewlett-Packard and the Choice Hotels Owners Council. "We also continue to cross-sell our CrowdCompass mobile apps to existing event management customers, such as the American Chemistry Council, Grand Canyon University and Alcatel-Lucent," Aggarwal said. In addition, Experian, the Institute of Internal Auditors and Tessco Technologies all renewed CrowdCompass subscriptions during the quarter.
Other clients that Cvent renewed or expanded its relationship with include Illumina, the American Quilter's Society and Tableau Software. Among Cvent's new platform subscribers are Plexus Worldwide, the University of Southern California and Wasserman Media.
Cvent reported $31.4 million in first-quarter revenue, up 29 percent from 2013. The company reported first-quarter net income of more than $1.6 million, up from $310,000 in the year-prior period.
Cvent anticipates second-quarter revenue in the range of $33.3 million to $33.7 million, and full-year revenue for 2014 in the range of $138.7 million to $140.3 million, which would represent an approximately 25 percent increase from 2013 levels.