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Meetings technology supplier Cvent on Monday filed with the
U.S. Securities and Exchange Commission a registration statement for an initial
public offering of its stock.
The filing indicates that Cvent has grown rapidly during the
past few years, earning $83.5 million in revenue in 2012 compared with $60.9 million
in 2011 and $26.1 million in 2008. The company in 2012 turned a $4.3 million
profit, versus a $184,000 loss in 2011 and a $4.7 million profit in 2010.
In the three months ending March 31, 2013, Cvent recorded $24.4
million in revenue, up from $18.3 million in the first quarter of 2012. Its
quarterly profit dipped to $310,000 from $870,000 one year earlier.
Cvent's solutions for event and meeting planners, including
its strategic meetings management platform, comprised 70 percent of its 2012
revenue, according to the filing. Revenue from its marketing offerings,
including advertising revenue from hotels, accounted for the remaining 30
Founded in 1999 amongst a wave of new event registration
companies, many of which no longer exist, Cvent largely grew its business
organically until 2012, when it broadened its mobile offerings through a pair
of acquisitions. Today, Cvent has about 1,300 employees, according to the
Cvent has not determined a date for its IPO or an initial
price for its stock. The company indicated it would list on the New York Stock
Exchange. Morgan Stanley & Co. and Goldman, Sachs & Co. jointly will
serve as book-running managers for Cvent's offering, with Stifel, Nicolaus
& Co., Pacific Crest Securities and Needham & Co. acting as
co-managers, according to Cvent.
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