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Meetings technology firm Cvent has secured $136 million in
venture funding "for substantial technology developments, continued global
expansion and potential acquisitions," according to the company.
Cvent called the funding, led by venture capital firms New
Enterprise Associates and Insight Venture Partners, with Greenspring Associates
also participating, "the largest investment in a private software company
this year" and "the largest investment in history for the meetings
and event technology industry."
Cvent plans to hire 200 employees in the next 12 months,
bringing its total headcount to 1,000, the company said. "At least
half" of the new hires will be engineers, the company said, and Cvent will
further invest in its social media and mobile development.
"It's rare to find a company that is consistently
profitable, growing exponentially and poised to capture even more market share,"
said NEA partner Tony Florence in a Cvent statement.