Meetings technology giant Cvent put another feather in its cap today, announcing the acquisition of Chicago-based group event distribution and booking platform Kapow. Cvent did not disclose the terms of the deal.
Cvent is following a burgeoning demand for unique event experiences and venues that appeal to attendees' sense of exclusivity and authenticity. Options available on Kapow include chef-led dinners, personalized fittings at exclusive retail outlets, private movie screenings at name-brand movie theaters and tastings at local breweries and wineries.
Kapow offers pre-built, pre-negotiated event packages in 25 U.S. cities and, depending on the event type selected, groups can range from just a handful of attendees to more than 500. Bookings are made online via credit card, and Kapow offers users invite capability and light attendee management tools. According to Cvent, "companies that use Kapow for sales-related events routinely close 20 percent more deals because of the increased face time delivered through tailored experiences." Exclusive corporate meetings are another key business for the platform, and the unique experiences drive employee engagement, according to the company. Kapow's current enterprise customers include Samsung, Hewlett Packard Enterprise, Google, Facebook, Lenovo, Dell and Microsoft.
"Tapping into the power of the human connection to build relationships and get business done is more important than ever in our increasingly virtual world, and this central idea continues to drive our investments at Cvent," said founder and CEO Reggie Aggarwal. "That’s why we acquired Kapow, to give our customers easy access to unique live event experiences that they can book whenever the need arises."
Kapow CEO Chris Brown said the company will leverage the Cvent acquisition to grow its partnerships and offer more event options. A Cvent spokesperson confirmed that Kapow will keep its branding and that Brown will remain with the company, though Cvent could not confirm whether his position would change.
The Kapow acquisition follows Cvent's purchase of Vancouver, British Columbia-based mobile event app competitor QuickMobile for an undisclosed amount. That acquisition closed on May 23 and added QuickMobile's 100-person team to the Cvent roster. CEO David Smith also will remain, but Cvent could not confirm his future role. According to the Cvent spokesperson, Cvent will offer the two mobile apps side by side for now. Moving forward, she said, Cvent will explore "all the ways we can integrate our portfolios and capabilities."