Blackstone last month closed its acquisition of Cvent after the meetings technology and transient sourcing platform provider had gone public just 18 months prior. Speaking on stage at Cvent's annual customer event Tuesday, Cvent founder and CEO Reggie Aggarwal assuaged anxieties customers might feel from the quick switchback to private equity ownership and went on to pump up the volume on opportunities that he sees as a post-pandemic "Golden Age" for meetings and events.
"We're very excited about Blackstone," he told the Cvent Connect attendees in Las Vegas. "Quick background on them: They're probably one of the largest—or the largest private equity firm—in the world, about a trillion dollars in assets," which the private equity company disclosed last week.
Aggarwal proceeded to outline Blackstone's credentials in the hospitality and meetings space, citing the firm's previous ownership of Hilton Worldwide, which Blackstone fully divested by 2018. He also cited the company's current ownership of meetings and events audiovisual provider Encore as evidence of the firm's knowledge of and commitment to the industry.
The Cvent CEO also suggested that Blackstone had long-term goals for Cvent, and that there would not be another quick sale or public offering in the near future.
"Blackstone's investment thesis is to invest in durable companies for the long term," he said. "We're really excited because they [can provide] a longer runway ahead of us."
Aggarwal also addressed murmurs that the acquisition might bring a leadership change to the company. "They've asked the whole senior leadership team to stay," he said. "I think … they just like … what we're doing. They want to make everything better a little bit, but they want to keep the same team. So we're excited [to] keep running."
Aggarwal did not address whether there would restructuring of other parts of the Cvent team. He did say, however, that the new owners would "continue to invest in [research and development], in our client service team, innovation and technology."
Return to Pre-Pandemic Engagement Themes, With a Twist
Cvent's "engagement" concept, which was a staple prior to the pandemic, now has new themes juiced up by new technologies, including the remote attendance platforms and strategies that in the past few years "built the muscle of virtual" but now can be used to extend the reach of in-person events to "people on their own terms," and "whenever they want," said Aggarwal, alongside what he characterized as the pumped-up value now focused on the in-person exchange.
"The in-person is where you drive so many things," he said. "[It's where] you build top-line revenue, you build better customer relationships, product adoption. All these things are real important."
The data expected from in-person events also was amped up during the pandemic, since virtual events naturally delivered it. That increased the importance of delivering event data for "the marketing cloud" that nurtures leads from prospects to customers through that "continuous engagement" model.
To that end, the company announced the release of Cvent Events Plus, an integrated platform with Cvent Registration, the Cvent Attendee Hub and Cvent Webinar that acts as a customized video library for video and other recorded event content "whenever they want," as Aggarwal said.
Cvent chief marketing officer Patrick Smith added to that concept in a statement with the release of the new platform.
"Many of today's event organizers and marketers are hosting more events–across more formats–than ever before, which can make it challenging to capitalize on all the incredible content and leverage it to increase brand awareness and drive attendees to their upcoming events," he said.
Events Plus "acts as a digital extension of an organization's event program … [and] we're excited to unveil this new solution to help organizations engage with their audiences year-round, while giving event marketers and planners more opportunities to extend the life of their events and maximize attendance for their event and webinar programs."