Cloud-based enterprise event management company Cvent will
be acquired by Vista Equity Partners for $1.65 billion, the company announced
today. The private equity firm—which focuses on software, data and technology-enabled
businesses—will acquire all outstanding Cvent common stock for $36 per share in
an all-cash deal. Shares were halted in pre-market trade.
The per-share price represents a 69 percent premium over
Cvent’s closing price on April 15 and a 70 percent premium to Cvent’s average
closing price over the past 30 trading days. Cvent’s board of directors
approved the transaction and recommended that stockholders vote their shares in
favor of the acquisition.
Vista Equity Partners acquired Cvent’s closest competitor,
Lanyon, in 2013. The acquisition will bring the two companies under the same
ownership.
“Over the last several years, Vista has developed a leading portfolio
of meeting technology providers,” said Brian Sheth, co-founder and president of
Vista. “This acquisition is our most significant investment in this space and
further solidifies our commitment to the broader industry.”
The companies expect the deal to close in the
third quarter of 2016. Cvent headquarters will stay in Tyson’s Corner, Va., in
the Washington, DC, metro area. Cvent confirmed that Cvent founder, chairman
and CEO Reggie Aggarwal, whom BTN
named to its Most
Influential list in January, will continue to serve as CEO.