Meetings technology firm Cvent on Thursday reported a 28 percent year-over-year increase in third-quarter revenue to $37.4 million, fueled by increasing demand for platform services including its strategic meetings management platform. Cvent also announced it had acquired Decision Street, a hotel sales-intelligence software company.
According to Cvent, Atlanta-based Decision Street offers request-for-proposal lead-scoring technology that enables hoteliers "to quickly focus on the best group-booking leads within the context of inventory, demand and profitability." The proliferation of electronic meetings RFPs through such channels as Cvent's in recent years has frustrated some hoteliers.
The company paid $4 million in cash for Decision Source, Cvent CFO Pete Childs said during a Thursday conference call with analysts.
Cvent reported third-quarter net income of about $1.1. million, up from a net loss of $829,000 in the third quarter of 2013. Third-quarter earnings adjusted for interest, taxes, depreciation and amortization totaled $6.5 million, up from $5.1 million last year.
Cvent reported third-quarter platform services revenue, which includes revenue generated from its strategic meetings management platform as well as other attendee registration technology, of $26.2 million, up 30 percent year over year. The company cited Genentech, Land O'Lakes and an unidentified "global Fortune 10 company" as new SMM customers and cited Biogen and IHS Global as customers with recently expanded SMM programs.
Meanwhile, Cvent CEO Reggie Aggarwal during the call said all Cvent's event clients have migrated to the company's new Blue Release platform, "two months ahead of our expectations."