technology provider Cvent continued its momentum, reporting $48.4 million in
revenue for the third quarter of 2015 and acquiring AllianceTech last week.
Revenue grew 29
percent compared with the same period last year. Adjusted earnings before
interest, taxes, depreciation and amortization totaled $10.6 million, compared with
$6.5 million in the third quarter of 2014.
performance consistently across subscriptions to its platform and across its supplier-side
Hospitality Cloud services. Subscription revenue grew to $33.7 million, an
increase of 29 percent, while cloud revenue topped out at $14.6 million, up 30
percent over the same period last year.
Aggarwal described the performance as “above the high end of our expectations”
and attributed the success to Cvent’s expanding portfolio of products that
enable “larger deals across the board,” including new clients from the Fortune 500 and Forbes 1,000 sets, as well as the midsize enterprise segment.
Acquisitions & New Products
event and meetings management technology as its foundation, Cvent has made
several moves to penetrate the on-site meetings technology space. The company
has grown its on-site mobile apps significantly since acquiring CrowdCompass in
2012. Adding to its OnArrival and Social Wall products, the company launched
the LeadCapture mobile app in mid-October, allowing event managers and
exhibitors to capture attendee information and, in real time, qualify and score
leads based on event interactions.
Cvent acquired AllianceTech, an Austin-based conference, event, trade show and on-site
meetings technology provider that offers products from attendance and booth
tracking to lead retrieval and mobile event apps. “We believe our
acquisition of AllianceTech … accelerates our advancement into the complex
meetings and events portion of the market,” Aggarwal said in a statement,
pointing out “significant untapped opportunity throughout the meetings and
Cvent projected that total revenue for
the fourth quarter would range from $50.3 million to $50.7 million, including
$500,000 from AllianceTech. Total revenue for 2015 is expected to range from $187.1
million to $187.5 million, including AllianceTech's fourth-quarter