Cvent: What’s Next After Its $1.65 Billion Acquisition?
Cvent, the biggest conference and events management technology platform, announced its $1.65 billion acquisition by Vista Equity Partners in a landmark deal.
Brian Ludwig, a Skift spokesperson talked with Brian Ludwig, who is Cvent’s vice president of sales, to determine how this acquisition is going to shift their entire strategy and operations.
Expectations after Cvent’s acquisition
With Cvent now a privatized enterprise, it is already free from constraints of having to meet its expected quarterly earnings, according to Ludwig. This allows it to experiment more with several recent technological innovations, in terms of data analytics and international customization especially.
According to Ludwig, a public company is highly structured so it doesn’t take long term risks often times since it may result to not hitting its quarterly numbers. Without this pressure for them anymore, they are going to try various things and models to see what happens, since they are no longer subject to similar pressures.
Its biggest initiative, which is also aligned with Vista’s goals, is to expand to more global markets. There are currently 7 US Cvent sales offices, 1 in London, and 1 in Guargaon, India.
The company is looking at Europe. Its goal is to localize various products through having them language-specific per region, starting with Spanish and German platforms.
Ludwig mentioned that Cvent is likewise improving its platform’s ability in order to automate how calls-for-papers are sent out by organizers to additional global speakers through a more international distribution network, and how these abstracts are gathered and rated for the end decision making.
Cvent after 17 years
Ever since the company launched in 1999, it has dominated the conference and events management industry, providing software solutions for venue sourcing, event registration, web surveys, mobile apps, planned conference management, etc.
After 17 years, the company already has near to 16,000 customers and about 2,000 employees all around the world, as stated by Reggie Aggarwal, Cvent’s founder, in his LinkedIn post after their company’s acquisition.
In 2015, Cvent’s software assisted in managing greater than 340,000 meetings, and the hotels all over the world got almost $10 billion in their group business because of their meeting planner customers.