Cvent acquired by Blackstone in US$4.6bn deal

cvent

Cvent has been acquired by US asset giant Blackstone in a US$4.6 billion deal, taking the events management software company private again after previously rejecting a US$3.9 billion offer from Blackstone.

Cvent has been swinging between public and private ownership for a decade, going public back in 2013, with a valuation of around US$1.5 billion, before being bought by private equity firm Vista Equity Partners for $US$1.65 billion in 2016. The company then went public again just over a year ago.

“The continued events and travel recovery is one of Blackstone’s highest-conviction investment themes,” said David Schwartz, a senior managing director at Blackstone.

“Given our extensive experience in the hospitality, events, and real estate sectors, we believe Blackstone is well positioned as a growth partner for this exceptional business.”

The sale is expected to be complete by mid-year.

“As one of the world’s largest private-equity firms, Blackstone brings deep expertise in the event and hospitality industry, and with their backing we plan to continue to invest in our business and deliver the innovative solutions that meet our customers’ needs and power the meetings and events ecosystem,” said Reggie Aggarwal, founder and CEO of Cvent.