TYSONS, Va. – Cvent, an industry-leading meetings, events, and hospitality technology provider, is set to be acquired by private equity firm Blackstone for approximately $4.6 billion.
Cvent has approximately 22,000 customers globally in the corporate, non-profit, higher education, and hospitality sectors. Since its founding in 1999, Cvent has helped manage more than five million events and lists more than 302,000 hotels and venues on the Cvent Supplier Network, an online platform with tools to search, negotiate, and contract with hotels and venues for event space.
“We are excited to share this announcement and look forward to our next chapter alongside the Blackstone team,” says Reggie Aggarwal, founder and CEO of Cvent. “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.”
“The continued events and travel recovery is one of Blackstone’s highest-conviction investment themes. 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,” says David Schwartz, a senior managing director at Blackstone.
“Cvent is an industry leader, and we are excited to partner with their management team to continue the firm’s innovation and deliver world-class technology solutions to customers in the event and hospitality space,” adds Martin Brand, head of North America private equity and global co-head of technology investing, Blackstone.
The transaction is expected to close in mid-2023. Once complete Cvent will become a fully private company, and its common stock will no longer be publicly listed.
