Bloated event management software company Cvent to go public with SPAC


Posted on 08/12/2021

Dragoneer Growth Opportunities Corp. II (Nasdaq: DGNS) is a listed special purpose acquisition company. PSPC announced that its shareholders approved the previously announced business combination with Cvent, Inc. in July 2021. Dragoneer Growth Opportunities Corp. It is a blank check company formed by a subsidiary of Dragoneer Investment Group. This gives Vista Equity Partners and its limited partners an exit opportunity. The transaction values ​​Cvent at an initial enterprise value of US $ 5.3 billion. The transaction will provide Cvent with $ 801 million in cash (assuming no Dragoneer share buybacks are made).

Founded in 1999, Cvent is a meeting, event and hospitality technology provider with more than 4,000 employees and 21,000 customers worldwide. In 2011, Cvent received US $ 136 million in funding from New Enterprise Associates in July 2011.

Cvent recorded a net loss of US $ 26.1 million for the third quarter ended September 30, 2021, compared to US $ 14.4 million for the comparable period of 2020. Cvent missed the streaming business at distance, while companies like Zoom Communications and Microsoft Corporation (through its Teams product), quickly gained market share.

Cvent was last listed on the New York Stock Exchange on August 9, 2013. In 2016, Cvent was acquired by Vista Equity Partners for US $ 1.65 billion.

In 2008, The Active Network acquired RegOnline. In February 2014, Lanyon Solutions was twinned with Active Network’s Business Solutions Group and consolidated under the Lanyon name. In November 2016, Lanyon was acquired by Cvent.

On May 23, 2018, Cvent announced the acquisition of Quickmobile, a Vancouver-based mobile event application developer.[[[[

On June 5, 2018, Cvent announced the acquisition of Kapow, an online venue and experience booking platform.

On October 16, 2018, Cvent announced the acquisition of Social Tables, a Washington, DC-based event diagramming, seating, and collaboration platform.

On May 22, 2019, Cvent announced the acquisition of Wedding Spot, a wedding venue search platform that allows users to find venues based on budget, location, style and number of guests.

On June 10, 2019, Cvent announced the acquisition of mobile event technology provider DoubleDutch.


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