According to The Wall Street Journal, Cvent, a meeting technology platform, plans to become public through a merger with an acquisition company for special purposes. The valuation includes debt at more than $5B.
According to reports, Cvent intends to merge with Dragoneer Growth Opportunities Corp. II. Vista Equity Partners currently owns the meetings company. Vista bought Cvent in 2016 for $1.65 Billion and also acquired Lanyon in 2013. This brought both businesses together. After the closing of the deal, Vista bought Cvent and made it private.
Cvent did not respond to the report.
Cvent had previously focused its efforts on events and meetings in person, before the pandemic. However, Cvent added virtual options to their offerings last August. Cvent Connect, its annual conference was the first to showcase its virtual capabilities. It took place shortly after its new launch. As a hybrid conference, the Connect conference will be held in Las Vegas this August.
According to Cvent, the virtual division accounts for over $100 million of annual revenue and about 20% of Cvent’s annual total sales of approximately $500 million.
In recent years, SPACs have been a more popular method to go public than traditional public offerings. They are subject to fewer regulations than other initial public offerings. Sonder, a provider of apartment-style accommodations, went public in May with a SPAC.
Publited at Wed 21 July 2021, 15:05:54 +0000