Tysons Corner, Virginia event management company Cvent has once again become a public traded company.
As of Thursday morning, the firm began trading on the Nasdaq under the ticker CVT following the close of a merger deal with special purpose acquisition company Dragoneer Growth Opportunities Corp. II. The pair first announced the deal, which marks Cvent’s second time going public, in July.
“The closing of our Business Combination and our return to the public markets represents an important inflection point for our company and the industry,” said Cvent CEO Reggie Aggarwal in a statement. “Organizations around the world want to get back to meeting — whether virtually, in-person, or both with hybrid — and are leveraging technology more than ever to connect with their attendees.”
The combined company is now known as Cvent Holding Corp. When it announced the merger in July, Cvent said it was set to receive $801 million in cash that Aggarwal said would be put towards adding to its global team, boosting innovation and long-term growth plans. It was also expected to have an enterprise value of $5.3 billion following a heavy investment into its virtual and hybrid event offerings.
At the time, a group of investors also participated in a private investment in public equity (PIPE) round of $475 million at $10 per share. Participants included Fidelity Management & Research Company, Hedosophia, Oaktree Capital Management and Zoom.
Since it announced the deal this summer, Cvent said it’s closed a number of deals, including six and seven-figure contracts with a state transportation agency and a publicly-traded pharma agency. It also launched Cvent Studio, a live stream and video production platform for marketers and planners, and built on partnerships with hospitality tech platform Amadeus and industry association Meeting Professionals International.
For Cvent, this marks the company’s second public offering. It first IPO’d in 2013, raising $135 million on the New York Stock Exchange. In 2016, it was acquired by Vista Equity Partners for $1.65 billion, which took the company private again.
“Cvent is an innovative and entrepreneurial pioneer in the enterprise event technology space offering trusted solutions and support to customers as they continue to need robust technology to manage and deliver their in-person, virtual and hybrid events,” said Dragoneer partner Christian Jensen. “We look forward to witnessing Cvent’s next phase of growth as a publicly listed company.”
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