Delivering the keynote speech at Cvent CONNECT Europe in London, 15 October, CEO Reggie Aggarwal reflected on 20 years in business, from near bankruptcy to becoming a global event and hospitality technology leader. He also offered key lessons to business professionals to drive success when he addressed the 1,300 delegate event and hospitality professionals.
Aggarwal urged attendees, and the MICE industry at large, to embrace their entrepreneurial spirit, uncover new business opportunities, and find ways to capitalise on the growing MICE industry, which he said was projected to reach US$1.4bn by 2025.
Aggarwal shared an account of the path to Cvent’s success. “When I started the company, we had one product, and one vision: Online event registration,” he said. “In 20 years, we’ve grown from a handful of people working in my parent’s basement to a company with more than 4,300 employees providing an entire event management platform to planners, marketers, and hoteliers around the world. Our journey has been full of ups and downs, but we are extremely proud of the industry-leading company we have become today, and we’re excited for what the next 20 years will bring.”
Cvent, Aggarwal continued, now had 27,000 customers and 300,000 users worldwide. The company, he added, had powered 3.5m events for some of the most recognised brands in the world and has connected hundreds of thousands of hotels and venues with their customers.
Cvent went public on the New York Stock Exchange in 2013 and went private in a $1.65bn transaction in November 2016.
Aggarwal noted that, in Europe, the company had seen a nearly 50% increase in business and Request-for-Proposal (RFP) value sourced through the Cvent Supplier Network which had increased 35% year-over-year, highlighting continued MICE growth in the region.
Cvent has expanded its headcount across Europe to nearly 200 employees, the CEO said.
Aggarwal described Cvent’s success as “a result of our ability to adapt, stay agile, deliver exceptional service, and continue innovating and expanding our platform in a way that our customers need most.
“For all the MICE professionals who have the seed of an idea, I would encourage them to take calculated risks, get out of their comfort zone, fall down, get back up, and never lose faith in their ability to make big things happen.”
Cvent CONNECT Europe runs until 16 October at InterContinental, The O2 London.