Cvent merger on the cards, reports WSJ

Cvent has reportedly agreed a merger with a ‘special-purpose’ acquisition company in a deal that would take the event technology company public. According to the Wall Street Journal, Cvent is slated to merge with Dragoneer Growth Opportunities Corp. II in a transaction that values the private-equity-owned company at more than $5 billion including debt. Cvent, founded by Reggie Aggarwal (pictured) is currently owned by private-equity firm Vista Equity Partners, which took the company private in 2016 in a $1.65 billion deal. The maker of cloud-based event-management software currently has around 4,000 employees and more than 200,000 users worldwide. Over the past year it has become a major player in the virtual events sector, with an offering believed to be driving more than $100 million in revenue. Cvent Connect, the company’s annual user conference is due to take place from 1-4 August both online and in-person at Caesars Forum in Las Vegas. It is anticipated that confirmation of the merger could be issued during the event. Last year’s virtual-only Cvent Connect drew a 35,000-strong audience – nearly eight times that of the in-person gathering from 2019. Cvent Connect Europe, likely to be one of this year’s largest hybrid gatherings of meetings, events and hospitality professionals across Europe, is planned for 4-6 October from London.