Event tech giant Cvent, has which has grown exponentially in recent years and which was acquired in 2016 by Vista Equity Partners in a record US$1.65bn deal, has released the following statement, 22 May, announcing a major programme of lay-offs and furloughing of staff:
“Furloughs and lay-offs have greatly impacted professionals across the meetings, events, and hospitality industries – industries that we directly support.
“As the pandemic initially took hold, we aggressively pursued multiple expense reduction measures. Unfortunately, today we have had to follow others in taking the expense reduction of last resort, reducing our headcount and furloughing some employees, a decision we have not taken lightly.
“While decisions are not yet final for our UK workforce, in total, 10% of our global workforce is impacted by this reduction in force. These Cventers were valued members of our team who made great contributions to the business, and we will miss them. They were more than just our colleagues and our hearts go out to them and their families. This decision weighs heavily on all of us.
“We remain focused on supporting our customers, providing guidance and expertise to help our industry recover, and innovating for the future. We have expanded and enhanced our virtual meetings offerings to support clients in the current environment and remain steadfast in our commitment to the power of in-person meetings and to the long-term prospects for face-to-face events. We believe with today’s actions we have positioned the company to weather the current storm and thrive as the industry returns.”