Deals
Vista Equity Buys Cvent for $1.65 Billion to add Software
- Cvent shares shares soar 66 percent, most in almost 3 years
- `Most significant' event software acquisition yet, Vista says
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Cvent Inc., which makes cloud-based event management software for businesses, agreed to be acquired by affiliates of Vista Equity Partners LLC for $1.65 billion as the technology-focused private equity firm expands its portfolio of software for managing events and conferences.
According to terms announced Monday, Cvent stockholders will receive $36 in cash per share, a premium of about 69 percent over Cvent’s closing price on April 15. Cvent will become a private company after the transaction is completed. Cvent’s shares jumped 66 percent, the most since August 2013, to $35.28 at 10:14 a.m. in New York. Cvent’s shares had fallen almost 40 percent this year at the close on Friday.