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

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.

Cvent’s software helps conference organizers run their events and lets event participants connect through mobile apps. The purchase adds to Vista’s portfolio of event-management software, which already includes Cvent competitor Active Network Inc.

“Over the last several years, Vista has developed a leading portfolio of meeting technology providers. This acquisition is our most significant investment in this space,” Brian Sheth, co-founder and president of Vista, said in a statement.

For Cvent, the agreement injects fresh funds into the 17-year-old, McLean, Virginia-based company.

“With Vista’s financial strength to invest in Cvent now and in the future, we will be better positioned to deliver innovative solutions that transform the meetings and events industry, and to offer employees new opportunities for career growth.” Reggie Aggarwal, founder and chief executive officer of Cvent, said in the statement.

Morgan Stanley is serving as financial adviser to Cvent, and Wilson Sonsini Goodrich & Rosati is serving as legal adviser to Cvent. Vista’s legal adviser is Kirkland & Ellis LLP.

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