Private equity firm Vista Equity Partners, which owns meetings technology company Lanyon, is expanding its presence in the sector with a proposed $1.65 billion buyout of Cvent.
Vista will acquire all of Cvent’s outstanding shares at $36 per share, a massive 70% premium on its average closing price during the last month.
The deal has been approved by the Cvent board and is expected to close by the third quarter of this year subject to regulatory approvals.
"This milestone is the next chapter in our 17-year history. 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," said Reggie Aggarwal, CEO of Cvent.
According to a recent filing Cvent posted revenue of $187 million for 2015.
Brian Sheth, co-founder and president of Vista said: "We are excited to work with the Cvent team to lead the business into this next phase. 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."
