Cvent Was Just Bought Out By Vista Equity For A 69% Premium

April 18, 2016 2:21 PM | 1 min read | Make a Comment
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Cvent Inc
CVTannounced on Monday it has entered into an agreement in which it will be acquired by affiliates of Vista Equity Partners, a private equity firm that focuses on investments in software, data and technology-enabled businesses. As part of the agreement, Vista will acquire 100 percent of the outstanding shares of Cvent at a price of $36.00 per share, marking a premium of approximately 69 percent over its closing price on Friday, and a 70 percent premium to the stock's average closing price over the past 30 trading days. The deal has been unanimously approved by Cvent's Board of Directors and recommend that investors vote in favor of the transaction. The deal is expected to close in the third quarter of 2016. "We are pleased to announce this transaction that provides a significant premium for Cvent stockholders," said Reggie Aggarwal, founder and CEO of Cvent. "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, and to offer employees new opportunities for career growth." "Reggie and the Cvent team have built a leading portfolio of products and are positioned for expansion in a large and underpenetrated market," said Brian Sheth, co-founder and President of Vista. "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, and further solidifies our commitment to the broader industry."
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Posted In: NewsM&ABrian ShethCventReggie Aggarwaltechnology companiesTechnology M&AVista Equity Partners
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