Cvent Holding Corp. (Nasdaq: CVT), meetings, events and hospitality technology provider, and Dragoneer Growth Opportunities Corp. II (formerly Nasdaq: DGNS) (‘Dragoneer’), have announced the completion of the Business Combination of Cvent and Dragoneer, a special purpose acquisition company formed by Dragoneer Investment Group (the ‘Business Combination’) on 8 December 2021.
The Business Combination was approved by Dragoneer shareholders at a special meeting held on 7 December 2021. Starting on 9 December 2021, the common stock of Cvent began trading on The Nasdaq Global Market under the ticker symbol ‘CVT’.
Reggie Aggarwal, Cvent CEO and founder, said: “This is an exciting day for Cvent and our more than 4,000 employees around the world. The closing of our Business Combination and our return to the public markets represents an important inflection point for our company and the industry. Organisations around the world want to get back to meeting – whether virtually, in-person, or both with hybrid – and are leveraging technology more than ever to connect with their attendees. We’ve invested heavily in our virtual and hybrid event solutions so that now, no matter how our nearly 21,000 customers want to bring people together, Cvent can help them deliver more engaging, impactful experiences. The proceeds from this transaction enable us to expand our global headcount, drive innovation, and help us deliver on our long-term growth objectives.”
“We’re thrilled to support Cvent and would like to congratulate Reggie and the entire team on reaching this incredible milestone,” said Christian Jensen, Partner at Dragoneer. “Cvent is an innovative and entrepreneurial pioneer in the enterprise event technology space offering trusted solutions and support to customers as they continue to need robust technology to manage and deliver their in-person, virtual and hybrid events. We look forward to witnessing Cvent’s next phase of growth as a publicly listed company.”
Since the announcement of the Business Combination on 23 July 2021, Cvent has announced a number of key business highlights, including:
- Hosted a third quarter 2021 earnings call during which Cvent discussed strong revenue growth and momentum across the business. Cvent closed several large transactions, including a three-year deal with a state transportation agency with a total contract value (TCV) of $900,000, a two-year deal with a publicly traded pharma company with a TCV of $1 million, and a three-year contract with a global marketing association with a TCV of nearly $900,000, among others.
- Announced the launch of Cvent Studio, a new solution that delivers powerful live stream and video production capabilities expanding Cvent’s virtual and hybrid offerings. Cvent studio enables marketers and planners to produce broadcast-quality video content through web-based solutions.
- Launched an expanded partnership with Amadeus, a leading hospitality technology platform, to increase bookings for small meetings and events.
- Extended its long-standing strategic partnership with Meeting Professionals International (MPI) which will see the partners continue to deliver educational opportunities and thought leadership content to MPI’s global community of more than 60,000 meeting and event professionals.
Photo credit: Cvent