Vista Equity Partners, owner of cloud-based software firm Lanyon, has completed its acquisition of cloud-based enterprise event management technology solution, Cvent.
The US$1.65bn transaction, originally announced on 18 April 2016, was completed today (29 November).
As the merger is effective today, the companies will combine business operations in the coming year. The combined company will be privately held and operate under the Cvent brand. Reggie Aggarwal, Cvent’s founder and CEO, has been named the CEO of the new combined company, and David Bonnette, CEO of Lanyon, will work with the management team through the transition to a single company.
“We celebrate two new milestones today as we formally join the Vista family and merge with our highly-regarded peer, Lanyon,” said Aggarwal.
“Combined under the Cvent umbrella, and with Vista’s powerful backing, we will draw on our decades of experience to push the boundaries of event technology innovation and remain focused on delivering outstanding technology, capabilities and service to the events industry.”
Over the past two decades, Lanyon and Cvent have delivered some of the most innovative and successful technology solutions, covering the full spectrum of the event lifecycle including event management, strategic meetings management, sourcing solutions for both transient and group business, room block management, and mobile and onsite solutions.
“We are thrilled to welcome Cvent to our portfolio of high-performing software companies,” said Brian Sheth, co-founder and president of Vista.
“There is an incredible opportunity to upgrade and expand the technology in the enormous and largely untapped meetings and events industry. With the leadership of Cvent’s highly-successful management team, working with our experienced Lanyon team, we are bullish on our ability to seize the green field opportunity ahead and remain the market leader in this segment.”
Combined, the companies have more than 800 technology professionals and more than 700 customer-facing support staff.