The recent merger of Cvent and Lanyon Solutions will see the two providers of cloud-based enterprise event management technology combine business operations and become a privately-held company operating under the Cvent brand in the coming year.
On Tuesday, Vista Equity Partners, owner of Lanyon, completed its acquisition of all outstanding Cvent common stock for US$36.00 per share in a transaction valued at approximately US$1.65 billion.
Reggie Aggarwal, Cventâ€™s founder and CEO, has been named the CEO of the new company, while David Bonnette, CEO of Lanyon, will â€śwork with the management team through the transition to a single companyâ€ť, according to a statement.
Combined, Cvent and Lanyon have more than 800 technology professionals and over 700 customer-facing support staff.
Brian Sheth, co-founder and president of Vista, said: â€śThere is an incredible opportunity to upgrade and expand the technology in the enormous and largely untapped meetings and events industry.
“With the leadership of Cventâ€™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,â€ť he added.
Cvent has approximately 28,000 customers in 100 countries and has powered over two million events and sourced over US$50 billion total RFP value through their sourcing networks.