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, Cvent’s founder and CEO, has been named the CEO of the new company, while David Bonnette, CEO of Lanyon, will “work with the management team through the transition to a single company”, 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: “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,” 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.
