Cvent Inc. will be acquired by private-equity firm Vista Equity Partners in a deal valued at about $1.65 billion, reports MarketWatch. According to Cvent, this will be “the largest acquisition of a publicly traded software company in Washington, DC history.”
The McLean, Va-based company, which provides cloud-based software for event planners, said its shareholders will receive $36 in cash per share, equal to a premium of about 69% over Cvent’s closing price in April 15, and a 70% premium over Cvent’s average closing price over the last 30 trading days.
Cvent will become a privately-held company once the deal closes, which the company expects to happen in the third quarter of 2016.
According to Cvent, the company has close to 16,000 customers and 2,000 employees around the globe. Last year, it helped manage more than 340,000 meetings, and hotels around the world received nearly $10 billion in “group business” from our meeting planner customers.