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  • RSAV has acquired Lanham, Md.-based Hargrove, Inc, expanding PSAV’s presence in the trade show industry.
  • Groundbreaking for Phase II of the Las Vegas Convention Center expansion took place Jan. 8, adding about 1.4 million square feet by 2021.
  • CES set a new show record of 2.75 million nsf of exhibit space when it opened Jan. 9, topping the 2017 record
  • Visit KC is looking for a new President and CEO because Ronnie Burt will step down Jan. 31 after settlement of a lawsuit.
  • CES experienced an opening day power outage at the LVCC affecting the Central Hall. South and North Halls reportedly were up and running.
  • A memorial service will be held Jan. 6 for Raymond Moriarity, 71, co-owner of Paradice Expo Services who died on Dec. 28.
  • A memorial service is pending for John Portman Jr., 93, founder of the company that became AmericasMart Atlanta. He died Dec. 29.
  • Shepard is acquiring Production Associates, an audio-visual provider based in the Washington, D.C., market.

Software Equity Firm Pays $1.65 Billion for Cvent

Hil Anderson
, Senior Editor
April 20, 2016
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Tysons Corner, VA – The equity firm that owns the event management organization ACTIVE Network is adding Cvent to its portfolio for a hefty $1.65 billion in cash.

The immediate goal of Vista Equity Partners is to take Cvent private and bolster Vista’s overall position in the event technology market.

“Vista has developed a leading portfolio of meeting technology providers over the last several years,” said Vista President Brian Sheth. “This acquisition is our most significant investment in this space, and further solidifies our commitment to the broader industry.”

The Cvent board of directors has approved the acquisition, and the sale will close sometime in the Third Quarter. Cvent will remain in its suburban Washington location with a new source of capital at its disposal. “With Vista’s financial strength to invest in Cvent now and in the future, we will be better positioned to deliver innovative solutions that transform the meetings and events industry, and to offer employees new opportunities for career growth,” said Cvent CEO and founder Reggie Aggarwal.

Cvent specializes in software for trade show managers and event planners. Its menu covers the gamut of services, including registration, marketing, mobile apps and venue selection. It provided registration services for the PLMA Private Label Trade Show, which was ranked 69thon the most recent Trade Show Executive Gold 100.

Cvent will join ACTIVE NETWORK in Vista’s portfolio of event technology companies. ACTIVE Network, LLC specializes in event management and marketing solutions, primarily in the recreation and sporting enthusiast events such as marathons, triathlons, ski resorts and campgrounds.

“The Cvent team has built a leading portfolio of products and is positioned for expansion in a large and under-penetrated market,” said Sheth. “We are excited to work with the Cvent team to lead the business into this next phase.”

 

Reach Brian Sheth at (512) 730-2400 or bsheth@vistaequitypartners.com; Reggie Aggarwal at (703) 226-3500 or raggarwal@cvent.com

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