Cvent, a meetings, events and hospitality technology provider, entered into a definitive acquisition agreement with an affiliate of private equity funds managed by Blackstone. The transaction is valued at $4.6 billion.
The acquisition follows a series of recent partnerships that seek to strengthen Cvent’s platform, including an integration with Zoom designed to deliver an end-to-end hybrid event experience. Additionally, Cvent teamed up with MeetingPackage, a travel and hospitality tech company, to help provide Cvent customers with the ability to instantly book simple and small meetings with hotels and venues.
“We are excited to share this announcement and look forward to our next chapter alongside the Blackstone team,” said Reggie Aggarwal, Founder and CEO of Cvent, in a statement. “As one of the world’s largest private equity firms, Blackstone brings deep expertise in the event and hospitality industry, and with their backing, we plan to continue to invest in our business and deliver the innovative solutions that meet our customers’ needs and power the meetings and events ecosystem.”