Meetings technology platform Cvent is planning to go public via a merger with a special-purpose acquisition company at a valuation of more than $5 billion, including debt, according to The Wall Street Journal.
Cvent plans to merge with Dragoneer Growth Opportunities Corp. II, according to the report. The meetings company currently is owned by private-equity firm Vista Equity Partners, which in 2016 purchased Cvent for $1.65 billion and in 2013 acquired competitor Lanyon, bringing both companies together. Vista took Cvent private after the deal closed.
Cvent declined to comment on the report.
Prior to the pandemic, Cvent focused on in-person meetings and events, but last August added a virtual event option. It showcased its virtual capabilities at its annual Cvent Connect conference, which was held shortly after the new launch. This year’s Connect conference is scheduled to take place in Las Vegas in August this year as a hybrid event.
Cvent’s virtual division now accounts for more than $100 million in annual revenue, accounting for about 20 percent of Cvent’s total annual sales of about $500 million, according to the report.
SPACs in recent years have become a popular way to take a company public, as they face fewer regulatory requirements than traditional initial public offerings. Apartment-style accommodation provider Sonder went public with a SPAC in May.
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