Zoom-Backed Events Platform Cvent to Go Public via $5.3 Billion SPAC Deal

July 23, 2021 9:23 AM EDT
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Cvent, a company that provides software to planners for event management, announced today a deal to become a publicly-traded company.

Cvent will merge with a special purpose acquisition company Dragoneer Growth Opportunities Corp. II (Nasdaq: DGNS) in a $5.3 billion deal.

“The meetings and events industry has experienced rapid digital transformation over the last 18 months, with the pandemic creating a new paradigm for the events industry. Events became digitized through virtual and online experiences, and we invested heavily in expanding our virtual event capabilities. Now, we are engaging in a hybrid world, as in-person events resume, and virtual events remain prominent. With the increased digitization of our industry, events are ’always on’ and have fewer boundaries. My management team and our nearly 4,000 employees around the world are excited for the opportunity to continue to innovate and enable our customers to leverage Cvent across their Total Event Program,” Cvent CEO & Founder Reggie Aggarwal said.

The company is expecting to raise $801 million to accelerate innovation and expand its product offerings as it looks to further tap into the $30 billion market for in-person, virtual, and hybrid events.

Dragoneer Founder and Managing Partner Marc Stad commented:

“We are excited to lock arms with Cvent and help position the business for its next phase of growth as a publicly listed company. In H2’20, Cvent launched its virtual events solution, and ever since, this virtual product line has been growing rapidly and has been well-received by customers. As the world reopens, we expect to move into a hybrid world that combines elements of in-person and virtual events.

The total money raised by Cvent includes a PIPE of $475 million with the participation from Fidelity Management & Research Company LLC, Hedosophia, Oaktree Capital Management L.P., and Zoom Video Communications, Inc. (NASDAQ: ZM), among others.

Upon closing of the merger, Cvent and is expected to trade under the ticker symbol “CVT.”

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