Conferences expertise platform Cvent is planning to go public through a merger with a special-purpose acquisition firm at a valuation of greater than $5 billion, together with debt, in keeping with The Wall Avenue Journal.
Cvent plans to merge with Dragoneer Progress Alternatives Corp. II, in keeping with the report. The conferences firm presently is owned by private-equity agency Vista Fairness Companions, which in 2016 bought Cvent for $1.65 billion and in 2013 acquired competitor Lanyon, bringing each firms collectively. Vista took Cvent personal after the deal closed.
Cvent declined to touch upon the report.
Previous to the pandemic, Cvent targeted on in-person conferences and occasions, however final August added a digital occasion possibility. It showcased its digital capabilities at its annual Cvent Join convention, which was held shortly after the brand new launch. This yr’s Join convention is scheduled to happen in Las Vegas in August this yr as a hybrid occasion.
Cvent’s digital division now accounts for greater than $100 million in annual income, accounting for about 20 % of Cvent’s whole annual gross sales of about $500 million, in keeping with the report.
SPACs lately have change into a well-liked method to take an organization public, as they face fewer regulatory necessities than conventional preliminary public choices. Residence-style lodging supplier Sonder went public with a SPAC in Could.
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