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Adds new technology that makes it easier for hotels to prioritize and win profitable group business
Tysons Corner, Va. – November 6, 2014 – Cvent, Inc. (NYSE:CVT), a leading cloud-based enterprise event management platform, today announced the acquisition of Decision Street, an Atlanta-based hotel sales-intelligence software company. The purchase bolsters Cventís initiative to add platform functionality that helps hoteliers better manage group business opportunities.
Decision Streetís technology will provide a holistic view of group demand and will empower hoteliers with data analytics -- enabling hotel sales teams to quickly focus on the best group-booking leads within the context of inventory, demand, and profitability.
"For over seven years, the Cvent Supplier Network has been a trusted source for lead generation of group business for hotels. Increasingly, hoteliers are turning to us for technology that helps them manage that group demand while driving revenue and profitability," said Reggie Aggarwal, founder and CEO of Cvent. "We are meeting this demand by both building and buying technology. Decision Street Ė with its Request for Proposals lead-scoring and sales-optimization technology -- is the type of company that fits well with our acquisition strategy. This new technology will help hoteliers be more efficient and work on the right opportunities, resulting in better conversion on more profitable business."
Aggarwal added that Decision Streetís technology smoothly integrates into the Cvent platform and that the development companyís focus on the hospitality sector made it a solid fit within the Cvent family.
"Group business can represent a third or more of the revenue for a hotel or venue, yet existing systems for managing and scoring group opportunities are complicated for the user and lack decision support," said Jeffrey Emenecker, CEO of Decision Street. "We have studied the problem and are building technology to make the hotelierís life easier so that sales teams can spend more time selling and make smarter group booking decisions."
Leveraging Cventís Supplier Network, which Cvent believes is the largest and most accurate database of detailed meeting venue information, hoteliers can now better manage and score leads. In 2013, an estimated $6.5 billion of group meeting business was sourced through the Cvent Supplier Network, encompassing approximately 1.2 million total Request for Proposals. The Cvent Supplier Network currently contains more than 218,000 hotels and venues in more than 175 countries that can be searched and filtered based on more than 200 characteristics and data fields. Suppliers are able to reach new customers, including the tens of thousands of meeting planners who use the Cvent Supplier Network globally, thereby helping hotels maximize their existing sales and marketing resources.
Cvent, Inc. (NYSE: CVT) is a leading cloud-based enterprise event management platform, with more than 1,700+ employees and more than 14,000+ customers worldwide. Cvent offers software solutions to event planners for online event registration, venue selection, event management, mobile apps for events, e-mail marketing and web surveys. Cvent provides hotels with a targeted advertising platform designed to reach event planners looking for suitable venues. Cvent solutions optimize the entire event management value chain and have enabled clients around the world to manage hundreds of thousands of meetings and events. For more information, please visit www.cvent.com, or connect with us on Facebook, Twitter or LinkedIn.
"Safe harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements, including statements relating to future products, future technologies and the anticipated benefits of this acquisition. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any such risks or uncertainties materialize, or if any of the assumptions prove incorrect, the company's results could differ materially from the results expressed or implied by the forward-looking statements we make. For a detailed discussion of these and other risk factors, please refer to the risks detailed in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K filed on March 21, 2014 and other reports and filings with the Securities and Exchange Commission.