Cvent Named One of the Fastest Growing Companies in North America on Deloitte's 2011 Technology Fast 500™
Company Grows Revenue by Nearly 40 Percent and Signs More Than 2,100 New Customers in the First Three Quarters of 2011
October 19, 2011 – NEW YORK and MCLEAN, VA – Cvent, the world’s largest provider of cloud-based software for event management, meeting site selection and web surveys, today announced that it was named to Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing companies in North America. Rankings are based on percentage of fiscal year revenue growth from 2006–2010, during which Cvent grew 276 percent. Cvent’s five-year compound annual growth rate is 42 percent.
Additionally, in the first three quarters of 2011, Cvent grew its revenue by almost 40 percent over the same time period last year and signed more than 2,100 new customers, including Visa, True Value Corporation, Bacardi, The Home Depot Foundation and US Foods. Cvent has also added 158 net new employees to its team in 2011, bringing the company to more than 850 employees worldwide.
"We set the bar high for ourselves with aggressive growth goals over the past few years, and are honored to be recognized as a Deloitte Fast 500 company," said Chuck Ghoorah, Executive Vice President of Sales and Marketing at Cvent. "Companies are increasingly turning to web-based software to help employees do their jobs faster, easier and more cost-efficiently, and adoption of Cvent’s solutions has been steadily on the rise. We will continue to invest in product enhancements, our award-winning client service initiatives and our employees to ensure we maintain our tremendous growth trajectory."
In July, Cvent received a $136 million investment led by New Enterprise Associates and Insight Venture Partners to fuel enhancements to its event management, strategic meetings management and web survey products, and to accelerate the growth of the Cvent Supplier Network, the world’s largest free online marketplace that connects event planners with venues.
"We are pleased to honor Cvent as a 2011 Technology Fast 500 company," said Mark Jensen, managing partner, technology and venture capital services, Deloitte & Touche LLP. "As one of the fastest growing tech companies in North America, Cvent has demonstrated excellence in technological innovation, entrepreneurship and rapid growth."
For more information about the Deloitte Technology Fast 500™, please visit http://www.deloitte.com/us/fast500/.
Founded in 1999, Cvent is the world's largest meetings and event management technology company and has 1,200 employees worldwide. Cvent offers web-based software for online event registration, meeting site selection, event management, mobile apps for events, e-mail marketing and web surveys, and helps more than 10,000 clients in 90 countries manage hundreds of thousands of events, surveys and e-mail campaigns. Cvent's client base includes corporations from every major industry, associations, universities, and non-profit organizations. For more information, please visit www.cvent.com, or connect with us on Facebook, Twitter or LinkedIn.
About Deloitte's 2011 Technology Fast 500™
Technology Fast 500, which was conducted by Deloitte & Touche LLP, a subsidiary of Deloitte LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private – in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2006 to 2010. In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.