Cvent reports revenues up 41% in 2010

Published in Conference News
February 16, 2011
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Thomas Kramer

Online event management company Cvent, has announced year-on-year revenue growth of 41 per cent for 2010.

The company claims its strongest ever Q4 and full-year results come on the back of its acquiring more than 3,000 new customers and 200 net new employees last year.

Cvent says its growth was fuelled by a recovering meetings industry and an increased focus by businesses of all kinds on deploying web-based software to cut costs and boost efficiency.

"We performed exceptionally well on all fronts in 2010, as businesses called on Cvent to help them navigate a 'new normal' left by the recession," said Cvent's Chief Financial Officer Thomas Kramer.

"Organisations of all kinds turned to Cvent's software to get the most out of their meetings programmes and web survey initiatives. We continue to set the pace in the industry as we kick off 2011 and are poised to maintain our rapid growth."

Cvent reports 49 per cent growth in new booked business compared to 2009 for the company's core meeting and event management product, and the signing of more Fortune 500 clients leveraging Cvent's Strategic Meetings Management platform.

Cvent offers profiles of 150,000+ venues worldwide and a Request for Proposal (RFP) tool for subscribers. The company claims $4 billion worth of group business will flow through its Supplier Network in 2011.

Cvent claims over 90,000 users in 40 countries.