Cvent Starts 2010 with Unprecedented Q1 Growth
Year-Over-Year Q1 Sales Soar by 30 Percent; Supplier Network RFP Volume Up 1,040 Percent Over Q1 2009
MCLEAN, VA – May 17, 2010 – Cvent, the world's largest provider of online event management, meeting site selection and web survey solutions, today announced that the company had a record sales quarter in Q1 2010, increasing sales by 30 percent over the same period in 2009. This growth was fueled by a rebounding meetings industry in which meeting planners are increasingly turning to Cvent's web-based site selection and event management tools to achieve cost and time savings.
In Q1, Cvent drove more than 170,000 Requests for Proposals (RFPs) through the Cvent Supplier Network, a 1,040 percent increase over Q1 2009 and more than the total volume of RFPs sent through the system in all of 2009. The Cvent Supplier Network is an online site selection and venue sourcing tool that enables meeting planners to search detailed profiles of more than 100,000 event venues and service providers worldwide, send RFPs detailing their meeting requirements, and then compare supplier proposals with side-by-side reports.
"The significant boost in RFP volume on the Cvent Supplier Network illustrates that planners and suppliers both increasingly consider the system as the 'go-to' for meeting site selection. We expect that the system will generate close to $1 billion in actual awarded business in the system for hotels and event venues in 2010, which makes the Cvent Supplier Network the world's largest sourcing tool," said Bharet Malhotra, Cvent's Vice President of Sales.
Additionally in Q1, Cvent users managed more than 30,000 events with the company's event management and sourcing software, processing over 1.5 million attendee registrations and almost $200 million in event transactions.
"Customers are relying on Cvent more than ever to save time and reduce costs by streamlining site selection, online registration and strategic meetings management," said Chuck Ghoorah, Cvent's Co-Founder and Executive Vice President of Sales and Marketing. "We continue to develop our technology to deliver the most useful functionality and the greatest value to meetings industry professionals, and we are looking forward to bringing our customers major product enhancements in the coming months."
Founded in 1999, Cvent is the world's largest meetings and event management technology company and has 1,400+ 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.