Q4 2010 Growth of 50% Caps Cvent's Strongest Year Yet
Company Adds Over 3,000 New Customers in 2010; Grows Annual Revenue 41 Percent
February 14, 2011 – NEW YORK and MCLEAN, VA – Cvent, the world's largest provider of online event management, meeting site selection and web survey solutions, announced it closed 2010 with Q4 year-over-year revenue growth of 50 percent. This strong performance concluded Cvent's most successful year in its 11-year history, during which the company achieved annual revenue growth of 41 percent, added 200 net new employees to its team and acquired over 3,000 new customers globally.
"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. With a laser focus on cutting costs and boosting efficiency, organizations of all kinds turned to Cvent's software to get the most out of their meetings programs and web survey initiatives. As a result, we brought on a record number of new customers and also saw a significant jump in existing customer program expansions and renewals," said Thomas Kramer, Cvent's Chief Financial Officer. "We continue to set the pace in the industry as we kick off 2011 and are poised to maintain our rapid growth."
Cvent's other 2010 key highlights include:
- Forty-nine percent growth in new booked business compared to 2009 for the company's core meeting and event management product, and the signing of a substantial number of enterprise and Fortune 500 clients leveraging Cvent's Strategic Meetings Management platform.
- Renewed and extended supplier relationships with the leading global hotel companies, whose representatives use the Cvent Supplier Network to connect with highly qualified meeting planners and capture group business leads. Cvent expects that $4 billion worth of group business will flow through the system in 2011.
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.