Cvent was founded in September by Reggie Aggarwal. That same year it received $17 million in venture capital and grew its staff to 125 employees. Following the dot-com bubble burst and the September 11 attacks, Cvent faced near-bankruptcy and was forced to cut 80% of its staff.
The company became profitable again by 2003. In 2011, Cvent was growing by 50% a year and received $136 million of funding from New Enterprise Associates in July 2011, which, at the time, was the largest investment in a U.S. software company since 2007.
In 2012, Cvent entered the mobile market with the acquisition of two event application developers. On June 13, Cvent announced its acquisition of Austin-based startup Seed Labs, recently rebranded as CrowdTorch, for $4.2 million. Seven days later, the company announced its acquisition of Portland-based application developer CrowdCompass for $10 million. CrowdTorch develops mobile applications for consumer-oriented events and CrowdCompass develops mobile applications for business-related events.
Cvent filed an S-1 with the U.S. Securities and Exchange Commission on July 8, 2013, proposing an initial public offering of an estimated $5.6 million in shares. It went public on the New York Stock Exchange on August 9, 2013, at an initial price of $21. The company raised $117.6 million and received a market capitalization of more than a billion dollars. The IPO was referenced in regards to its use of the JOBS Act, which enabled the company to offer an IPO much more quickly.
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