Cvent Acquires Decision Street to Help Hoteliers Score Leads
Adds new technology that makes it easier for hotels to prioritize and win profitable group business
Tysons Corner, Va. – Cvent, Inc. (NYSE:CVT), a leading cloud-based enterprise event management platform, today announced the acquisition of Decision Street, an Atlanta-based hotel sales-intelligence software company. The purchase bolsters Cvents initiative to add platform functionality that helps hoteliers better manage group business opportunities.
Decision Streets technology will provide a holistic view of group demand and will empower hoteliers with data analytics -- enabling hotel sales teams to quickly focus on the best group-booking leads within the context of inventory, demand, and profitability.
"For over seven years, the Cvent Supplier Network has been a trusted source for lead generation of group business for hotels. Increasingly, hoteliers are turning to us for technology that helps them manage that group demand while driving revenue and profitability," said Reggie Aggarwal, founder and CEO of Cvent. "We are meeting this demand by both building and buying technology. Decision Street with its Request for Proposals lead-scoring and sales-optimization technology -- is the type of company that fits well with our acquisition strategy. This new technology will help hoteliers be more efficient and work on the right opportunities, resulting in better conversion on more profitable business."
Aggarwal added that Decision Streets technology smoothly integrates into the Cvent platform and that the development companys focus on the hospitality sector made it a solid fit within the Cvent family.
"Group business can represent a third or more of the revenue for a hotel or venue, yet existing systems for managing and scoring group opportunities are complicated for the user and lack decision support," said Jeffrey Emenecker, CEO of Decision Street. "We have studied the problem and are building technology to make the hoteliers life easier so that sales teams can spend more time selling and make smarter group booking decisions."
Leveraging Cvents Supplier Network, which Cvent believes is the largest and most accurate database of detailed meeting venue information, hoteliers can now better manage and score leads. In 2013, an estimated $6.5 billion of group meeting business was sourced through the Cvent Supplier Network, encompassing approximately 1.2 million total Request for Proposals. The Cvent Supplier Network currently contains more than 218,000 hotels and venues in more than 175 countries that can be searched and filtered based on more than 200 characteristics and data fields. Suppliers are able to reach new customers, including the tens of thousands of meeting planners who use the Cvent Supplier Network globally, thereby helping hotels maximize their existing sales and marketing resources.
Cvent Holding Corp. (Nasdaq: CVT), is a leading meetings, events, and hospitality technology provider with more than 4,700 employees and approximately 21,000 customers worldwide. Founded in 1999, the company delivers a comprehensive event marketing and management platform and offers a global marketplace where event professionals collaborate with venues to create engaging, impactful experiences. Cvent is headquartered in Tysons, Virginia, just outside of Washington D.C., and has additional offices around the world to support its growing global customer base. The comprehensive Cvent event marketing and management platform offers software solutions to event organizers and marketers for online event registration, venue selection, event marketing and management, virtual and onsite solutions, and attendee engagement. Cvent’s suite of products automate and simplify the event management process and maximize the impact of in-person, virtual, and hybrid events. Hotels and venues use Cvent’s supplier and venue solutions to win more group and corporate travel business through Cvent’s sourcing platforms. Cvent solutions optimize the event management value chain and have enabled clients around the world to manage millions of meetings and events. For more information, please visit Cvent.com, or connect with us on Facebook, Twitter or LinkedIn.
"Safe harbor" Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements, including statements relating to future products, future technologies and the anticipated benefits of this acquisition. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any such risks or uncertainties materialize, or if any of the assumptions prove incorrect, the company's results could differ materially from the results expressed or implied by the forward-looking statements we make. For a detailed discussion of these and other risk factors, please refer to the risks detailed in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K filed on March 21, 2014 and other reports and filings with the Securities and Exchange Commission.