Cvent Acquires Elite Meetings International to Expand Reach of Group-Business Sourcing Network
Tysons Corner, Va. – Cvent, Inc. (NYSE:CVT), a leading cloud-based enterprise event management platform, today announced the acquisition of Elite Meetings International (EMI), a Santa Barbara, Ca.-based premier hospitality marketing company. Terms of the purchase were not disclosed.
"We are excited about the acquisition because EMI is a natural fit in our growing portfolio of solutions and will benefit both meeting planners and hospitality marketers," said Reggie Aggarwal, founder and CEO of Cvent. "Cvent is dedicated to creating the most comprehensive marketplace for group business connecting meeting planners with hotels and venues worldwide."
The EMI acquisition provides Cvent with a growing network of meeting planners who are actively sourcing event venues globally. It also provides white-label technology that powers group business sourcing on hundreds of hotel websites and enables those clients to easily manage all of their electronic Request for Proposals through one central interface.
"We have known and respected Cvent for years as the market leader," said Kelly Foy, founder and CEO of EMI. "We think this combination will bring powerful value to meeting and event planners across the globe, not only for locating the most attractive luxury and upscale hotels for group business but also for sourcing venues across all markets with the most dynamic, innovative tools and integrated solutions."
Cvent expects the financial impact of the transaction to be immaterial to revenue in 2015 and to be dilutive to 2015 adjusted EBITDA by approximately $3.5 million.
About Cvent, Inc.
Cvent, Inc. is a leading cloud-based enterprise event management company, with tens of thousands of customers and more than 2,700 employees worldwide. Cvent offers software solutions to event planners for online event registration, venue selection, event management, mobile apps for events, email marketing, and web surveys. Cvent provides hoteliers with an integrated platform, enabling properties to increase group business demand through targeted advertising and improve conversion through proprietary demand management and business intelligence solutions. Cvent solutions optimize the entire event management value chain and have enabled clients around the world to manage hundreds of thousands 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 financial projections, 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.