Cvent Acquires Wedding Spot to Provide Hotels and Venues Direct Wedding Business
Acquisition empowers properties to tap into the $100 billion wedding market to grow group business revenue
TYSONS, Va.— May 22, 2019 - Cvent, a market-leading meetings, events, and hospitality technology provider, today announced that it has acquired Wedding Spot™, a leading wedding venue sourcing platform. More than 12,000 special event venues and hotels utilize Wedding Spot to attract wedding business to their properties. Cvent acquired Wedding Spot to bring additional group business opportunities to the more than 260,000 hotels and venues that currently utilize the Cvent Supplier Network™, further accelerating Cvent’s product roadmap and global growth in the hospitality sector.
Founded in 2013 in San Francisco, Calif., Wedding Spot offers its more than 12,000 venues across the U.S. direct access to couples looking for their wedding venue. Within the Wedding Spot platform, couples can quickly source and compare their preferred locale. Venues leverage Wedding Spot’s unique Spot Estimate™ feature to further qualify these leads to help drive quality business to their properties.
The Cvent Hospitality Cloud offers group marketing, sales and operations solutions to help venues connect with buyers, attract and win more group business, and deliver great event experiences. By acquiring Wedding Spot, Cvent now offers an additional channel for special event venues and hotels to attract wedding business. Each year in the United States, couples spend $100 billion on weddings, and these special events represent up to 20% of group business for hotels. With more than 200,000 requests processed through Wedding Spot each year, current Cvent Hospitality Cloud clients can utilize the Wedding Spot platform to connect with these buyers and grow their group business revenue.
“Cvent has led the digital transformation of the meetings and events industry, and we are thrilled to continue the Wedding Spot journey with them,” said Yotam Soen, general manager of Wedding Spot. “Cvent continues to find new and better ways to bring event buyers and venues together, which aligns with our mission at Wedding Spot. We’re looking forward to continuing to work with all of our customers as part of Cvent.”
“Over the past 20 years, we have powered the global meetings and events ecosystem, connecting event professionals with hotels and venues to help them grow and own their business,” said Reggie Aggarwal, CEO and founder of Cvent. “With Wedding Spot, we can offer new ways for our hospitality customers to tap into the $100 billion wedding industry while also expanding our venue sourcing options with thousands of unique special event venues across the United States. We continue to broaden our platform and offerings to support our customers’ needs, and we are excited to welcome the Wedding Spot team to the Cvent family.”
Cvent is a leading meetings, events, and hospitality technology provider with nearly 4,000 employees and more than 200,000 users 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 entire 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 entire 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.
In connection with the Business Combination, Dragoneer intends to file with the Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-4 (the “Registration Statement”), which will include a preliminary prospectus and preliminary proxy statement. Dragoneer will mail a definitive proxy statement/final prospectus and other relevant documents to its shareholders. This communication is not a substitute for the Registration Statement, the definitive proxy statement/final prospectus or any other document that Dragoneer will send to its shareholders in connection with the Business Combination. The information to be filed by Dragoneer will contain substantially more information about Cvent than is being furnished with this communication and may contain information that an investor will consider important in making a decision regarding an investment in Dragoneer securities. INVESTORS AND SECURITY HOLDERS OF DRAGONEER ARE ADVISED TO READ, WHEN AVAILABLE, THE PROXY STATEMENT/PROSPECTUS IN CONNECTION WITH DRAGONEER’S SOLICITATION OF PROXIES FOR ITS EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION (AND RELATED MATTERS), AS WELL AS ANY AMENDMENTS THERETO, AND THE EFFECTIVE REGISTRATION STATEMENT AND DEFINITIVE PROXY STATEMENT/PROSPECTUS IN CONNECTION WITH SUCH SOLICITATION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION AND THE PARTIES TO THE BUSINESS COMBINATION. The definitive proxy statement/final prospectus will be mailed to shareholders of Dragoneer as of a record date to be established for voting on the Business Combination. Shareholders will also be able to obtain copies of the proxy statement/prospectus, without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: Dragoneer Growth Opportunities Corp. II, One Letterman Drive, Building D, Suite M500, San Francisco, California, 94129.
Participants in the Solicitation
Dragoneer, Cvent and certain of their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Dragoneer’s shareholders in connection with the Business Combination. DRAGONEER’S SHAREHOLDERS AND OTHER INTERESTED PERSONS MAY OBTAIN, WITHOUT CHARGE, MORE DETAILED INFORMATION REGARDING THE DIRECTORS AND OFFICERS OF DRAGONEER IN ITS ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020, WHICH WAS FILED WITH THE SEC ON MARCH 31, 2021 AND IN ITS QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2021, WHICH WAS FILED WITH THE SEC ON JUNE 21, 2021. INFORMATION REGARDING THE PERSONS WHO MAY, UNDER SEC RULES, BE DEEMED PARTICIPANTS IN THE SOLICITATION OF PROXIES TO DRAGONEER’S SHAREHOLDERS IN CONNECTION WITH THE PROPOSED TRANSACTION AND OTHER MATTERS TO BE VOTED AT THE SPECIAL MEETING WILL BE SET FORTH IN THE REGISTRATION STATEMENT FOR THE BUSINESS COMBINATION WHEN AVAILABLE. Investors and Dragoneer’s shareholders may obtain more detailed information regarding the names and interests in the Business Combination of Dragoneer’s directors and officers in Dragoneer’s filings with the SEC, including the Registration Statement to be filed with the SEC by Dragoneer, which will include the proxy statement of Dragoneer for the Business Combination, and such information and names of Cvent’s directors and executive officers will also be in the Registration Statement to be filed with the SEC by Dragoneer, which will include the proxy statement of Dragoneer for the Business Combination.
Forward Looking Statements
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Forward-looking statements in this communication include, but are not limited to, statements regarding future events, such as the proposed Business Combination between Dragoneer and Cvent, including the timing and structure of the transaction, the likelihood and ability of the parties to successfully consummate the Business Combination, the PIPE and the Forward Purchase Agreement, the amount of funds available in the trust account as a result of shareholder redemptions or otherwise, as well as statements about the composition of the board of directors of the company. We cannot assure you that the forward-looking statements in this communication will prove to be accurate. These forward looking statements are subject to a number of risks and uncertainties, including, among others, the general economic, political, business and competitive conditions; the inability of the parties to consummate the Business Combination or the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement or any related agreements or could otherwise cause the transaction to fail to close; the outcome of any legal proceedings that may be instituted against the parties following the announcement of the Business Combination and the transactions contemplated by the Business Combination; the ability of existing investors to redeem the ability to complete the Business Combination due to the failure to obtain approval from Dragoneer’s shareholders, or the risk that the approval of the shareholders of Dragoneer for the potential transaction is otherwise not obtained; the failure to satisfy other closing conditions in the Business Combination Agreement or otherwise, the occurrence of any event that could give rise to the termination of the Business Combination Agreement; the failure to obtain financing to complete the Business Combination, including to consummate the PIPE or the transactions contemplated by the Forward Purchase Agreement; the ability to recognize the anticipated benefits of the Business Combination; the impact of COVID-19 on Cvent’s business and/or the ability of the parties to complete the Business Combination; the receipt of an unsolicited offer from another party for an alternative business transaction that could interfere with the Business Combination; changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; failure to realize the anticipated benefits of the Business Combination, including as a result of a delay in consummating the potential transaction or difficulty in integrating the businesses of Dragoneer and Cvent; the risk that the Business Combination disrupts current plans and operations of Dragoneer or Cvent as a result of the announcement and consummation of the Business Combination; the ability of the Company to grow and manage growth profitably and retain its key employees; the inability to obtain or maintain the listing of the post-acquisition company’s securities on Nasdaq following the Business Combination; changes in applicable laws or regulations and delays in obtaining, adverse conditions contained in, or the inability to obtain regulatory approvals required to complete the Business Combination; costs related to the Business Combination; and other risks and uncertainties, including those to be included under the header “Risk Factors” in the registration statement on Form S-4 to be filed by Dragoneer with the SEC, those included under the header “Risk Factors” in the final prospectus of Dragoneer related to its initial public offering and those under the heading “Summary Risk Factors” in the investor presentation filed as Exhibit 99.3 to Dragoneer’s Current Report on Form 8-K filed on July 23, 2021. 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About Wedding Spot
Wedding Spot simplifies the process of finding a wedding venue by providing more than just an online directory. Working directly with venues, Wedding Spot gathers all the information allowing newly engaged couples to find venues based on budget, location, style, and guest count. Users can "build out" their ideal wedding day by selecting guest count, wedding date, and specific services and options to receive an instant online price estimate and book a venue viewing appointment with one click of a button. Wedding Spot offers wedding venues tools to manage the entire wedding booking process, including acquiring customers, organizing content, and marketing inventory. Launched in August 2013 and currently partnering with over 12,000 venues in the U.S., Wedding Spot has helped millions of couples find their wedding venue.
Wedding Spot was a wholly owned subsidiary of HoneyBook, the leading business and financial management platform for solopreneurs and freelancers. Founded in 2013, HoneyBook is based in San Francisco and funded by Citi Ventures, Norwest Venture Partners, Aleph, Vintage Investment Partners, Hillsven Capital and UpWest Labs. Learn more at honeybook.com.