Cvent Receives $1 Million Grant Award from Governor McDonnell
Company to move into new 130,000 square foot headquarters, plans to create more than 400 new jobs
McLean, Va. – Cvent (NYSE : CVT), a leading cloud-based enterprise event management platform, today announced plans to relocate the companys headquarters to the same building as SAICs global headquartersthe newly renamed "Greensboro Station"in Tysons Corner, Virginia. The company will benefit from a $1 million grant from the state to support job creation and investment in the property, and plans to add more than 400 additional employees in three years, almost doubling the companys Virginia-based headcount.
"This move reflects the growth we have experienced in recent years and represents the continued expansion we are driving toward," said Reggie Aggarwal, Chief Executive Officer of Cvent. "We are increasing our footprint and headcount because we see an incredible opportunity to deliver positive change and innovation in the meetings and events industry."
"Its been a pleasure to watch Cvent grow from a two-person startup to a publicly traded company with more than 1,300 employees worldwide," said Virginia Governor Bob McDonnell. "Virginia is pleased to support Cvent and other companies like it because they are pivotal in bringing growth, prosperity and new jobs to the state."
The companys new headquarters will be located at the Greensboro stop of the new Washington Metro Silver Line connecting Tysons Corner directly with downtown Washington, D.C. and Dulles Airport. The building is slated to undergo significant renovation that will add new retail and office space as it becomes a critical transit hub. Cvent worked closely with the Virginia Economic Development Partnership and the Fairfax County Economic Development Authority in developing the lease.
"Were proud that Cvent is a significant job creator here in Virginia and the greater D.C. metro area," Aggarwal continued. "Hiring and maintaining top talent are a significant focus for our company. At Cvent we are committed to maintaining an exciting, high-growth organization, with an entrepreneurial, customer-focused culture, thats a great place to work and build a career."
Cvents new address will be 1710 Solutions Drive, McLean, VA 22102. The company will lease approximately 130,000 square feet of space and plans to begin moving in the second half of 2014. Greensboro Station was recently acquired by The Meridian Group, a D.C. area-based real estate private equity firm.
About Cvent, Inc.
Cvent, Inc. is a leading meetings, events, and hospitality management technology provider with more than 3,200 employees, 25,000 customers, and 300,000 users worldwide. The Cvent Event Cloud offers software solutions to event planners and marketers for online event registration, venue selection, event management and marketing, onsite solutions, and attendee engagement. Cvent’s suite of products automate and simplify the planning process to maximize the impact of events. The Cvent Hospitality Cloud partners with hotels and venues to help them drive group and corporate travel business. Hotels use the Cvent Hospitality Cloud’s digital marketing tools and software solutions to win business through Cvent’s sourcing platforms and to service their customers directly, efficiently and profitably – helping them grow and own their business. 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.
Cautionary Language Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding relocating our headquarters, employee headcount growth and other statements regarding our expectations regarding the growth of the meetings and events industry and our market position therein. These forward-looking statements are made as of the date of this press release and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as plan, "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, our ability to renew existing customers and attract new customers; our ability to manage our growth effectively; and the volatility of our financial results and expectations. 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 final prospectus for our initial public offering filed on August 9, 2013 and most recent Quarterly Report on Form 10-Q and subsequent periodic and current reports. Past performance is not necessarily indicative of future results. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.