Cvent Acquires Elite Meetings International to Expand Reach of Group-Business Sourcing Network

LONDON, UK – January 7, 2015 - Cvent, Inc., 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.

EMI's online venue-sourcing tools for meeting planners – EliteMeetings.com and SpeedRFP.com – will be integrated into Cvent's growing hospitality cloud offering.

"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

Cvent is a leading meetings, events, and hospitality technology provider with 4,800+ employees and ~22,000 customers worldwide as of December 31, 2023. 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 lifecycle 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

"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.