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First-quarter revenue for meetings technology company Cvent increased 21 per cent year-on-year to $166.2 million, the company said in a filing with the US Securities and Exchange Commission.
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Cvent, which has announced an agreement to be acquired by private equity firm Blackstone, said that revenue for Event Cloud, its subscription-based meetings management product, increased 20.7 per cent year-on-year to nearly $114.7 million.
This increase in sales was attributed by Cvent “to the strong performance of products that support in-person meetings and events because of the lessening impact of the global Covid-19 pandemic”.
Revenue for the company's Hospitality Cloud marketing platform for suppliers increased 21.6 per cent year-on-year to $51.5 million. Cvent said this rise was “primarily due to increased demand of our advertising and software solutions driven by the sustained return of in-person meetings”.
Despite this increase in revenue, Cvent still made a net loss of $32.6 million in the first quarter of this year – this compared with a net loss of $31.4 million in the first quarter of 2022.
Cvent announced in March it had agreed to be acquired by an affiliate managed by private investment firm Blackstone for approximately $4.6 billion – less than 18 months after the company listed on the Nasdaq exchange in the US.
The company in Friday's SEC filing indicated it expected the transaction to close by "mid-year 2023". The company did not hold a conference call to discuss its first-quarter results and will no longer be a public company upon completion of the deal with Blackstone.