Tysons Corner-based Cvent acquires hotel sales-intelligence software company
Tysons Corner-based Cvent Inc., an event management software company, has acquired Decision Street, an Atlanta-based hotel sales-intelligence software company.
Financial details of the deal were not disclosed.
Cvent said the acquisition boosts its effort to help hoteliers better manage group business opportunities.
The company offers software to event planners for online event registration, venue selection, event management, mobile apps for events, e-mail marketing and web surveys.
Cvent also provides hotels with a targeted advertising platform designed to reach event planners looking for venues
The company said Decision Street’s technology will give hoteliers valuable data analytics, allowing hotel sales teams to focus on the group-booking leads based on inventory, demand, and profitability.
“Group business can represent a third or more of the revenue for a hotel or venue, yet existing systems for managing and scoring group opportunities are complicated for the user and lack decision support,” Jeffrey Emenecker, CEO of Decision Street, said in a statement. “We have studied the problem and are building technology to make the hotelier’s life easier so that sales teams can spend more time selling and make smarter group booking decisions.”
In 2013, an estimated $6.5 billion of group meeting business was sourced through the Cvent Supplier Network, encompassing approximately 1.2 million total request for proposals.
The network currently includes more than 218,000 hotels and venues in more than 175 countries that can be searched and filtered based on more than 200 characteristics and data fields.
Cvent has more than 1,450 employees and more than 12,650 customers worldwide. The company held an initial public offering in August, raising $117 million. Its shares are traded on the New York Stock Exchange.