Vista Equity Partners completes acquisition of Cvent
Vista Equity Partners announced Tuesday it had completed its $1.65 billion acquisition of online event management company Cvent.
As part of the acquisition, which was first announced in April, Cvent’s business operations will merge with Lanyon Solutions Inc., which is owned by Vista Equity Partners.
Reggie Agarwal, Cvent’s founder and CEO, will be CEO of the new company, which will retain the name Cvent. The combined company’s headquarters will be in Tysons with a significant presence in Lanyon’s former headquarters in Dallas. David Bonnette, CEO of Lanyon, will work with the management team through the transition.
“We are thrilled to welcome Cvent to our portfolio of high-performing software companies,” Brian Sheth, co-founder and president of Vista, said in a statement. “There is an incredible opportunity to upgrade and expand the technology in the enormous and largely untapped meetings and events industry. With the leadership of Cvent’s highly-successful management team, working with our experienced Lanyon team, we are bullish on our ability to seize the green field opportunity ahead and remain the market leader in this segment.”
Cvent’s common stock stopped trading on the New York Stock Exchange Tuesday.