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Cvent is returning to the public markets with a SPAC deal announced Friday.
The SPAC Deal: Cvent announced a SPAC merger with Dragoneer Growth Opportunities Corp. II (NASDAQ:DGNS) valuing the company at $5.3 billion.
Among the PIPE investors is Zoom Video Communications Inc (NASDAQ:ZM).
“We believe that Cvent’s event technology is complementary to what we offer as a video communications leader and our organizations already have a long track record of working together as technology partners and as users of each other’s solutions,” said Zoom CFO Kelly Steckelberg.
Public DGNS shareholders will own 5% of the company after the merger. Shares will trade as Cvent Holding Corp with ticker CVT after the merger.
Related Link: Cvent SPAC Deal Could Include 10% Investment From Zoom
About Cvent: Since 1999, Cvent has provided technology leadership in the meeting, event and hospitality space.
There is $1 trillion spent on business meetings and events annually. Cvent counts 51% of Fortune 500 customers as clients and has over 23,000 customers.
Cvent was publicly traded from 2013 to 2016 before a buyout took the company private.
Growth Ahead: Cvent has shifted its business model during the pandemic to virtual and hybrid events, which has led to the company creating new revenue streams and gaining over 900 new customers.
Cvent lists a total addressable market size of $30 billion for in-person, virtual and hybrid events.
“The meetings and events industry has experienced rapid digital transformation over the last 18 months, with the pandemic creating a new paradigm for the events industry,” said Cvent CEO and founder Reggie Aggarwal.
Cvent offers its Hospitality Cloud platform to help with hotel booking, an area that makes it unique to competitors, according to the press release. The end-to-end solution helps customers with efficiency and scale.
Financials: Cvent had revenue of $499 million in fiscal 2020, down from the $572 million in 2019 with a full slate of in-person events.
The company projects revenue of $507 million, $623 million and $763 million for fiscal 2021, fiscal 2022 and fiscal 2023 respectively.
Cvent is guiding for revenue to be split 27% virtual, 26% hybrid and 46% in-person events in the future.
DGNS Price Action: Dragoneer Growth Opportunities Corp. II shares are down 1% to $9.96 on Friday.
