Cvent Holding Corp. (Nasdaq: CVT), a market-leading meetings,
events and hospitality technology provider, and Dragoneer Growth
Opportunities Corp. II (formerly Nasdaq: DGNS) (“Dragoneer”), today
announced the completion of the business combination of Cvent and
Dragoneer, a special purpose acquisition company formed by
Dragoneer Investment Group (the “Business Combination”) on December
8, 2021. The Business Combination was approved by Dragoneer
shareholders at a special meeting held on December 7, 2021.
Starting today, the common stock of Cvent will begin trading on The
Nasdaq Global Market under the ticker symbol “CVT”.
Reggie Aggarwal, Cvent CEO & Founder, said, “This is an
exciting day for Cvent and our more than 4,000 employees around the
world. The closing of our Business Combination and our return to
the public markets represents an important inflection point for our
company and the industry. Organizations around the world want to
get back to meeting – whether virtually, in-person, or both with
hybrid – and are leveraging technology more than ever to connect
with their attendees. We’ve invested heavily in our virtual and
hybrid event solutions so that now, no matter how our nearly 21,000
customers want to bring people together, Cvent can help them
deliver more engaging, impactful experiences. The proceeds from
this transaction enable us to expand our global headcount, drive
innovation, and help us deliver on our long-term growth
objectives.”
Since the announcement of the Business Combination on July 23,
2021, Cvent has announced a number of key business highlights.
Notable highlights include:
- Hosted a third quarter 2021 earnings call during which Cvent
discussed strong revenue growth and momentum across the business
including in its acquisition of new logos and significant increases
in initial contract values. Cvent closed several large
transactions, including a 3-year deal with a state transportation
agency with a total contract value (TCV) of $900,000, a 2-year deal
with a publicly traded pharma company with a TCV of $1 million, and
a 3-year contract with a global marketing association with a TCV of
nearly $900,000, among others.
- Announced the launch of Cvent Studio, a new solution that
delivers powerful live stream and video production capabilities
expanding Cvent’s virtual and hybrid offerings. Cvent studio
enables marketers and planners to produce broadcast-quality video
content through web-based solutions.
- Launched an expanded partnership with Amadeus, a leading
hospitality technology platform, to increase bookings for small
meetings and events.
- Extended its long-standing strategic partnership with the
largest global meetings and event industry association, Meeting
Professionals International (MPI). Cvent and MPI will continue to
deliver educational opportunities and thought leadership content to
MPI’s global community of more than 60,000 meeting and event
professionals.
- Received recognition and awards for Cvent’s industry-leading
technology and employee experience, including the MarTech
Breakthrough Award for “Event Management Innovation,” The Stevie
International Business Awards, Bronze for “Most Innovative Company
of the Year,” Business Travel Awards Europe, Technology Innovation
for “Meetings & Events with Cvent Attendee Hub ®,” Micebook V
Awards for “Best Virtual Events Platform,” Institute for Excellence
in Sales for “Premier Sales Employer,” and most recently, awarded
Gold in the 11th Annual Best in Biz Awards for “Most Customer
Friendly Company of the Year – Large and Medium.”
“We’re thrilled to support Cvent and would like to congratulate
Reggie and the entire team on reaching this incredible milestone,”
said Christian Jensen, Partner at Dragoneer. “Cvent is an
innovative and entrepreneurial pioneer in the enterprise event
technology space offering trusted solutions and support to
customers as they continue to need robust technology to manage and
deliver their in-person, virtual and hybrid events. We look forward
to witnessing Cvent’s next phase of growth as a publicly listed
company.”
“Vista, Reggie and the Cvent team have partnered over the last
five years to advance their bold vision to power the entire
meetings and events ecosystem,” said Monti Saroya, Co-Head of
Vista’s Flagship Fund and Senior Managing Director. “Through their
deep commitment to product innovation, operational excellence, and
sustainable growth, and their ability to expertly navigate the
evolving hybrid world, Cvent has emerged as the preeminent meetings
and events technology partner, no matter how organizations choose
to gather, whether online or in-person. Vista is privileged to be
part of Cvent’s journey, and we look forward to further advancing
the organization’s mission to connect and engage people around the
world.”
Advisors
Morgan Stanley & Co. LLC served as the exclusive financial
advisor to Cvent. Morgan Stanley & Co. LLC, J.P. Morgan and
Citi served as placement agents to Dragoneer on the PIPE. Citi also
acted as capital markets advisor to Dragoneer. Kirkland & Ellis
LLP is legal counsel to Cvent and Vista Equity Partners. Ropes
& Gray LLP is legal counsel to Dragoneer Growth Opportunities
II. Davis Polk & Wardwell LLP is legal counsel to the placement
agents.
About Cvent
Cvent is a leading meetings, events, and hospitality technology
provider with more than 4,000 employees and nearly 21,000 customers
worldwide. 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 entire event management process 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 entire 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, or connect
with us on Facebook, Twitter or LinkedIn.
About Dragoneer Investment Group
Dragoneer is a growth-oriented investment firm with over $21
billion in long-duration capital. Dragoneer has a history of
partnering with management teams growing exceptional companies
characterized by sustainable differentiation and superior economic
models. The firm’s track record includes public and private
investments across industries and geographies, with a particular
focus on technology-enabled businesses. Dragoneer has been an
investor in companies such as Airbnb, Alibaba, Atlassian, AppFolio,
Bytedance, Ceridian, Chime, Datadog, Doordash, Duck Creek,
PointClickCare, Procore, Slack, Samsara, ServiceTitan, Snowflake,
Spotify, Uber, UiPath and others.
About Vista Equity Partners
Vista is a leading global investment firm with more than $86
billion in assets under management as of September 30, 2021. The
firm exclusively invests in enterprise software, data and
technology-enabled organizations across private equity, permanent
capital, credit and public equity strategies, bringing an approach
that prioritizes creating enduring market value for the benefit of
its global ecosystem of investors, companies, customers and
employees. Vista’s investments are anchored by a sizable long-term
capital base, experience in structuring technology-oriented
transactions and proven, flexible management techniques that drive
sustainable growth. Vista believes the transformative power of
technology is the key to an even better future – a healthier
planet, a smarter economy, a diverse and inclusive community and a
broader path to prosperity. Further information is available at
vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity
Partners, and on Twitter, @Vista_Equity.
Forward Looking Statements
This communication contains forward-looking statements that are
based on beliefs and assumptions and on information currently
available. In some cases, you can identify forward-looking
statements by the following words: “may,” “will,” “could,” “would,”
“should,” “expect,” “intend,” “plan,” “anticipate,” “believe,”
“estimate,” “predict,” “project,” “potential,” “continue,”
“ongoing” or the negative of these terms or other comparable
terminology, although not all forward-looking statements contain
these words. These statements involve risks, uncertainties and
other factors that may cause actual results, levels of activity,
performance or achievements to be materially different from the
information expressed or implied by these forward-looking
statements. We caution you that these statements are based on a
combination of facts and factors currently known by us and our
projections of the future, which are subject to a number of risks.
Forward-looking statements in this communication include, but are
not limited to, statements regarding future events, such as the
proposed Business Combination between Dragoneer and Cvent,
including the timing and structure of the transaction, the
likelihood and ability of the parties to successfully consummate
the Business Combination, the PIPE and the Forward Purchase
Agreement, the amount of funds available in the trust account as a
result of shareholder redemptions or otherwise, as well as
statements about the composition of the board of directors of the
company. We cannot assure you that the forward-looking statements
in this communication will prove to be accurate. These forward
looking statements are subject to a number of risks and
uncertainties, including, among others, the general economic,
political, business and competitive conditions; the inability of
the parties to consummate the Business Combination or the
occurrence of any event, change or other circumstances that could
give rise to the termination of the Business Combination Agreement
or any related agreements or could otherwise cause the transaction
to fail to close; the outcome of any legal proceedings that may be
instituted against the parties following the announcement of the
Business Combination and the transactions contemplated by the
Business Combination; the ability of existing investors to redeem
the ability to complete the Business Combination due to the failure
to obtain approval from Dragoneer’s shareholders, or the risk that
the approval of the shareholders of Dragoneer for the potential
transaction is otherwise not obtained; the failure to satisfy other
closing conditions in the Business Combination Agreement or
otherwise, the occurrence of any event that could give rise to the
termination of the Business Combination Agreement; the failure to
obtain financing to complete the Business Combination, including to
consummate the PIPE or the transactions contemplated by the Forward
Purchase Agreement; the ability to recognize the anticipated
benefits of the Business Combination; the impact of COVID-19 on
Cvent’s business and/or the ability of the parties to complete the
Business Combination; the receipt of an unsolicited offer from
another party for an alternative business transaction that could
interfere with the Business Combination; changes to the proposed
structure of the Business Combination that may be required or
appropriate as a result of applicable laws or regulations or as a
condition to obtaining regulatory approval of the Business
Combination; failure to realize the anticipated benefits of the
Business Combination, including as a result of a delay in
consummating the potential transaction or difficulty in integrating
the businesses of Dragoneer and Cvent; the risk that the Business
Combination disrupts current plans and operations of Dragoneer or
Cvent as a result of the announcement and consummation of the
Business Combination; the ability of the Company to grow and manage
growth profitably and retain its key employees; the inability to
obtain or maintain the listing of the post-acquisition company’s
securities on Nasdaq following the Business Combination; changes in
applicable laws or regulations and delays in obtaining, adverse
conditions contained in, or the inability to obtain regulatory
approvals required to complete the Business Combination; costs
related to the Business Combination; and other risks and
uncertainties, including those to be included under the header
“Risk Factors” in the registration statement on Form S-4 filed by
Dragoneer with the SEC, those included under the header “Risk
Factors” in the final prospectus of Dragoneer related to its
initial public offering and those under the heading “Summary Risk
Factors” in the investor presentation filed as Exhibit 99.3 to
Dragoneer’s Current Report on Form 8-K filed on July 23, 2021.
Furthermore, if the forward-looking statements prove to be
inaccurate, the inaccuracy may be material. In addition, you are
cautioned that past performance may not be indicative of future
results. In light of the significant uncertainties in these
forward-looking statements, you should not rely on these statements
in making an investment decision or regard these statements as a
representation or warranty by us or any other person that we will
achieve our objectives and plans in any specified time frame, or at
all. The forward-looking statements in this communication represent
our views as of the date of this communication. We anticipate that
subsequent events and developments will cause our views to change.
However, while we may elect to update these forward-looking
statements at some point in the future, we have no current
intention of doing so except to the extent required by applicable
law. You should, therefore, not rely on these forward-looking
statements as representing our views as of any date subsequent to
the date of this communication.
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version on businesswire.com: https://www.businesswire.com/news/home/20211209005364/en/
Cvent Investors
CventIR@icrinc.com (646) 277-1219
Media Erica Stoltenberg estoltenberg@cvent.com (571)
378-6240
Dragoneer Media
Dragoneer-SVC@sardverb.com
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