News: The transaction is expected to be completed in the third quarter of this year.
Vista Equity Partners has agreed to acquire cloud-based enterprise event management firm Cvent for a reported $1.65bn.
Cvent stockholders will receive $36 in cash per share, a premium which is 69% over the company’s closing price on 15 April.
Founded in 1999, Cvent provides software solutions to event planners for online event registration, venue selection, event management, mobile apps for events, e-mail marketing and web surveys.
The company claims that it’s solutions optimise the entire event management value chain and have allowed global clients to manage several meetings and events.
Cvent also delivers the ability for hotels to deliver targeted advertising and enhance conversion via demand management and business intelligence solutions.
The company, which employs 2,000 people, currently has around 16,000 customers.
Cvent will become a private company after completion of the transaction. It will continue to be headquartered in Tysons Corner, Virginia, US.
Subject to regulatory approvals, the transaction is expected to be completed in the third quarter of this year.
Cvent founder and CEO Reggie Aggarwal said: "With Vista’s financial strength to invest in Cvent now and in the future, we will be better positioned to deliver innovative solutions that transform the meetings and events industry, and to offer employees new opportunities for career growth."
Vista Equity Partners co-founder and president Brian Sheth said: "Over the last several years, Vista has developed a leading portfolio of meeting technology providers. This acquisition is our most significant investment in this space, and further solidifies our commitment to the broader industry."
American private equity firm Vista Equity Partners has more than $14bn in cumulative capital commitments, focused on investments in software, data, and technology-enabled companies.
Vista recently acquired Solera, which provides risk and asset management software and services to the automotive and property marketplace.
Earlier this year, Vista acquired Telarix, which provides wholesale and partner solutions for communication service providers.
In March 2015, Vista Equity Partners acquired the UK-based Advanced Computer Software Group in a deal worth £750m.