First-quarter revenue for meetings technology company Cvent, which has announced an agreement to be acquired by private investment firm Blackstone, increased 21 percent year over year to $166.2 million, the company said in a Friday filing with the U.S. Securities and Exchange Commission.
Revenue for Cvent’s Event Cloud, its subscription-based meetings management offering, increased 20.7 percent year over year to nearly $114.7 million, an increase the company in the filing attributed due “to the strong performance of products that support in-person meetings and events because of the lessening impact of the global Covid-19 pandemic.”
Revenue for the company’s Hospitality Cloud, its marketing offering for suppliers, increased 21.6 percent year over year to $51.5 million, “primarily due to increased demand of our advertising and software solutions driven by the sustained return of in-person meetings.”
Cvent’s first-quarter net loss was $32.6 million, compared with a net loss of $31.4 million in the first quarter of 2022.
Cvent in March announced it had agreed to be acquired by an affiliate managed by private investment firm Blackstone for approximately $4.6 billion. The company in Friday’s SEC filing indicated it expected the transaction to close by “mid-year 2023.” The company didn’t hold a conference call to discuss its first-quarter results, and will no longer be a public company upon closing of the deal.
[email protected] (Chris Davis)
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