Cvent Inc. and Lanyon Solutions, Inc., providers of cloud-based event management technology solutions, announced the merger of the two companies. The merger is effective today (Nov. 29), and the companies will combine business operations in the coming year, creating the industry's largest technology provider.
Vista Equity Partners, owner of Lanyon, has also completed its previously announced acquisition of all outstanding Cvent common stock for $36.00 per share in a transaction valued at $1.65 billion.
The combined company will be privately held and operate under the Cvent brand. Reggie Aggarwal, Cvent’s founder and CEO, has been named the CEO of the new combined company. David Bonnette, CEO of Lanyon, will work with the management team through the transition to a single company.
The headquarters for the combined company will be in Tysons Corner, Va. (the current home base of Cvent), but it will also retain a significant office presence in Lanyon’s former headquarters in Dallas.
“We celebrate two new milestones today as we formally join the Vista family and merge with our highly-regarded peer, Lanyon,” said Reggie Aggarwal, founder and CEO of Cvent. “Combined under the Cvent umbrella, and with Vista’s powerful backing, we will draw on our decades of experience to push the boundaries of event technology innovation and remain focused on delivering outstanding [service].”
Over the past two decades, Lanyon and Cvent have proven themselves to be two of the top providers in technology solutions addressing the needs of event planners, marketers and hoteliers. These solutions cover the full spectrum of the event lifecycle including strategic meetings management, sourcing solutions for both transient and group business, room block management and mobile solutions.
Combined, the companies have more than 800 technology professionals and more than 700 customer-facing support staff. They serve approximately 28,000 customers in 100 countries and have powered over two million events and sourced over $50 billion total RFP value through their sourcing networks.
