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Cvent Plans IPO

Cvent, one of the meetings industry’s providers of event management software, including tools for site searches, e-RFPs, registration, surveys, and mobile apps, filed financial information with the Securities and Exchange Commission July 9 indicating that it will hold an initial public offering of common stock.

The number of shares to be sold and the price range for the proposed offering have not yet been determined. Cvent plans to list its common stock on the New York Stock Exchange under the ticker symbol CVT.

The Washington Business Journal covers the MacLean, Va.–based company extensively, and has several articles regarding the IPO at its Web site and is reporting that Cvent could raise up to $100 million with the offering.

Cvent’s SEC filing shows that it is in strong financial shape. Almost two years ago, MeetingsNet reported that Cvent had raised $136 million in funding, only the second time in the company’s history that it had received an infusion of capital.

In an interview at the time, Founder and CEO Reggie Aggarwal said, “After 10 years of organic growth and profitability, we are thrilled to receive the largest investment in an event technology company ever. It’s not only good for us, but for the entire industry, now that Wall Street has been educated about the meetings and events industry. We could see further investment in other companies and suppliers.”

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