Blackstone Buys Remaining Cvent Shares from Vista

Blackstone has purchased remaining shares of Cvent Holding
from Vista Equity, which had held onto shares via a non-convertible preferred
equity investment when Blackstone purchased the company in March 2023. Bloomberg
reported the $1.3 billion transaction on Wednesday evening, citing sources
close to the deal.

Cvent’s active history with both public and private
ownership previously included full ownership by Vista Equity starting in 2016.

Vista’s
$1.65 billion deal that year  placed Cvent
into a portfolio that already included meetings sourcing technology Lanyon as
well as marketing data platform Marketo. Vista sold Marketo to Adobe in 2018. It
combined Lanyon and Cvent into a single company before the pandemic
bottomed-out the business travel and meetings industry. Meetings, however, were
among the first signs of travel recovery post-Covid, at which point Cvent went
public via special purpose acquisition company Dragoneer in December
2021. It traded on the Nasdaq for just over a year before Blackstone took
it private.