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May 18, 2015

Americas: Cvent Buys SignUp4 for $22.4 Million

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During its first-quarter earnings call with investors on May 11, event-technology company Cvent announced it had acquired SignUp4, a smaller event management software firm based in Atlanta, for $22.4 million. SignUp4, which mainly services small to medium-sized meeting providers, is expected to contribute $1.5 million in revenues over the course of the rest of 2015, according to a Cvent company statement.

Cvent CEO Reggie Aggarwal said, “Our acquisition of SignUp4 enhances our market position, bringing Cvent a strong customer base and additional event management functionality. We believe our increasingly comprehensive product suites for customers on both sides of the meetings and events ecosystem, combined with our expanding leadership position, will enable Cvent to capture a disproportionate share of the opportunity ahead of us.” Details of how and when the two platforms will be integrated are still pending, according to Aggarwal.

Cvent, which offers a cloud-based enterprise event management platform for meeting and event planners, generated $41.1 million in revenue and a net loss of $2.4 million in the first quarter of 2015.

Read more at MeetingsNet.com...

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