Cvent Inc. has agreed to merge with a exclusive-objective acquisition corporation in a deal that would take the celebration-administration computer software firm general public, in accordance to individuals acquainted with the subject.
Cvent is slated to merge with
Dragoneer Growth Options Corp. II
in a transaction that values the non-public-fairness-owned organization at extra than $5 billion which includes debt, the men and women claimed.
Cvent is owned by private-fairness firm Vista Fairness Associates, which took the corporation personal in 2016 in a $1.65 billion deal.
Right before the coronavirus pandemic, the maker of cloud-based mostly party-management software concentrated only on live situations, but it has pivoted more than the earlier yr to become a key participant in the rapid-escalating arena of digital activities.
The company’s virtual-situations arm now has additional than $100 million in profits, a important chunk of its extra than $500 million in yearly revenue, according to a single of the people acquainted with the matter.
SPACs raise dollars by going general public as vacant shells and then have a established interval, usually about two years, to come across a company to merge with. The system, which can be faster and have less regulatory hurdles than a conventional first community offering, has surged in acceptance in latest many years, though recently it has shown signals of cooling.
With more than $77 billion in belongings underneath administration, Vista specializes in investing in makers of organization computer software. The Austin, Texas-based mostly business, run by founder
works by using a proprietary playbook to increase earnings at the providers it purchases.
Create to Miriam Gottfried at [email protected]
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Appeared in the July 21, 2021, print version as ‘Vista’s Cvent Reaches SPAC Offer.’