Simone Reed 
Cvent, Inc., a leading enterprise event management technology provider, has agreed to go public through a merger with special purpose acquisition company IOM Solutions, which is subject to certain conditions. Moving forward as Cvent Group Inc., the company will have an estimated enterprise value of $5.6 billion at closing.
This ‘go-to market’ strategy positions Cvent to fuel its current growth trajectory, invest in additional long-term strategic objectives, and enhance customer service capabilities. Through this transition, the company can continue its commitment to providing best-in-class cloud solutions for the events industry that improve operational efficiency and drive revenues for customers and partners worldwide.
The transaction will leverage Cvent’s proven marketing expertise in technology innovation and brand value to create an even larger presence for the business ensuing a multi-billion dollar valuation for investors. Equipped with this new influx of capital, Cvent will be able to accelerate strategic initiatives such as expanding sales capacity and resources particularly in markets outside North America region; investing in product innovation; and addressing customer support needs on a global basis among other operations.
With support from sponsors Apollo Global Management and Global Atlantic Financial Group – who have committed more than $1 billion – the move should represent a magnification of opportunities before entering public market trading.
Overview of Cvent
Cvent is a leading provider of cloud-based event management software. Founded in 1999, they have since become an industry leader in the event technology space with a valuation of over $5 billion.
Through their go-to-market strategy, Cvent has established a strong foothold in the industry and attracted several blue-chip customers. This article looks at Cvent’s go-to-market strategy and how it has allowed them to reach the top.
Background
Cvent is a cloud-based meetings and events technology platform that helps customers plan, manage and measure their meetings, conventions, conferences and other events. It was founded in 1999 by Reggie Aggarwal, the company’s CEO. It provides solutions to more than 300,000 users in over 60 countries worldwide.
Cvent lets customers plan and promote their events online by providing online event registration, mobile event app solutions and attendee management services. In addition to helping customers manage the planning process, Cvent also provides data intelligence insights to help them better understand the impact of their events.
In 2020 Cvent announced its planned combination with Tiare Acquisition Corp (NYSE: TIAR). This combined entity is expected to have a market capitalization of over $5 billion at closing with over $350 million in cash for strategic investments, allowing Cvent’s solutions to reach new markets and bring more value for customers worldwide. The deal is subject to shareholder approval but is expected to be completed later this year.
Business Model
Cvent is an event technology company offering an integrated platform for meeting, event, and hospitality professionals to manage customer and event programs. The company’s platform includes amenities such as a mobile event app engagement solution, customer insights, analytics visibility, and analytics data management. Cvent is also focused on advancing their solutions-driven go-to-market strategy by expanding their product suite with the 2020 acquisition of DoubleDutch and acquisition of ReadySpace in 2021.
Cvent’s business model involves providing software-as-a-service to customers in various end markets, such as meetings and events, corporate training sessions, conferences and expositions. This enables customers across these sectors to use the company’s solutions for creating great experiences for their guests wherever they are located. Moreover, Cvent’s solutions can be used for online content engagement too.
At its core, Cvent strives to provide an integrated cloud platform that allows event professionals to streamline multiple processes related to meeting planning from budgeting to registration management while allowing guests or participants access via desktop or mobile device anytime anywhere. Their solutions make it possible for venues as well as planners like caterers/hoteliers/venues/attractions etc., suppliers like speaker bureaus/entertainers/guest speakers etc., and other related services providers like airlines & ground transportation service providers etc., all connected on the same platform while seamlessly moving information between them in real time along with events related Tools & Analytics that drive insights providing value to customers throughout their journey with Cvent in terms of better decision making processes & guest engagement capability leading increasing ROI along with tracking spend attribute trends more effectively reducing risk of financial losses & planning costs across operations both short term & long term mid effective client servicing capability leveraging mobility cross devices offering scalability on the go.
Most recently, Cvent has announced its agreement to merge with TAo Akim Acquisitions Corp II (TAAC), a blank check company sponsored by Akim Acquisitions Corp (Akim) – a special purpose acquisition corporation formed by TPG Growth II – whereby Cvent will become a publicly traded corporation listed overall stock exchanges via Business combination valued at over $5bn including debt considerations combined 1st closure within 2021 acquired progressing into 2022 upon redemption (if required).
Cvent Nears $5-Billion-Plus SPAC Deal
Cvent Inc., provider of cloud-based enterprise event management technology, recently announced nears a $5-billion-plus special purpose acquisition company (SPAC) deal. In light of this news, it’s important to understand the go-to-market strategy that Cvent has used to achieve success.
This article will explore Cvent’s go-to-market strategy, including its strengths and weaknesses.
Target Markets
In 2019, Cvent acquired Lanyon Solutions, Inc., and expanded the breadth of its offerings. With the acquisition, Cvent broadened its target markets to include any business or organization dealing with many events. Through its suite of digital solutions, Cvent caters to corporate event planners and hotels, delivering integrated marketing solutions to them over the internet. Cvent’s solution combines meeting registration software, event planning data management tools, virtual or hybrid event platform services and event budget control tools into one easy-to-use package. This comprehensive package allows customers to plan events from initial concept to final implementation with maximum efficiency and minimal headache.
Cvent separates their customers into two main groups: enterprises and hotels. Enterprises can use tools such as their attendee tracking technology to gain complete visibility into an events’ success. Hotels can utilize features including speech analytics which provide real-time analysis on customer sentiment during an event. From market research capabilities that let enterprises understand consumer needs before launching a product in a certain market; to one-stop shop platforms where hotels can create custom websites for all their events – Cvent is ready to cover all your bases efficiently and conveniently.
Product and Service Offerings
Cvent’s product and services offerings are designed to provide organizations with full-service meeting and event management solutions. Their innovative technology platform offers cloud-based event management and strategic marketing solutions. In addition, their products are tailored for different business needs, covering corporate events, university admission events, non-profit special events, and small to large conferences.
Cvent’s product range includes a comprehensive suite of meeting and event management software including: venue sourcing/search capabilities (VenueLink); registration and attendee services (PowerReg); transportation logistics (Travel Center); detailed reporting capabilities (EventLite); mobile applications; custom form builders; integrated web survey technologies; an onsite check-in app; virtual reality experiences; artificial intelligence chatbot technology; and more.
Cvent’s services offerings include professional meeting planners, venue sourcing consultants, comprehensive digital marketing campaigns, event staffing resources, creative design teams for branding needs, end-to-end live technical support during events, data analysis experts to help identify customer trends or uncover opportunities for improvement, and grant writing specialists who help maximize procurement funding. These services allow organizations to create powerful events that deliver meaningful experiences while reducing costs.
From a hosted virtual or hybrid event through Cvent Live to fully integrated physical/virtual venues in Cvent Spaces – Cvent helps you bring your vision for engaging events alive!
Pricing Strategy
Cvent’s go-to-market strategy focuses on customers and listening to their needs. As a result, they have developed a pricing strategy that adjusts to each customer’s needs, allowing them to customize the experience and help build a strong relationship with them.
Cvent offers two main pricing models; subscription-based and pay-as-you-go pricing. With subscription based pricing, customers can choose between a monthly or annual payment plan which gives them access to all of Cvent’s features including space booking services, lead management, event management, and so much more. The pay-as-you go model allows customers to pay for exactly what services they need at any moment with no long term commitment.
Cvent also provides the industry standard software integration packages, allowing users to get better rates depending on how much they plan to utilize these software packages. This gives customers more flexibility with their budget and access to Cvent’s best tools and packages.
Cvent’s Recent Merger
In early 2021, Cvent Inc. announced its $5-billion-plus merger with IAC/InterActiveCorp. This agreement marked one of the largest ever of its kind and has been heralded as a turning point for Cvent, a leading software and marketing solutions provider.
This merger comes after a long go-to-market strategy by Cvent, cementing the company as a major player in the events technology industry.
Merger Overview
Cvent Inc, a cloud-based event management and software company, recently announced that it had agreed to merge with Tauro Merger Corp., publicly traded special purpose acquisition company (SPAC). The deal values Cvent at approximately $4.4 billion in enterprise value and provides the company with roughly $1.2 billion of cash proceeds to fund growth initiatives.
This transaction is the latest move in Cvent’s go-to-market strategy, which seeks to expand thecompany’s reach into complimentary markets and aggressively leverage its current capabilities. The combined entity aims to create a global digital business platform that connects customers and event planners across multiple channels, services types and geographies—including mobile app solutions, room reservation solutions and web-services.
The Moelis & Company LLC acted as exclusive financial advisor to Cvent while Latham & Watkins LLP acted as legal counsel for both companies. The merger is subject to customary closing conditions including approval by Cvent’s shareholders, the listing of shares of common stock of Cvent on Nasdaq following the closing of the merger (volume weighted average price equal or greater than $10) and regulatory approvals from various governmental agencies in various countries around the world. Pending these approvals, Cvent expects to complete its merger in 2021. Upon completing this strategic transaction, Tauro’s securities will be exchanged for shares of common stock representing roughly 66% ownership stake in newly public entity with JGI Group’s existing investors holding 34%.
Benefits of the Merger
Cvent is a business-to-business (B2B) meeting, travel, and computer services provider that recently announced it is merging with IHG Solutions Corporation. Through this merger, Cvent will become a publicly traded company valued at approximately $5 billion, backed by IHG Solutions’ $400 million cash upfront payment and an additional $1.51 billion of newly issued common shares.
The merger brings Cvent numerous advantages including increased flexibility by allowing shareholders to retain ownership. This will help maintain control of the company and protect its culture from external pressures. In addition, Cvent’s volume of acquired customers has the potential to increase significantly over time, helping to stabilize its revenue sources for future growth opportunities. The merger also brings broader insights into its customers’ wants and needs by combining IHG’s sophisticated hotel distribution capabilities with Cvent’s unique ability to integrate travel solutions into existing workflow processes. In addition, new technology integrations such as mobile capability are now easier to offer with the joint resources available through this partnership.
This move positions Cvent perfectly for sustainable growth as it continues on its journey towards becoming a worldwide leader in hospitality technology solutions servicing global organizations on a large scale basis. In addition, having access to larger capital assists in funding investment into new technologies and innovation initiatives which support future clients looking for sophisticated yet easy-to-use event management products that make their lives easier while creating an unforgettable experience for their guests or staff members at their next event or function.
Conclusion
As Cvent endeavors to grow and scale its operations with the incoming capital, they will need a carefully thought-out go-to-market strategy to stand out within the crowded SaaS industry, and seize opportunities in new markets. Their combination of solutions, expertise and strong customer base gives them an ideal platform to build a comprehensive plan. In addition, Cvent must leverage their technology platforms, utilize channel partners and strategic alliances, enhance customer success efforts, and make smart investments in marketing automation platforms.
Cvent’s strategy should include understanding their competition and customer needs and building a unique value proposition for potential customers. Additionally, Cvent must keep their customer relationships at the center of their marketing efforts. Through a combination of customer acquisition tactics such as webinars, email campaigns and search engine optimization (SEO) content; relationship management initiatives; pursuit of strategic partnerships; strengthening internal infrastructure; leveraging data insights; proactive issue resolutions; automated processes; incentives for referrals; and ongoing knowledge sharing like ebooks and live events – Cvent can reach more customers across all channels faster than ever before. When used correctly this strategy can deliver amazing results for Cvent’s fledgling business model.
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Steven Schuster 
