Cvent Holding Corp., a meetings, events and hospitality technology provider, announced it had agreed to be acquired by an affiliate of private equity funds managed by Blackstone, in a transaction estimated at an enterprise value of approximately $4.6 billion. A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will be a significant minority investor alongside Blackstone as part of the transaction.

According to the announcement, Cvent has approximately 22,000 customers globally in the corporate, nonprofit, higher education and hospitality sectors as of Dec. 31, 2022. Since its founding in 1999, Cvent has helped manage more than 5 million events, and lists over 302,000 hotels and venues as of Dec. 31, 2022 on the Cvent Supplier Network, an online platform with tools to search, negotiate and contract with hotels and venues for event space.

Reggie Aggarwal, founder and CEO of Cvent, said that as one of the world’s largest private equity firms, Blackstone brings deep expertise in the event and hospitality industry. With their backing, he said, “we plan to continue to invest in our business and deliver the innovative solutions that meet our customers’ needs and power the meetings and events ecosystem.”

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David Schwartz, a senior managing director at Blackstone, said the continuing events and travel recovery “is one of Blackstone’s highest-conviction investment themes.” Given the company’s extensive experience in the hospitality, events and real estate sectors, he said, “we believe Blackstone is well positioned as a growth partner for this exceptional business.”

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