Cvent, a meeting technology provider, has entered into an agreement to purchase ON24, an intelligent engagement platform for B2B enterprise sales and marketing. The agreement, according to an announcement, reflects an all-cash transaction for a total consideration of approximately $400 million. 

The proposed transaction, said the announcement, brings together two complementary platforms serving enterprise marketers and event professionals. ON24’s reliable and secure enterprise-grade webinar and digital engagement capabilities, first-party engagement data and AI-powered workflows, said the announcement, complement Cvent’s event technology offerings.

With a full suite of solutions that power high-impact digital and in-person experiences, said the announcement, Cvent and ON24 “are well positioned to support marketing, sales, customer success and event teams as buying journeys become more digital and complex.”

Reggie Aggarwal, CEO of Cvent, said, “ON24 has earned the trust of enterprise organizations and marketers by delivering reliable, outcome-driven digital engagement.” He added, “We look forward to supporting ON24 as they continue to deliver value and working together to expand how brands engage audiences across digital and in-person experiences.”

The proposed transaction, which has been unanimously approved by the ON24 board of directors, is expected to close in the first half of this year.