Cvent, the meetings technology provider; and Dragoneer Growth Opportunities Corp. II, a special purpose acquisition company (SPAC), announced a merger, with the combined company to be called Cvent Holding Corp. The transaction values Cvent at an initial enterprise value of $5.3 billion. The transaction will provide Cvent with $801 million in cash, which will enable the company to accelerate product innovation, increase research and development, reduce debt and expand go-to market activities to capitalize on its position in the $30 billion market for in-person, virtual and hybrid events. Reggie Aggarwal, Cvent CEO, said the pandemic has created a new paradigm for the events industry. With the increased digitization of the industry, he said events are “always on” and have fewer boundaries. Marc Stad, managing partner of Dragoneer, said that as the economy reopens, the company expects to move into a hybrid world that combines elements of in-person and virtual events. With that optionality, he said, and with the flexibility and reach that Cvent can provide, “we expect organizations to increasingly turn to Cvent to expand their audiences and create new, user-friendly ways for both virtual and in-person participants to interact with their events.”