WASHINGTON 鈥� McLean-based Cvent, a 17-year-old, cloud-based events planning company, will be acquired by San Francisco private equity firm Vista Equity Partners LLC for $1.65 billion.
The $36-per-share acquisition price is 69 percent more than Cvent stock was worth Friday.
“We are pleased to announce this transaction that provides a significant premium for Cvent stockholders,” founder and CEO Reggie Aggarwal said in a statement.
Before Monday’s announcement, Cvent stock had lost about a third of its value this year.
Vista Partners, which has been investing in meeting technology providers for the past several years, says this is its most significant investment in the meeting planning space.
Cvent, which went public in 2013, will become a private company after the acquisition is complete. The company, which has about 2,000 employees, will remain headquartered in Tysons Corner.
The deal still needs shareholder approval, but is expected to close in the third quarter.
Cvent stock opened Monday trading up $15.05, or about 66 percent, to $35.35 per share.
