Online Event Management Company Cvent Files For An IPO
Cvent is a cloud-based event management company that has filed an S-1 for an initial public offering (IPO). Cvent is planning to raise around $100 million through the IPO. Cvent said that they reserve the right to sell up to the maximum of $100 million in shares to generate working capital and to develop products. Certain shareholders will sell off some of the shares, but Cvnet will not be getting any proceeds from the sale.
Founded in 1999, Cvent is known for offering cloud-based solutions for public and private events. Last year, Cvent hit a total of over 30 million registrations and survey responses for their clients. They also processed over $2 billion in payments.
Cvent raised $136 million in funding two years ago. They also reported $24.4 million in revenues for the period ending March 31st. The company’s profit dropped to around $310,000 during the same period since their operating expenses increased. Cvent also acquired a mobile application company called CrowdCompass. Cvent will trade on the NYSE under the symbol “CVT.”This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry