Cvent

Event and hospitality software · taken private by Vista Equity Partners

Entry value$1.65B2016 · equity value Exit value$5.3BDec 9, 2021 · SPAC value Multiple3.21×exit ÷ entry, see below Years private~5.42016 → Dec 9, 2021

Vista Equity Partners took Cvent, the events software company, private in 2016 at a large premium, and brought it back to Nasdaq in December 2021 by merging it with a SPAC, Dragoneer Growth Opportunities II, on a much higher valuation. The listing did not hold: in June 2023 Blackstone took it private again, below the SPAC valuation, with Vista staying in.

THE CYCLE · VISTA EQUITY PARTNERS

Cvent | private ~5.4 years, out at 3.21×

in$1.65B→out$5.3B·3.21×·thenprivate again JUN '23

private public private again · every tag links its source

What happened, step by step

Vista agreed in April 2016 to buy Cvent for $36.00 a share in cash, about $1.65 billion, a 69% premium to the last close; the deal closed later in 2016.Take-private · 2016
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Capital The SPAC merger brought in $801M of cash, including a $475M private placement at $10 a share.While private · Dec 9, 2021
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Product Came back selling software for virtual and hybrid events as well as in-person ones.While private · Dec 9, 2021
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Cvent began trading on Nasdaq as CVT after merging with Dragoneer Growth Opportunities Corp. II, at an expected enterprise value of $5.3 billion and with $801 million of cash.Back to market · Dec 9, 2021
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Blackstone completed its take-private at $8.50 a share in cash, an enterprise value of about $4.6 billion; Vista stayed in as an investor and the stock left Nasdaq.After · Jun 15, 2023
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The multiple, read every way

SPAC value $1.65B take-private against the $5.3B enterprise value of the SPAC merger: about 3.2×.3.21×
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Not like for like The $5.3B is an enterprise value agreed for the SPAC deal, not a traded price, while the $1.65B is equity; and the merger itself added $801M of cash. The 3.2× flatters the gain.
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The round trip Blackstone paid about $4.6B including debt in 2023, below the 2021 SPAC valuation.
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A SPAC valuation is set by negotiation, not by public trading, and it is an enterprise value; the 2016 price is equity.

Exit value worked out as the enterprise value the SPAC merger was struck at.

The AI angle

By the 2023 take-private Cvent described itself as an AI-powered platform; the 2016 and 2021 deals did not mention AI.

“be better positioned to deliver innovative solutions that transform the meetings and events industry”Reggie Aggarwal, Cvent founder and CEO · on Vista's 2016 offer · Apr 18, 2016
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“aggressively invest in the innovative solutions organizations need”Reggie Aggarwal, Cvent CEO · at the 2023 Blackstone closing · Jun 15, 2023
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“purpose-built and AI-powered platform, data insights”Cvent · company description at the 2023 closing · Jun 15, 2023
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Sources (3)

sec.gov /Archives/edgar/data/0001122897/000119312516543979/d183876dex991.htm
technical.ly /dc/2021/12/09/cvent-public-spac
cvent.com /en/press-release/blackstone-completes-acquisition-cvent

How this is researched

Researched by hand from primary sources: the companies' and buyers' press releases, SEC filings (prospectuses and 8-Ks) and credible press. Each source logo links the page that states the row; anything we couldn't source is left out. The multiple is exit value over entry value as the sources state them; the readings above say where the two are not like for like. Updated Oct 12, 2026.