McLean, VA (PRWEB) July 22, 2011
Cvent, the world’s largest provider of online event management, meeting site selection and web survey solutions, today announced it has secured $136 million in funding led by New Enterprise Associates (NEA) and Insight Venture Partners, With Greenspring Associates also participating.
Dow Jones VentureSource and Capital M&A Highlights include:
Capital M&A partner, Steven Ogunro, led and advised an investor group on its purchase of a stock interest in Cvent as part of a $12 million round, when Cvent was a new company with a few employees. Exiting investors in that round made est. 20x their original investment from the current round.
Referring to the $12 million round, a few years later the company’s CEO, Reggie Aggarwal, wrote, “In addition to completing an investment in our company, Steve (Ogunro) helped us complete our overall financing and has provided us with significant strategic input and guidance that has helped our overall strategy.”
Today’s announced venture investment represents (1) the largest US software VC deal since 2007 according to the Wall Street Journal, (2) the largest investment in a private business software company in 2011 and (3) the eighth largest venture investment across all industry sectors in 2011.
Bulk of the use of proceeds will go to corporate development, hiring and acquisitions.
41% compounded annualized revenue growth over the last five years and 40 quarters of growth and 8.5 straight years of profitability. Cvent Supplier Network poised to generate $4 billion in business for hotels in 2011 (up from $60 million three years ago).
Management team highly recognized by regional magazines and American Business Awards including top CEO, top ten CFO, Management Team Of The Year, Best Company, Best Customer Service etc.
Steven Ogunro said, “The formula of partnering strong, classy management teams that have great product and market opportunities with patient capital can produce results like Cvent. Cvent is a great example and case study of how a persistent, committed, strategic and cohesive management team delivers extraordinary performance by listening to customers and managing risk.”