Cvent Files for IPO worth up to $100 Million
Cvent Inc. is going public.
The McLean, Va.-based maker of online event management software on Monday filed with the Securities and Exchange Commission to raise up to $100 million in an initial public offering of common shares. The company plans to use net proceeds from the offering for business expansion and working capital.
New York-based Insight Venture Management LLC holds a 26% stake in Cvent and venture capital firm New Enterprise Associates owns a 22% stake. Founder-CEO Reggie Agrawal owns 16% of the company while MicroStrategy co-founder Sanju Bansal holds a 10% stake.
Founded in 1999, Cvent is a survivor of the original dotcom bust. In 2011, it raised a whopping $136 million from NEA, Insight Venture Management and Greenspring Associates, of Owings Mills, Md.
Last year, Cvent reported net income of $4.3 million on revenues of $83.5 million, compared with a loss of $184,000 on revenues of $60.9 million in 2011. With over 1,100 employees, Cvent has clients in 90 countries, among them over 30 Fortune 100 companies.
Morgan Stanley and Goldman Sachs are the lead underwriters for the IPO.
Cvent intends to list its common stock on the New York Stock Exchange under the symbol “CVT.”