Cvent and Lanyon Merge to Form Mega Company
November 30, 2016
Cvent and Lanyon Solutions, providers of cloud-based enterprise event management technology solutions, merged their two companies creating a global meeting, event and travel technology leader.
The merger is effective immediately, and the companies will combine business operations in the coming year.
Vista Equity Partners, owner of Lanyon, has completed its previously announced acquisition of all outstanding Cvent common stock for $36.00 per share in a transaction valued at approximately $1.65 billion.
The combined company will be privately held and operate under the Cvent brand. Reggie Aggarwal, Cvent’s founder and CEO, has been named the CEO of the new combined company.
David Bonnette, CEO of Lanyon, will work with the management team through the transition to a single company.
The headquarters for the combined company will be in Tysons Corner, Va., with a significant office presence in Lanyon’s former headquarters in Dallas.
“We celebrate two new milestones today as we formally join the Vista family and merge with our highly-regarded peer, Lanyon,” said Reggie Aggarwal, founder and CEO of Cvent.
He added, “Combined under the Cvent umbrella, and with Vista’s powerful backing, we will draw on our decades of experience to push the boundaries of event technology innovation and remain focused on delivering outstanding technology, capabilities and service to the events industry.”
"We are thrilled to welcome Cvent to our portfolio of high-performing software companies,” said Brian Sheth, co-founder and president of Vista.
He added, “There is an incredible opportunity to upgrade and expand the technology in the enormous and largely untapped meetings and events industry. With the leadership of Cvent’s highly-successful management team, working with our experienced Lanyon team, we are bullish on our ability to seize the green field opportunity ahead and remain the market leader in this segment.”
During the past two decades, Lanyon and Cvent have delivered some of the most innovative and successful technology solutions addressing the needs of event planners, marketers, and hoteliers. These solutions cover the full spectrum of the event lifecycle including event management, strategic meetings management, sourcing solutions for both transient and group business, room block management, and mobile and onsite solutions.
Aggarwal added, “Cvent is a growth company chasing an enormous opportunity ahead of it. Our employees have been the DNA of our success and we’re excited to add the talent, experience, and the products of the Lanyon team.”
Combined, the companies have more than 800 technology professionals and more than 700 customer-facing support staff.
As the undisputed market leader with approximately 28,000 customers in 100 countries and having powered more than 2 million events and sourced over $50 billion total RFP value through their sourcing networks, the new Cvent will continue to drive technology innovation while providing customers with world-class levels of support for all Cvent and Lanyon solutions.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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