Cvent reported third-quarter 2021 revenue of $134.1 million, a 13.1% year-over-year increase. Event Cloud revenue rose 27.2% to $92.5 million, while Hospitality Cloud revenue fell 9.2% to $41.6 million. The company incurred a net loss of $26.1 million, compared to $14.4 million last year, with adjusted EBITDA at $23.4 million, a margin of 17.5%. Cvent is merging with Dragoneer Growth Opportunities Corp. II, valued at $5.3 billion, expected to close in Q4 2021. Guidance for Q4 revenue is $139.9 million to $141.1 million, indicating strong growth ahead.
Cvent and Dragoneer Growth Opportunities Corp. II have entered a definitive agreement for a business combination, valuing Cvent at an enterprise value of $5.3 billion. Upon completion, the new entity will operate as Cvent Holding Corp., trading as CVT. The merger will provide Cvent with $801 million, aiding in product innovation, R&D, debt reduction, and market expansion. Cvent, supported by a strong management team and a customer base, aims to capitalize on the $30 billion event market, emphasizing its digital transformation in response to the pandemic.
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