Cvent Plans To Raise 800 Million In Cash When It Goes Public In The 4th Quarter
Cvent has always been a favorite of event planners for registration, but with the introduction of its video solutions for hybrid and virtual meetings a year ago along with the pending infusion of massive amounts of cash, Cvent will be able to do it all.
In May of 2020, Reggie Aggarwal, CEO and Founder of Cvent, decided to reinvent the company. Three months later, with the help of partners like Brightcove (NASDAQ: BCOV), a video technology platform to handle live streaming, and Zoom, to enable video conferencing- breakouts and 1-1 chat – collaborative sessions for exhibitor booths and appointments, Cvent launched its virtual event solution, Cvent Attendee Hub®. The solution incorporated most of the event marketing and management solutions that were already in place.
The mobile app which Cvent always had and was all the rage 7 years ago when mobile apps were being introduced as companions at in person events is getting new life in the age of hybrid meetings. They can be used for more efficient ways to check in, for in person attendees to communicate with those at home attending virtually through chats, Q and A, session scheduling, appointment setting and perhaps soon, 1-1 video chats.
Cvent added an event design studio – all the more important for selling virtual event registrations and insuring a logical event experience.
Some of the ideas Cvent are introducing appear to have first been introduced by others. Braindate enabled attendee-led small group discussions at meetings before going virtual with a phone app and ideas for team and attendee collaboration and the design studio appear to have first introduced by others. However, ideas can’t be patented and this type of “innovation” is standard practice among tech giants.
The final challenge to Cvent in regards to its total event solution is pricing, as many customers are non-profit associations who have budgets that are being stretched due to the canceling of their in-person events and may not have extra money for Cvent’s all-in-one solutions.
Before Cvent’s announcement that they will be going public, millions in the last year have also poured into Meeting Play, Bizzabo and Sonic Foundry and of course Hopin and Zoom.
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2021 Cvent Plans To Raise 800 Million In Cash When It Goes Public In The 4th Quarter Reggie Aggarwal, CEO and Founder of Cvent, Speaking At
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