Cvent to acquire ON24 for $400M

Tysons global event marketing and management company Cvent announced this week that it plans to acquire software development company ON24 for $400 million in an all-cash transaction.

Founded in 1998 and based in San Francisco, ON24 provides a platform that uses artificial intelligence to help companies run webinars, online events and digital presentations, while tracking how users interact with these experiences.

“ON24 has earned the trust of enterprise organizations and marketers by delivering reliable, outcome-driven digital engagement,” said Cvent CEO Reggie Aggarwal in a statement. “We look forward to supporting ON24 as they continue to deliver value and working together to expand how brands engage audiences across digital and in-person experiences.”

The companies on Tuesday jointly announced the proposed deal, which ON24’s board of directors has unanimously approved. The purchase is expected to close in the first half of this year, pending approval by ON24 shareholders, regulatory approvals and customary closing conditions.

“We are pleased to announce this transformative transaction, which marks an important new chapter for ON24,” said ON24 CEO, Chairman and co-founder Sharat Sharan. “We’re proud of our global, AI-powered, intelligent engagement platform which enables enterprises to effectively interact with their customers. I would like to thank our talented team around the globe for what they have helped build at ON24, and I look forward to the next phase of ON24’s journey.”

Once the transaction is completed, ON24’s common stock will no longer be publicly listed, and ON24 will become a privately held company.

A Cvent spokesperson declined to comment on how many employees would join the company from ON24, or what would happen to ON24’s leadership.

“Given the transaction has not yet closed, it is our policy not to speculate on specific positions, roles or organizational structures,” the spokesperson said in an email.

Founded in 1999, Cvent has more than 5,000 employees and about 30,000 customers worldwide.