Software-as-a-Service (SaaS) events management firm Cvent, Inc. has been acquired by Vista Equity Partners LLC for $1.65 billion.

Under the deal, Cvent stockholders will receive $36 in cash per share, a premium of about 69 percent over Cvent’s closing price on April 15, according to Bloomberg.

Founded in 1999, Cvent offers a cloud-based enterprise event management platform that delivers solutions to event planners for online event registration, venue selection, event management, mobile apps for events, e-mail marketing and web surveys.

In addition, the platform also delivers the ability for hotels to deliver targeted advertising to event planners looking for suitable venues.

Cvent currently has 12,000 customers, 200,000 planner and hotel users, and its platform has been used to manage more than 375,000 events.

“We are pleased to announce this transaction that provides a significant premium for Cvent stockholders,” Cvent Founder and Chief Executive Officer Reggie Aggarwal said in a statement. “This milestone is the next chapter in our 17-year history. With Vista’s financial strength to invest in Cvent now and in the future, we will be better positioned to deliver innovative solutions that transform the meetings and events industry, and to offer employees new opportunities for career growth.”

Vista expansion

The deal sees further expansion of San Francisco-based Vista Equity Partners portfolio, which currently has over $20 billion in cumulative capital commitments and counts among its portfolio companies AssetPoint, Computron, Mainspring Healthcare Solutions, Interactive Achievement, BCC AdSystems, Sidewinder, and Stonesoft, and that’s just the list of its portfolio company follow-on acquisitions this year.

“Over the last several years, Vista has developed a leading portfolio of meeting technology providers. This acquisition is our most significant investment in this space,” Vista Co-founder and President Brian Sheth added.

Morgan Stanley is serving as financial adviser to Cvent, and Wilson Sonsini Goodrich & Rosati is serving as legal adviser to Cvent. Vista’s legal adviser is Kirkland & Ellis LLP.

The deal is subject to customary closing conditions, including the approval of Cvent stockholders, and is expected to close in the third quarter.

 Image credit: Cvent.