It was announced yesterday that meeting and event technology company Cvent has acquired its smaller competitor SignUp4 for $22.4 million. Although the company has previously purchased both meetings and technology companies, Business Travel News reports that this is the first acquisition for Cvent of a direct competitor.
How will this impact customers of Cvent and SignUp4? Travel and Transport actively works with Cvent and SignUp4 and has clients on both platforms. ”This seems like a good acquisition from a Cvent standpoint,” said Travel and Transport’s Tami Reier, Director of Events. “SignUp4 has a cost effective solution for smaller programs that should help Cvent to offer full solutions for all meetings. With Cvent’s Blue Release last fall, SignUp4 customers should find the transition somewhat seamless as the new platform is user-friendly with clear navigation.”
Reggie Aggarwal, Cvent CEO, told investors during its quarterly earnings call that they would focus first on what is right for their customers in terms of integrating the two companies’ platforms. “In the long term, one platform is the right strategy,” said Aggarwal, “but we are still finalizing the integration plan and timeline.”
What do you think about this acquisition? Will it be a good thing for the meetings and events industry in the long-run? Let us know in the comments below or on Twitter @TandTNews.