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Capital Business
Posted at 03:33 PM ET, 07/08/2013

McLean-based Cvent files forms to pursue IPO

Cvent, the McLean-based maker of event management software, filed forms with the Securities and Exchange Commission on Monday indicating the company plans to pursue an initial public offering.

An S-1 filing shows the firm hopes to raise an estimated maximum of $100 million in the offering, though that figure is subject to change. The per-share price and number of shares to be sold were not disclosed.

Cvent plans to list on the New York Stock Exchange under the ticker symbol “CVT.”

The firm declined to comment beyond its filing.

Cvent has a long, shaky history. Reggie Aggarwal founded the firm in 1999 as the dot-com wave was quickly rising. But when the industry came crashing down just a few years later, Cvent nearly went with it.

Aggarwal kept the company alive despite declining revenue and staff reductions, and slowly rebuilt the business through the remainder of the decade.

In July 2011, Cvent raised a sizeable $136 million round of financing, its first venture capital in more than decade, to accelerate the growth of its business. It now counts 1,300 employees worldwide in the United States and India.

Cvent had revenue of $83.5 million at the end of 2012, according the regulatory filing, a 37 percent increase compared to the year before. In 2012, the firm turned a net profit of $4.3 million.

Follow Steven Overly on Twitter: @StevenOverly

By  |  03:33 PM ET, 07/08/2013

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