The Washington Post

Cvent files to sell shares to public

Reggie Aggarwal has brought his company Cvent back to life after avoiding bankruptcy following the dotcom bubble. (Dayna Smith/For the Washington Post)

Cvent, the high-flying Tysons Corner-based event management software company that nearly imploded during the bust, filed papers with the U.S. Securities and Exchange Commission on Monday to raise up to $100 million in an initial public offering.

The filings show that the company earned a net profit of $4.3 million in 2012 on revenue of $83.5 million. It plans to list on the NYSE under the symbol CVT, according to the SEC documents.

Cvent creates software that allows companies and associations like Visa, Wal-Mart and Merck to send out the invitations, record the responses, collect the fees and book hotel for their events. For example, if the meeting is in downtown Chicago for 1,000 participants, Cvent has software that helps companies find the right venue.

Cvent, which was launched in September 1999 with $250,000, once had an investor list that read like a who’s who of Washington. But it was hit hard after the bubble burst, and went from 125 employees to 26 in less than six months.

Founder and chief executive Reggie Aggarwal was able to avoid bankruptcy and began building the company on the $400,000 in cash it still had on its books.

The company has expanded and now has offices in Tysons Corner and in India.

Thomas Heath is a local business reporter and columnist, writing about entrepreneurs and various companies big and small in the Washington Metropolitan area. Previously, he wrote about the business of sports for The Post’s sports section for most of a decade.
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