Meetings and hospitality management technology provider Cvent is acquiring event diagramming platform Social Tables, the companies announced today.
By acquiring Social Tables, Cvent expects to offer enhanced collaboration between venues and planners. Leveraging Social Tables' Event Services Solution, customers will be able create accurate diagrams and renderings in minutes, allowing for real-time edits. By combining the Cvent Supplier Network with Social Tables' function space content, planners will be able to better visualize the event spaces and venues, improving their venue-selection experience and also giving venues added confidence that their facilities will meet the planners' requirements.
"Our acquisition of Social Tables represents our commitment to providing meetings professionals the sophisticated technology they need to execute top-notch, successful and, above all else, collaborative events," Reggie Aggarwal, CEO and founder of Cvent, told Successful Meetings. "Social Tables is perfectly aligned with our mission of using technology to make the most of live events, and we're excited to expand their distribution to our hundreds of thousands of users."
The acquisition will enable venues to use the Social Tables platform to showcase their unique meeting space online and to create custom proposals that lead to more group business. In a study conducted by STR, Social Tables customers saw an increase of 2 percent in F&B profitability per-occupied room.
The acquisition combines the 110 employees and 5,000 customers of Social Tables with the 3,500 employees and 25,000 customers of Cvent to create a suite of complementary products focused on event management and venues. Social Tables will continue to operate as an independent business unit from its headquarters, with founder and CEO Dan Berger at its helm as general manager.
"Cvent has been the leader in event planning and management for nearly two decades, and we're incredibly enthusiastic to join forces with a company that shares our passion for connecting the world face-to-face," said Berger. "Meeting planners using our diagramming, seating, and collaboration products now have the added benefit of it being a part of Cvent's broader platform. We can't wait to innovate faster than ever before with our new teammates."
The deal mark the third acquisition for Cvent this year following the purchases of QuickMobile and event-booking platform Kapow. In 2016, Cvent was acquired for almost $1.65 Billion by Vista Equity Partners, one of the largest technology investors in the world with more than $20 billion in committed capital.