Cvent’s newest acquisition will allow for an expanded network of vendors that support in-person, virtual and hybrid meetings. Photo Credit: Cvent’s newest acquisition will allow for an expanded network of vendors that support in-person, virtual and hybrid meetings.
The event tech giant Cvent has acquired Reposite, an AI-powered sourcing platform for a variety of event-related vendors and suppliers. The news comes as Cvent kicks off its annual user conference, Cvent Connect, in San Antonio. Terms of the acquisition were not disclosed.
The move expands Cvent's own sourcing marketplace with Reposite's database of more than 35,000 vendor offerings, and adds to Cvent's functionality with its RFP-creation tools and AI-powered matching functionality. Reposite cofounder Alexa Berube has been trumpeting the benefits artificial intelligence can bring to the sourcing process and using Reposite's growing database to showcase that technology.
Power of AI
Reposite uses an AI-driven process to match planner RFPs with suppliers based on a number of factors, including geography, group size, event dates, target audience and specified preferences. That matching functionality helps to streamline the entire sourcing process, which Reposite offers from searching the supplier database to generating and customising RFPs, managing responses and tracking payments.
Even more intriguing is the new functionality Reposite has been beta-testing: PlanPilot is an AI-driven RFP automation assistant that they claim significantly turbocharges the process — to the tune of a 64 percent decrease in the time it takes to complete the full RFP process, from sourcing to contracting. Among the features touted is the fact PlanPilot will communicate autonomously with suppliers to answer questions, offer clarifications and prompt for more information when necessary.
The PlanPilot unveiling is scheduled to take place next week, on 19 June.
Marketplace expansion
Both Reposite's database and its technology will be used to expand the current Cvent Vendor Marketplace, a network of vendors that support in-person, virtual and hybrid meetings. Reposite brings a vendor inventory that spans 10 event-related categories, including transportation, restaurants, entertainment, staffing and gifting, as well as a handful of others.
"Cvent has been a driving force for the meetings and events industry and a long-time inspiration for our business," said Berube. "Since founding Reposite in 2020, our aim has always been to create a platform that fuels supplier discovery and seamlessly connects event and travel professionals to the critical vendors they need to deliver successful events."
Clearly, Cvent took notice of their efforts. "Alexa Berube and cofounder Heather Stupi have built an impressive vendor-sourcing solution in a very short amount of time, and we’re excited to bring their talented team and innovative technology to Cvent," said Cvent CEO and founder Reggie Aggarwal. "Reposite is a perfect complement to our own hotel and venue sourcing platform and aligns seamlessly with our vision of creating a global marketplace where the meetings and events ecosystem can come together to deliver exceptional experiences."
Source: Northstar Meetings Group