Reggie Aggarwal, Cvent's founder and CEO. Photo Credit: Cvent
Event-technology giant Cvent has completed its all-cash deal to acquire ON24, a well-established platform for webinars and digital engagement with a significant corporate enterprise business. Coupled with Cvent's recent purchase of Goldcast, the purchase further expands the company's footprint in the online engagement market.
The move also reflects the organization's commitment to its all-in-one approach to consolidating event- and marketing-related audience data, along with the reliability and security required to support digital engagement. By combining Cvent's event-technology scale with ON24's webinar and digital-engagement capabilities, Cvent hopes to provide a more complete picture of audience and attendee behavior.
"The way organizations engage audiences, fuel demand and build long-term brand loyalty has fundamentally changed, and the Total Event Program is how today’s marketers are keeping pace," said Reggie Aggarwal, founder and CEO of Cvent. "In-person, hybrid, webinars and digital experiences all have to work together to drive real business results. Bringing ON24 into the Cvent portfolio is the next step in delivering on that vision and enabling organizations to accelerate growth through events."
As the $400 million deal closed ON24's common stock was delisted from the New York Stock Exchange, and it becomes a privately held company.
"Today marks an exciting next phase for ON24," Sharat Sharan, CEO, cofounder and chair of the company, said in a statement. "ON24 has built a powerful, AI-driven intelligent engagement platform and B2B brand that businesses trust to drive growth and deliver meaningful customer experiences on a global scale. This transaction reflects the strength of that foundation and the value we have created for our customers. Together, Cvent and ON24 will drive the industry forward, bringing digital and in-person engagement into a unified, intelligent experience that helps organizations connect with their audiences across every stage of their journey."