A leading cloud-based enterprise event management platform has renewed its focus on corporate event management solutions.
Cvent has announced the sale of its consumer ticketing assets to Vendini, a San Francisco based consumer ticketing company. The sale includes the consumer ticketing line of solutions as well as the customer contracts, technology, and intellectual property underlying those solutions.
“With the success of our corporate event cloud and hospitality cloud solutions in the marketplace, the divesture of our consumer ticketing assets will enable us to focus more of our attention, resources and efforts on the corporate and enterprise market,” said Reggie Aggarwal, Chief Executive Officer of Cvent. “While our consumer ticketing solution was generating strong revenue growth, it was not core to our corporate focus. This sale will enable us to redeploy resources to more strategic areas of our business that we believe can help us maximize shareholder value over time. We would like to thank all our consumer ticketing employees for their hard work and dedication to Cvent and we wish them success and growth at Vendini. We believe this move is in the best interest of our consumer ticketing clients, our transitioned employees, and our shareholders.”