- Case Study
"Throughout our various iterations as a public company, TDM were one of my favourite shareholders. I saw them as a true partner who invested a huge amount of time in understanding our business. This allowed them to be very thoughtful in their views, often providing sound advice through their long term shareholder lens. Above all else, they are great people."
REGGIE AGGARWAL, FOUNDER & CEO, CVENT
Cvent’s Growth Story
Cvent was founded in 1999 by current CEO Reggie Aggarwal alongside three co-founders. In 2013 Cvent listed on NYSE, and by 2021 it was highly profitable, having grown five times larger than its nearest competitor.
At the time of investment, Cvent displayed all the qualities that TDM loves in vertical software, but despite its scale, was still barely penetrating its massive, under-digitised end market.
Across our near nine years of ownership, the business grew revenue and earnings over 4x.
Today, Cvent is the global leader in event management software, enabling event planners and marketers to arrange and execute large in-person, virtual, and hybrid events, conferences, and meetings.
Note: The revenue graph below omits two years of Vista ownership due to no available data.
Our Ownership
In 2014, TDM initiated its position in Cvent, and by early 2016, amid the worst start to the year in Wall Street history, and with a share price that had halved in a month, it became our largest position.
Evidently, we were not the only ones who thought Cvent had been unduly punished by public market investors; by April 2016, Vista Equity Partners took the business private at a 70% premium, valuing it at US$1.65b.
In July 2021, Cvent relisted on the Nasdaq via a Special Purpose Acquisition Company (SPAC) deal with Dragoneer Investment Group, with TDM participating via a PIPE (Private Investment in Public Equity) deal. Sadly, our ownership was again short-lived, with Blackstone taking the business private in March 2023 for US$4.6b.
