Market Capitalization (Millions $) |
4,166 |
Shares
Outstanding (Millions) |
489 |
Employees |
4,000 |
Revenues (TTM) (Millions $) |
659 |
Net Income (TTM) (Millions $) |
-102 |
Cash Flow (TTM) (Millions $) |
-83 |
Capital Exp. (TTM) (Millions $) |
60 |
Cvent Holding Corp
Cvent is a global leader in cloud-based business event marketing, management, and hospitality solutions. Through our Event Cloud and Hospitality Cloud products, we power the marketing and administration of meetings and events. Our Event Cloud includes tools that enable event organizers to manage the full event lifecycle and offer engaging experiences across all event types and delivery methods, including in-person, virtual, and hybrid. Event Cloud is the system of record for event and engagement data gathered throughout an organizations whole event program, which includes every internal and external event hosted or attended by the organization.
Our Hospitality Cloud is a marketplace that links event organizers seeking for suitable event space for in-person and hybrid events with hotels and venue operators via a vertical search engine based on our proprietary database of detailed event space information. Furthermore, our Hospitality Cloud offers marketing and software solutions that hotels and venues can use to digitally exhibit their event space in order to acquire important leads and develop their companies. This marriage of the Event Cloud with the Hospitality Cloud creates a unified platform that we think generates tremendous network effects and attracts additional event organizers, hotels, and locations.
Event Cloud
Increased Importance of Meetings and Events to Chief Marketing Officers During and After the Pandemic. Meetings and events offer opportunities for enterprises to engage directly with their customers for extended periods of time, and as a result, can represent some of the most effective and highest value touchpoints along the entire customer journey. With the growth in virtual and hybrid events, the opportunities to use events to directly engage with a larger audience has grown significantly. Marquee events such as user conferences and tradeshows present companies with significant marketing and sales opportunities, providing a forum to engage with hundreds or thousands of their prospects, customers and partners in attendance. As a result, meetings and events can represent one of the enterprise's most influential marketing channels. According to Forrester, 74% of respondents considered events to be their most important demand generation tactic.
Increased Importance of Internal Meetings and Events to Engage Employees. In a world characterized by increasingly distributed workforces, organizations will rely more than ever on events, whether in-person, virtual or hybrid, to engage and retain employees who will now have fewer daily in-person interactions. With the option to host virtual and hybrid events, we believe employers will host events more frequently to enhance employee engagement, facilitate networking opportunities, help establish and maintain company culture, attract and recruit new employees, offer immersive opportunities for career development and lower attrition. As companies look to provide differentiated workplace experiences to attract and retain top talent, we believe internal events will become even more important to HR and other C-suite executives.
Hospitality Cloud
Fiercely Competitive Hospitality Landscape Exacerbated by Pandemic. In normal operating environments, hotels generate revenue from three primary types of business: leisure travel, business travel and event and group business. Meetings also drive hotel revenue from food and beverage, event space, audiovisual support, equipment rental, transportation and other services. According to a 2017 study by Kalibri, hotels generated approximately $30 billion in room revenue from group business plus another $110 billion from food and beverage, audiovisual support, ground transportation and other services. Additionally, event attendees are typically hotel guests that may utilize the hotel's restaurants, shops, spas and other paid amenities. Given the highly profitable nature of events and group meetings, competition to attract and win this business has increased significantly among hotels. With the global COVID-19 pandemic temporarily reducing the overall demand for hotel business and creating excess supply, hoteliers looking to recover from the pandemic have further increased competition between hotels to attract this highly coveted events and group meetings business.
Underinvestment in Group Meetings Business. Event organizers can be found across a broad range of departments, including marketing, sales, travel, human resources, training and development and operations, and have a wide variety of titles. Due to this decentralized and non-standard nature of event planning within enterprises, hoteliers often find it challenging to identify highly qualified leads and accurately market to the professionals responsible for planning meetings and events within most organizations. As a result of this challenge and the typically heavy manual effort involved, hotels generally underinvest in sales and marketing efforts to solicit and generate this group meetings business, despite its critical importance to drive revenue. Without an effective way to conduct outbound marketing, hotels must rely on less targeted marketing tactics or on inbound leads to solicit interest and generate events and group meetings business. We believe that hotels and venues that leverage scalable technology solutions, such as ours, that are built for their target audience are better positioned to attract more business and increase their return on marketing spend.
Need to Digitize and Automate Highly Manual RFP and Group Business Processes. In searching for a venue, event organizers often submit inquiries and bids to hotels in a variety of formats, including emails, phone calls and PDF, Word or Excel files. In responding to these requests, many hoteliers and venue operators rely on a variety of generic business tools including word processing applications, spreadsheets and scanned documents. This non-standard process results in increased time and cost associated with an RFP for both parties. In managing confirmed group meetings business, hoteliers and event organizers also typically leverage these generic tools to gather guest data, book rooms and organize room reservations. In our experience, these tools increase the time and cost burden of the process, often increase the chance of data entry error and could heighten the risk of data privacy issues. As hotels look to streamline efforts and ensure compliance, additional technology solutions will be required.
Need to Showcase Meeting and Event Space in a Virtual Environment. Traditionally, hoteliers and venue operators have showcased their properties to event organizers with in-person site visits. However, even before the pandemic, hoteliers had begun to utilize virtual tools to showcase a property and visualize different floorplan layouts as organizations looked to reduce spend and streamline the event planning process. The pandemic has further accelerated the trend of online and virtual sourcing, to the extent that many event organizers now expect online site tours and interactive floorplans and event diagrams to be a standard offering.
Need for Group Business Intelligence to Compete More Effectively. Given the highly profitable nature of group meetings business, the competition to attract and win this business has increased significantly among hotels. In order to uncover new areas of opportunity and generate leads, hotels and venue operators need to leverage data to evaluate their performance in this segment. Business intelligence can provide insights into RFP trends, response activities, win ratios, pace against expected demand, and other key performance metrics. Business intelligence also enables hotels and venue operators to evaluate their group performance relative to their competition and to identify opportunities for improvement.
Company Address: 1765 Greensboro Station Place Tysons 22102 VA
Company Phone Number: 226-3500 Stock Exchange / Ticker: NASDAQ CVT
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