Cvent Vista Lanyon Spotlight

Vista Equity Partners

Vista Equity Partners Completes Acquisition of Cvent and
Announces Merger with Lanyon Solution

Enterprise Value: $1,413.64M
EV/LTM Revenue: 7.1x
EV/NTM Revenue: 6.1x


  • Cvent, Inc. and Lanyon Solutions, Inc. are both cloud-based enterprise event and hospitality management companies
  • The acquisition of Cvent was originally announced April 18, 2016 and was met with headwinds from DOJ anti-trust regulators, but eventually cleared
  • The combined company will operate under the Cvent brand and will cover over 28,000 customers in 100 countries


High level of M&A activity in the Hospitality Software Space

  • Traditional hospitality organizations looking to enhance the customer experience are investing heavily in each other and enterprise management systems in terms of data tracking, predictive analytics, events management, and process optimization
  • Travel software providers have already begun consolidating a high level (ex. Expedia acquired Travelocity and Orbitz); we are beginning to see the same in the MICE segment (meetings, incentives, conferences, and exhibitions). This trend is expected to continue further across the hospitality software industry to include segments like client experience and marketing
    • AccorHotels announced the acquisition of John Paul, a hospitality client experience software provider, in November 2016 at a $150M valuation, A 2017e EV/EBITDA multiple of 11x
  • This is a high level of activity from both strategic and private equity investors in the space


Relevant Transactions

Date Buyer Target EV ($M) EV/REV EV/EBITDA Notes
11/16/16 AccorHotels John Paul 150.00 11.0x John Paul provides customer experience management solutions for hotels
05/31/16 Vista Equity Partners Marketo 1,700.43 7.5x Marketo provides a cloud-based marketing software platform
11/24/15 Sabre Corp Trust Group 154.00 Purchased from Battery Ventures, provides hotel marketing and reservation platforms
11/05/15 Constellation Software Springer-Miller Systems Springer-Miller provides property management systems for hotels, resorts, and spas
06/01/15 Mitel Networks TigerTMS 12.00 1.2x TigerTMS provides cloud-based solutions for hotels
06/23/14 Oracle MICROS Systems 4,604.10 3.4x 17.5x MICROS provides enterprise applications and hardware for the hospitality and retail industries
01/07/13 Vista Equity Partners Lanyon Solutions Lanyon providers enterprise event and hospitality management solutions


TBP was NOT an advisor to this transaction