Cvent Holding Corp , a U.S. software provider that facilitates in-person and virtual meetings, has rejected a $3.9 billion acquisition offer from buyout firm Blackstone Inc , people familiar with the matter said on Friday.
Cvent shares have since dropped due to concerns that an economic slowdown, brought about by the U.S. Federal Reserve's higher interest rates to fight, will lower demand for conferences and events that drive the company's business. Blackstone's acquisition attempt highlights how some private equity firms are pouncing on the plunge in valuation of some companies in their pursuit of a bargain, especially in the technology sector where many stocks posted big drops.
Rajeev Aggarwal, the founder and chief executive of Cvent, said on the company's third-quarter earnings call with analysts in November that, while the company expected to take a hit from a"Even though our business is not recession-proof, we believe we are recession resilient," Aggarwal said. In the third quarter, Cvent reported adjusted earnings before interest, taxes, depreciation and amortization of $33.7 million, up from $23.4 million a year ago. Revenue jumped 20.3% year-on-year to $161.3 million.Reporting by Milana Vinn in New York; Editing by Josie Kao
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