Cvent Acquires CrowdCompass For $10 Million
Could there be consolidation taking place in the event management space already? The question is relevant because Cvent, one of the world’s largest event management platforms has just splashed out $10 million for the purchase of smaller scale player CrowdCompass. But this acquisition while it may be the biggest is not the only one that Cvent has made in the last few weeks. The company had earlier snapped up Seed Labs (an event apps developer) for $4.2 million.
The figures are of course not the size most tech people would drool over but that is due in part to the size and scope of the mainly B2B event management sector. Cvent for instance only last year got into the big time with a funding of $136 million and CrowdCompass had only managed to raise $1.3 million towards its growth.
Still, with mobile platforms taking off the way they have in the last few years and with concert promoters and patrons using these platforms to do anything from buying tickets to securing their parking, companies like Cvent will only earn more and thus be worth more.
This is probably not the last acquisition we are going to see in the space this year and we’ll definitely bring you the next big one. Cvent has a competitor in the form of Eventbrite and that platform is potentially an even bigger spender. We’ll keep watch.