Cvent, the world’s largest provider of online event management, meeting site selection and web survey solutions, yesterday announced it closed 2010 with Q4 year-over-year revenue growth of 50 percent.
This strong performance concluded Cvent’s most successful year in its 11-year history, during which the company achieved annual revenue growth of 41 percent, added 200 net new employees to its team and acquired over 3,000 new customers globally.
“We performed exceptionally well on all fronts in 2010, as businesses called on Cvent to help them navigate a ‘new normal’ left by the recession."
"With a laser focus on cutting costs and boosting efficiency, organizations of all kinds turned to Cvent’s software to get the most out of their meetings programs and web survey initiatives."
"As a result, we brought on a record number of new customers and also saw a significant jump in existing customer program expansions and renewals,” said Thomas Kramer, Cvent’s Chief Financial Officer.
“We continue to set the pace in the industry as we kick off 2011 and are poised to maintain our rapid growth.”
Cvent’s other 2010 key highlights include:
- Forty-nine percent growth in new booked business compared to 2009 for the company’s core meeting and event management product, and the signing of a substantial number of enterprise and Fortune 500 clients leveraging Cvent’s Strategic Meetings Management platform.
- The addition of more than 1,700 new users of Cvent’s Web Survey solution. New clients and expanded programs with existing customers drove 50 percent year-over-year sales growth for the product line.
- Dramatic growth of the Cvent Supplier Network (CSN) to include profiles of over 125,000 venues worldwide. The free online meeting site selection and Request for Proposal (RFP) tool also now features more advanced search, filtering and RFP functionality. In addition, Cvent expanded its free Destination Guide, the first and only online travel guide designed exclusively for event planners, to include more than 5,000 pages of meeting-specific information on over 175 destinations worldwide.
- Renewed and extended supplier relationships with the leading global hotel companies, whose representatives use the Cvent Supplier Network to connect with highly qualified meeting planners and capture group business leads. Cvent expects that $4 billion worth of group business will flow through the system in 2011.
