Tech firm Cvent to go public in $5.3 billion blank-check deal
(Reuters) -Cloud-based meeting and event technology company Cvent will go public through a merger with a blank-check firm in a deal that gives it an enterprise value of $5.3 billion, the companies said on Friday.
The deal with Dragoneer Growth Opportunities Corp. II includes a private investment in public equity (PIPE) of $475 million from Fidelity Management & Research Co, Hedosophia, Oaktree Capital Management and Zoom Video Communications.
Cvent said it expects the deal to deliver proceeds of $801 million, which it will use for product development and expansion of its offering.
SPACs like Dragoneer Growth use the pool of capital raised through their IPOs to merge with a private company and take it public, typically within two years of listing.
Dragoneer raised $276 million in its IPO in November.
After the deal closes, Cvent will be listed on Nasdaq under the ticker symbol "CVT".
Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni