Event management software co Cvent hires banks for IPO sources

Wed Feb 13, 2013 4:49pm EST

Feb 13 (Reuters) - Cvent Inc, an online software company for event management, has hired banks for an initial public offering later this year, according to two sources with knowledge of the situation.

The McLean, Virginia-based company has hired Morgan Stanley and Goldman Sachs Group Inc to lead the deal, the sources said.

Cvent, Morgan Stanley and Goldman Sachs declined to comment.

Through its software, the company helps customers to plan events, find venues, create mobile apps and send surveys. Customers include Toshiba Corp, Deloitte & Touche and Boston Scientific Corp.

Founded in 1999, The company has over 1,100 employees worldwide. It has roughly $100 million in annual revenue, according to analyst estimates.

In 2011, Cvent received a $136 million investment from venture firms New Enterprise Associates, Insight Venture Partners and Greenspring Associates

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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