U.S. Markets open in 9 hrs 6 mins
  • Crude Oil

    -0.05 (-0.07%)
  • Gold

    -9.80 (-0.55%)
  • Silver

    +0.46 (+2.05%)

    -0.0034 (-0.2924%)
  • 10-Yr Bond

    +0.0120 (+0.91%)
  • Vix

    -3.49 (-14.33%)

    -0.0045 (-0.3282%)

    +0.5600 (+0.5127%)

    +149.35 (+0.34%)
  • CMC Crypto 200

    +49.07 (+4.72%)
  • FTSE 100

    +102.39 (+1.47%)
  • Nikkei 225

    -200.31 (-0.67%)

Zoom Is in Talks to Invest in Cvent Blank-Check Deal

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

(Bloomberg) -- Zoom Video Communications Inc. is in talks to invest in the blank-check deal that would take event-management software company Cvent public, according to people familiar with the matter.

Dragoneer Growth Opportunities Corp. II is in discussions with potential investors including the video-chat platform about a private placement to support a deal with Cvent, said the people, who asked to not be identified because the matter isn’t public.

Zoom is negotiating to take a roughly 10% portion of the equity being raised for the deal, one of the people added. A deal, which could still fall apart, could be announced in the coming days, the people said.The bet would fit with Zoom’s live events strategy. On Wednesday, it unveiled Zoom Events, a platform for hosting and managing virtual events. Zoom’s software can be integrated with Cvent’s, according to Cvent’s website, while Zoom’s website shows that Cvent is a corporate customer as well.

Zoom has been stepping up its dealmaking recently. The company, whose online conferencing services took off during the Covid-19 pandemic, agreed to acquire Five9 Inc. for $14.7 billion this week.

Zoom shares closed 0.8% lower at $352.97 apiece Wednesday.

Representatives for Zoom and Cvent didn’t immediately respond to requests for comment. The Dragoneer special purpose acquisition company, or SPAC, as well as Cvent’s owner Vista Equity Partners, declined to comment. The Wall Street Journal first reported the SPAC transaction worth more than $5 billion on Tuesday.

Founded in 1999, Cvent’s operating system facilitates event planning, management and budgeting, venue sourcing and room-block management, according to its website.

(Updates with more details on investment starting in the third paragraph)

More stories like this are available on bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2021 Bloomberg L.P.