Tysons event software giant Cvent Inc. has purchased event and venue planning startup Social Tables, the two companies confirmed.
The deal, whose price tag one source with direct knowledge pegged at more than $100 million, would combine the 110 employees and 5,000 customers of Social Tables with the 3,500 employees and 25,000 customers of Cvent to create a suite of complementary products focused on event management and venues. Social Tables would continue to operate as an independent business unit from its District headquarters, with founder and CEO Dan Berger at its helm as general manager.
“Nobody is going to get laid off,” Berger said, adding that the D.C. office and its dozens of events are part of the company’s cultural fabric. “The No. 1 thing for me was making sure that this was a thoughtful acquisition and the right partnership.”
The purchase comes as SocialTables nears its eighth birthday in January. Berger said the decision to sell the company was not easy or pretty, but he…Read the full story from the Washington Business Journal.