The Download: Cvent adds to its event management empire with acquisition

The Download: Cvent adds to its event management empire with acquisition
Tysons Corner-based Cvent, the maker of event management software, shelled out an undisclosed sum to buy a California company that provides event planners with an online marketplace where they can find and book hotels for upcoming functions. The company said that the primary Web properties operated by Santa Barbara, Calif.-based Elite Meetings ...

Tysons Corner-based Cvent, the maker of event management software, shelled out an undisclosed sum to buy a California company that provides event planners with an online marketplace where they can find and book hotels for upcoming functions.

The company said that the primary Web properties operated by Santa Barbara, Calif.-based Elite Meetings International — EliteMeetings.com and SpeedRFP.com — will become part of Cvent’s offerings.

Cvent has sought to become a one-stop destination for event organizers by offering software and mobile apps that help at each stage of the process, from choosing a venue to registering the attendees to creating digital program booklets.

“We are excited about the acquisition because EMI is a natural fit in our growing portfolio of solutions and will benefit both meeting planners and hospitality marketers,” Cvent chief executive Reggie Aggarwal said in a news release. “Cvent is dedicated to creating the most comprehensive marketplace for group business — connecting meeting planners with hotels and venues worldwide.”

Litigation update

Annapolis-based PharmAthene could collect in excess of $190 million from a former drug partner after winning a lengthy court battle, executives estimate, but the biodefense company shouldn’t expect to receive a check just yet.

 

A Delaware court still has to approve the size of the payout, which includes damages, lost revenue and legal fees. PharmAthene’s former drug partner, Siga Technologies, has already announced plans to appeal the court’s unfavorable ruling.

Another complicating factor: Siga Technologies is in the midst of Chapter 11 bankruptcy.

Money for Vtesse

Gaithersburg-based Vtesse, a life sciences company that develops drugs to treat rare diseases, has raised $25 million from investors in its first venture capital round to date, the company announced.

The money will allow the company to begin a clinical trial of a treatment for Niemann-Pick Disease Type C, a genetic disorder that impacts one in 100,000 to 150,000 children, the company said.

 

Chevy Chase-based New Enterprise Associates led the investment with contributions from Pfizer Venture Investments, Lundbeckfond Ventures, Bay City Capital and Alexandria Venture Investments, according to a news release.

Source: www.washingtonpost.com