What does this mean for you?
As a public company, there will be no meaningful changes for you, your teams, or how we do business.
While this announcement is great news for our company, what’s more important is what this means for all of you. The pandemic accelerated the digital transformation of our industry, leading to an overall larger market across both our event and hospitality clouds. Our strong valuation and ability to raise $801M highlight the deep confidence our investors have in our products and our people. This funding will help us grow our teams, expand our go-to market activities, and invest even more in R&D so our customers can get even more out of our solutions. For you, this means more opportunities to develop new products, sell and market new solutions, lead new teams, learn new skills, advance your careers, and share in the unique excitement of being part of a publicly traded company.
Who is Dragoneer?
Dragoneer Growth Opportunities Corp. II is a blank check company formed by an affiliate of Dragoneer Investment Group. Dragoneer Investment Group is a growth-oriented investment firm with over $19 billion in long-duration capital from many of the world’s leading endowments, foundations, sovereign wealth funds, and family offices. The firm has a history of partnering with management teams growing exceptional companies characterized by sustainable differentiation and superior economic models. The firm’s track record includes public and private investments across industries and geographies, with a particular focus on technology-enabled businesses. Dragoneer has been an investor in companies such as Airbnb, Alibaba, Atlassian, AppFolio, Bytedance, Ceridian, Chime, Datadog, DoorDash, Duck Creek, PointClickCare, Procore, Slack, Samsara, ServiceTitan, Snowflake, Spotify, Uber, UiPath and others.
What exactly happens in a SPAC IPO Process?
A SPAC, in our case, Dragoneer (Nasdaq: DGNS), raises capital through an initial public offering (IPO) for the purpose of merging with an existing company, which in this case, is Cvent. Over the next few months, what is called the “de-SPACing” period, we will take a number of different steps to complete a successful merger including actively marketing the deal via filings with the SEC and several Wall Street analyst and investor meetings. In a few months, the merger will be complete and Cvent will take over Dragoneer’s listing under the ticker symbol “CVT.”
Can I buy or sell Dragoneer (Nasdaq: DGNS) Stock?
Absolutely not. That could be considered insider trading.
Will we still be part of Vista Equity Partners?
Yes. Vista will remain the majority shareholder at the time we go public and will remain on the board. Vista will remain a strong partner for Cvent.
Can I talk to customers, prospects, potential employees, vendors, etc., about this?
If people ask you about this transaction, you are allowed to say this only:
“Cvent is planning to become a publicly-traded company, and we’re excited about what this potentially means for the organization. We believe the additional resources coming from this transaction will enable us to grow our team and accelerate product innovation for our customers.”