Cvent Acquires Technology to Aid Hotels in Group Business
Meetings technology provider Cvent has acquired Decision Street, a hotel sales-intelligence software company, in order to aid hoteliers in managing their group business. Using the software in conjunction with Cvent's platform, the company claims, will provide the data necessary to focus on the best leads within the context of inventory, demand and profitability. In part, the acquisition is a response to the sometimes overwhelming number of requests for proposal that hoteliers receive via the Cvent platform; approximately 1.2 million RFPs were submitted in 2013. "Increasingly, hoteliers are turning to us for technology that helps them manage that group demand while driving revenue and profitability," said Reggie Aggarwal, founder and CEO of Cvent. "We are meeting this demand by both building and buying technology. Decision Street, with its requests for proposal lead-scoring and sales-optimization technology, is the type of company that fits well with our acquisition strategy." According to Aggarwal, Decision Street already integrates well with Cvent's platform.