Cvent Acquires Elite Meetings International

Meetings technology giant Cvent has acquired Santa Barbara, Calif.-based hospitality marketing company Elite Meetings International. The online venue-sourcing tools offered by EMI, and  will be integrated into Cvent's cloud-based platform. With the acquisition, Cvent gains access to EMI's network of planners as well as the customizable versions of EMI's electronic request-for-proposal tools currently being used on hundreds of hotel websites. Cvent founder and CEO Reggie Aggarwal referred to EMI as a "natural fit" with Cvent's platforms and a benefit both to planners and hotel marketers. Dollar specifics of the deal weren't disclosed, although Cvent expects the financial impact to be immaterial to 2015 revenue and will dilute 2015 adjusted EBITDA by about $3.5 million.