At the 2024 Skift Meetings Forum, Reggie Aggarwal, CEO and founder of Cvent, reflected on the company’s evolution from a modest startup to a giant in the event tech space. The session, “From David to Goliath of Event Tech – What Comes Next?” explored key trends shaping the industry and how Cvent plans to navigate the future.
AI: Big Promises, Modest Returns—For Now
Aggarwal didn’t shy away from the hype surrounding AI and admitted that Cvent was not where it wants to be. “In terms of AI, the answer is absolutely no. We have a long ways to go,” he said. While Cvent is heavily invested in artificial intelligence, with 200 people focused on AI initiatives, Aggarwal remains pragmatic. The current payoff, though notable, is small. “Right now for us, we have about 1,400 technology people. It’s giving us about a 5% lift, but it’s going to grow every year.”
Despite the current modest return, Aggarwal is bullish on AI’s potential. Cvent offers some AI features to users when sourcing venues, creating content, and analyzing data. However, he cautioned that AI’s broader impact is still unproven. “There’s a lot of hype,” he noted, but he firmly believes the benefits, particularly in terms of efficiency, will be undeniable over time.
Powering a Personalized Event Experience
The future of event tech isn’t just about AI — it’s also about data-driven personalization. Cvent is working on improving its matchmaking capabilities to match attendees with other relevant attendees, content and exhibitors.
Aggarwal stressed the importance of collecting enough quality data, which may only be possible for clients who can get users to opt in to share their data across multiple events. “What we really need to do is make sure we collect data,” he said. “As you build that profile, people feel more comfortable, and they’re saying, ‘Hey, if I release this data about myself, it will actually help me meet other people.’”
The more intelligent the system, the better the matches. But Aggarwal suggested that the onus is on event planners and platforms like Cvent to ensure that attendees see the value in sharing their information.
Cvent’s Acquisition Strategy
Aggarwal’s growth strategy relies heavily on acquisitions, and Cvent has proven itself a savvy player in the M&A arena. Most recently, it acquired Splash, a New York-based event marketing technology company. Aggarwal described Splash as “best in class” and “very strong in corporate marketing.”
While Aggarwal didn’t comment on the plans for the most recent acquisitions, he described Cvent’s acquisition record as “agnostic,” and willing to integrate any technology brought into the fold.
However, he acknowledged the pitfalls of the acquisition game. “Sometimes you buy a company, and once you get under the hood [..] they’re not built for scale, and their security is not built for scale.” With at least 18 acquisitions, Aggarwal believes Cvent’s track record remains strong and focused on integrating companies that make customers happy. “When we hear 20 customers say, ‘We like this product,’ then we want to do something that makes our customers happy.”
Growing Venue Sourcing Platform
Cvent’s online sourcing tool, the Cvent Supplier Network, is a key pillar of the company’s strategy and accounts for around a third of total revenue. Aggarwal revealed the platform is on track to handle around $18 billion worth of bookings this year. Still, he sees plenty of growth opportunities, estimating that only 15 to 20% of planners currently use online sourcing tools.
He also sees great potential for AI to streamline online venue sourcing, including helping planners find venues and hoteliers respond to the 3 to 5 million requests for proposals they receive through the platform.
Multi-Year Contracts Turned Covid Challenges Turned Opportunities
Aggarwal credited multi-year contracts with helping Cvent weather the pandemic. The company worked with clients to adjust their commitments and extend contracts in exchange for flexibility in the short term. “We said, ‘If we cut back your commitments, can you extend the contract?’” That approach kept customers on board and helped stabilize the business during a turbulent period.
The pandemic tested every facet of the events industry, and Cvent was no exception. With 18,000 customers, most of whom were in crisis, Cvent had to pivot quickly to survive. “All my events are canceled. If you can’t give me virtual, then we want to go somewhere else,” Aggarwal recalled customers telling him.
Virtual Events Are Here to Stay
Cvent responded by developing its virtual product and launching it at its own conference, Cvent Connect. It served as a trial by fire. “For us, it was kind of landing on the moon,” Aggarwal said, noting that the event attracted 52,000 virtual attendees. This year, the conference attracted around 4,000 in-person attendees and 6,000 online.
As much as in-person events have rebounded, Aggarwal believes virtual and hybrid events are now a permanent part of the mix. “Virtual is here to stay. It has made the power and strength of events more powerful because you’re able to reach a larger audience.”
However, he’s clear-eyed about the limitations of virtual events. While they are great for short webinars, in-person events still have a much more significant impact. “If I had to put a number, I think it’s about a 3 to 5x more impact on in-person versus virtual.”
Despite his success, Aggarwal remains passionate about the company he founded nearly 25 years ago and has no plans to retire anytime soon.