Feature alongside its programme of live and virtual events and continuing medical education , particularly in the division ’ s American Academy of Anti-Aging Medicine ( A4M ) brand . Mark Allen Group has been targeting the non-core assets of the larger publishers again buying 13 magazines and newsletters from Reed Elsevier in diverse sectors such as metals , plastics and biometrics . The price is believed to be around £ 1.5m for a portfolio that generates £ 1m revenue each year . This follows acquisitions over the last two years of 12 magazines from UKi Media in the aviation , automotive and transport sectors , and the engineering portfolio of Centaur ( The Engineer magazine and Subcon exhibition ). They also acquired Farmers Weekly from Reed Business Information .
Next step for Cvent The biggest transaction of the month was something a little different – the public flotation on Nasdaq of global event software management and technology provider Cvent via a merger with Dragoneer Growth Opportunities Corp using a Special Merger Acquisition Company which values the company at US $ 5.5bn (£ 3.95bn ). There are several private investors involved in the transaction including Zoom with whom Cvent already has an established relationship as technology partners . Cvent were founded in 1999 and became a public company when they IPO ’ d on the New York Stock Exchange in 2013 , valuing the company at more than
“ Having had to rely on digital revenue during the pandemic , it ’ s unsurprising that mainstream live exhibition businesses have been focusing on the acquisition of digital businesses .”
US $ 1bn (£ 720m ). In 2016 they became private when they were acquired by Vista Equity Partners in a deal worth US $ 1.65bn (£ 1.18bn ). Today ’ s valuation of US $ 5.5bn (£ 3.96bn ) shows how well event technology companies have done because of the pandemic as exhibition organisers were forced to invest to create virtual and online versions of their physical events in order to maintain contact with their communities and generate revenue in what has been a very difficult 18 months for most organisers . Cvent launched their virtual events solution in the second half of 2020 and believe that virtual events will remain in demand as part of a hybrid offering as physical exhibitions return .
Something in the Mail There was inevitable speculation about DMGT ’ s exhibition business following the announcement of several potential transactions in the wider group . These include the potential sale of RMS , DMGT ’ s insurance risk business and a possible cash offer by Lord Rothermere for all of DMGT ’ s shares that he currently doesn ’ t own through his company RCL which would mean a privatisation of the group . In the trading update for the nine months to the end of August the events business is expected to show a revenue reduction of 85 % and compared to 2019 revenues from annual events were down 62 % reflecting the continuing impact of Covid-19 . Although the events business was not mentioned in the restructuring announcement and there is no suggestion that a divestment is on the cards , a private company environment would make it easier to affect this without the need to gain the support of shareholders .
A justified award Finally , it was great to see Andy Center win the Pioneer Award at the recent EN Awards . Honest , intelligent , controversial , dynamic , and mad were just a few of the adjectives that Julian Agostini used to describe him . I would add innovative , maverick and loyal to the mix . We said at the time of his untimely death that he would be greatly missed , and we can only imagine how he would have described the governments “ management ” of the pandemic .
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