Event technology
Cvent reduces
headcount by 10%
vent tech giant
Cvent, acquired in
2016 by Vista Equity
Partners in a record
US$1.65bn deal, announced, 22
May, a major programme of lay-offs
and furloughing of staff. Its official
statement read:
“Furloughs and lay-offs have
greatly impacted professionals
across the meetings, events, and
hospitality industries – industries
that we directly support.
“As the pandemic initially took
hold, we aggressively pursued
multiple expense reduction
measures. Unfortunately, today
we have had to follow others in
taking the expense reduction of
last resort, reducing our headcount
and furloughing some employees, a
decision we have not taken lightly.
“While decisions are not yet
final for our UK workforce, in
total, 10% of our global workforce
is impacted by this reduction
force. These Cventers were v
members of our team who m
great contributions to the bus
and we will miss them. They
more than just our colleague
our hearts go out to them and
their families. This decision w
heavily on all of us.
“We remain focused on
supporting our customers, pr
guidance and expertise to he
industry recover, and innova
for the future. We have expan
and enhanced our virtual me
offerings to support clients in
current environment and rem
steadfast in our commitment
the power of in-person meeti
and to the long-term prospec
face-to-face events. We believ
today’s actions we have posit
the company to weather the c
storm and thrive as the indus
returns.”
24 Issue 3 2020