Event management giant Cvent executed a strategic acquisition of event marketing technology company Splash in early September, claiming the move will reach more buyers, help marketers grow their own businesses and generate greater brand awareness, among other things.
The news was an “industry-wide shaker,” said David T. Stevens, the co-founder of Event Marketing Authority, as it comes a little more than a year after Blackstone bought Cvent—which then went on to make several acquisitions. There’s no questioning that Cvent’s been on a spending streak since June 2023, immediately buying up Reposite, an AI-powered supplier discovery platform, then B2B appointment-scheduling firm Jifflenow and trade show leads company iCapture, both in January.
It wasn’t disclosed how much Cvent paid for Splash, which raised $39.5 million in funding over seven rounds ending in 2020, according to Crunchbase, though it was widely reported that Blackstone’s purchase of Cvent was valued at around an impressive $4.6 billion.
When asked whether Cvent’s shopping spree has gone on too long, Stevens told Vendelux:
“I wouldn’t say it’s gone on too long, but it sure seems like a lot of money to be spent without making it any easier for end users to use,” referring to Splash. As it stands, “it’s a phenomenally powerful tool,” Stevens added of the New York-based tech company, “but to get the most out of it, it seems like you need an engineering or coding degree.”
Natasha Miller, the founder and CEO behind corporate event, entertainment production and marketing company Entire Productions, seems to agree. “Splash is in need of serious UX [user experience] and UI [user interface] improvement,” she said. Though Miller didn’t note what exactly about Splash doesn’t make it very user friendly, she noted that her gripes are about features “that Splash should already have ready to go.” As a result, “I’ve not been impressed since using it for the first time earlier this year for three different programs,” Miller dished to Vendelux.
When it comes to what’s next for Splash, it’s unclear what Cvent will do with it. Cvent CEO and founder Reggie Aggarwal only said in a press release that the acquisition “is an exciting growth opportunity,” adding that Splash paired with Cvent’s “robust event and marketing platform further strengthens our ability to empower marketers to create and execute on-brand, high-impact event programs that deliver real results.”
In a LinkedIn post shared by Elad Rosanski, the founder and CEO of conferences technology firm Xtag, he surmised that while scooping up Splash bodes well for Cvent’s efforts to gear up for another public offering within the next two years (it went private as part of the Blackstone acquisition), there’s the possibility that Cvent could shut down the Splash brand altogether. “It would be a shame to lose such a strong and well-positioned brand, but there’s a strong chance they might go in that direction,” Rosanski wrote in the post.
Stevens made similar predictions.
“I hope they leave Splash alone or use it as a ‘best in class’ of what their [Cvent’s] UX should be like.” However, “I unfortunately have a feeling they just bought them for the customer acquisition and will sunset the whole thing 18 months from now after they’ve gone through all the renewals to reduce churn.”
“There’s a reason companies like Luma and Posh are gaining traction in the market,” Stevens concluded, pointing to two emerging event management platforms that are becoming increasingly popular for their focus on user-friendly tools, interactivity and significant customization.
Customization was something Stevens lauded Splash for. It offered personalization ”to the point [that] you could make it look like your main website, or embed it so deeply no one ever even knew they were using Splash.” But, he noted that Cvent is bound to put their stamp on it, as “I have yet to register for an event using Cvent that doesn’t feel and work like Cvent.”
A representative for Cvent did not immediately respond to Vendelux’s request for comment. In full disclosure, Vendelux has partnered with Splash in the past on initiatives like joint events.
Update as of Sept. 25, 2024: Mike Dietrich, Cvent’s vice president of marketing, has since responded to Vendelux’s request for comment, and said, “We recognize the value Splash has brought to the market, and that field marketers love Splash for its easy-to-use event creation tools, and we’re dedicated to building on that success. Of course, an important aspect of accomplishing this is attentiveness to our users’ evolving needs.”
Dietrich continued: “Regarding Splash’s UX and UI, we always encourage candid and constructive customer feedback. We appreciate the insights and enthusiasm from professionals in the field and look forward to continuing this dialogue as we innovate and enhance our offerings. Moving forward, we aim to leverage our combined strengths to make meaningful improvements that will empower marketers to create even more engaging and impactful events.”
