News Briefs

Cvent Holding Corp. (“Cvent”), an industry-leading meetings, events and hospitality technology provider, announced the completion of its acquisition by an affiliate of private equity funds managed by Blackstone ("Blackstone") for $8.50 per share in cash, representing a total enterprise value of approximately $4.6 billion.

The transaction, which was previously announced on March 14, 2023, includes a significant minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and participation from existing stockholder Vista Equity Partners (“Vista”). As a result of the transaction, Cvent's common stock has ceased trading and will be delisted from the Nasdaq Stock Market.

Reggie Aggarwal, founder and CEO of Cvent, commented: “Events are more important and more complex than ever before. We believe this partnership with Blackstone positions Cvent to continue leading the market for best-in-class technology to maximize event ROI and impact. We will continue to aggressively invest in the innovative solutions organizations need to more deeply engage with their customers, prospects, and employees that are so critical to their success.”

David Schwartz, a Senior Managing Director at Blackstone, said: “Cvent has long been a go-to event management partner for organizations of all kinds, enabling them to embrace technology solutions in an increasingly digital world. We’re thrilled to support its continued growth and product advancements, bringing Blackstone’s global resources to bear and leveraging the firm’s deep expertise and thematic focus on hospitality, events and real estate.”

“Vista is proud of the partnership we’ve built with Reggie; the transformative change that Cvent has driven in the meetings and events ecosystem is a testament to how we help founders realize their company vision,” said Monti Saroya, Co-Head of Vista’s Flagship Fund and Senior Managing Director. “Both he and his leadership team are torchbearers of innovation, ingenuity and culture, and we look forward to seeing what they accomplish next.”

 

Advisors

Qatalyst Partners acted as financial advisor to Cvent, and Kirkland & Ellis LLP acted as legal counsel to Cvent.

J.P. Morgan Securities LLC acted as financial advisor to the Special Committee, and Goodwin Procter LLP acted as legal counsel to the Special Committee.

Simpson Thacher & Bartlett LLP acted as legal counsel to Blackstone, and Evercore, Morgan Stanley & Co. LLC and UBS acted as financial advisors to Blackstone.

For electric vehicle owners in British Columbia, Tim Hortons is now fueling road trips in more ways than one.  The company has announced the expansion of its electric vehicle charging station pilot launched earlier this year in Oakville, Ontario, by unveiling six new charging stations at restaurants throughout  British Columbia.

Tim Hortons announced the pilot in February in an effort to study the technology, its usage and opportunities.

"We have been thrilled with the results of the pilot so far.  Usage of the charging station in Oakville has surpassed our expectations and we received many calls with requests to expand the pilot," said Paulo Ferreira, Senior Director, International Strategic Restaurant Design and Building Standards, Tim Hortons. "With more than 3,300 eligible restaurants across the country, we continue to look for opportunities to expand the pilot and contribute to the EV infrastructure."

The BC expansion, supported by the Province of BC's Community Charging Infrastructure Fund and Koben Systems Inc. (KSI), placed charging stations strategically in Nanaimo, Langford, North Vancouver, Burnaby, Abbotsford and Coquitlam to create paths within the province, allowing guests to travel from restaurant to restaurant strictly on electric power.

Tim Hortons offers charging stations as a courtesy to guests at six locations.  As of March 31st, 2013, Tim Hortons had 4,288 system-wide restaurants, including 3,453 in Canada, 808 in the United States and 27 in the Gulf Cooperation Council. 

MOD Super-Fast Pizza Holdings LLC   updates to its popular MOD Rewards program, allowing customers to earn free MOD faster.

MOD SuperFast Rewards now allows loyal fans to start earning rewards with just 50 points, offers a wider choice of reward options, and provides exclusive offers and special deals throughout the year. Additionally, MOD Rewards members will now be able to give back even more to their communities with an enhanced fundraising program, along with the ability to pay forward their reward to the MOD Opportunity Network (MOD O.N.), to help support job seekers facing employment barriers.

• 50 points: Free No Name Cake, free non-alcoholic drink, free alternative crust upgrade, or $1 donation to one of the MOD O.N. partners.
• 100 points: Free Cheesy Garlic Bread, free delivery, or $2 donation to MOD O.N.
• 150 points: Free Pizza, free Salad, or any single menu item, or make a $3 donation to MOD O.N.

Making an Impact

MOD Rewards members can organize a fundraiser at their local MOD, and in return, receive an increased benefit of 25% of sales back to their organization – higher than the standard 20% donation.

Pay It Forward

Members can also pay it forward by donating their reward to support one of the MOD Opportunity Network non-profit partners: Best Buddies International, Goodwill Industries International and FareStart. The MOD Opportunity Network connects its stores with non-profit organizations that support the readiness, placement and retention of job seekers deserving of a second chance or a first start.

“While we’ve seen the trend of restaurant rewards becoming more elusive, MOD’s new and improved program is truly focused on recognizing and rewarding our most loyal customers. Since the launch of MOD Rewards in 2019, we’ve continued to listen to the feedback and have responded by expanding our benefits to provide added value,” said Kevin Flaherty, SVP of Digital & Off-Premises, MOD Pizza. “In keeping with our community mindset, we’ve also created exciting new opportunities for our customers to give back and make a difference on a local scale.”

GiftAMeal, an innovative cause-marketing program that turns restaurant photos into meals for local families in need, is proud to announce they have been selected as one of 15 semifinalists for Amazon Business Small Business Grants.

GiftAMeal, HT's 2023 Industry Hero Winner, currently works with over 600 restaurants in 32 states, and has provided over 1.4 million meals to families in need. 

How GiftaMeal works

The program is free for restaurant patrons and is funded by restaurants as a mix of marketing and giving back. For every photo shared from a partner restaurant, GiftAMeal donates to a local food bank to help provide a meal to a family in need. Using the power of technology and social media, GiftAMeal has created a new way for individuals to get involved in the community in a simple and effective way.

Voting Online

The voting period, starting June 15 and ending June 25, will take place online. To vote, log on to your Amazon Business account. After logging in, the vote form will appear on amazon.com/smallbusinessgrants above the "Frequently Asked Questions" section.

In collaboration with Entrepreneur, the 15 shortlisted candidates will have the chance to win the $25,000 Grand Prize. Four finalists will receive a $20,000 prize, and the remaining 10 semifinalists will receive a $15,000 prize.

“We are incredibly grateful to be a semifinalist. We are excited to use these funds, no matter which tier we are awarded, to support our mission to get GiftAMeal in as many states as possible,” says Andrew Glantz, Founder & CEO of GiftAMeal. “More specifically, the funding will enable us to hire team members to perform market research on restaurants in new cities, fund conference attendance to network with restaurant personnel, implement advanced marketing initiatives, and invest in modern technology to better be able to serve our partner restaurants and food banks.”

GiftAMeal’s ranking inside the top 15 has positioned the company to receive ample funds as they invest in scaling strategies to expand into new states across the US.  

To learn more about GiftAMeal, visit www.giftameal.com.  

Zume, a company that raised $445 million from investors to for pizza-making robots before switching to developing sustainable packaging in 2020, has shut down, The Information reported.

Launched in 2015, the startup promised to remake traditional pizza delivery with pie-making robots. Its Doughbot was said "to make each pizza crust five times faster than before while improving the quality of work for staff and speed of delivery for customers."  

• Silicon Valley Bank and Beyond: What You Need to Know

"SoftBank’s $375 million investment symbolized the huge checks investors were spending on startups attempting to reinvent conventional businesses with technology," stated The Information.

Knowland, a provider of data-as-a-service insights on meetings and events for hospitality and a member of the Oracle PartnerNetwork (OPN), announced the Knowland platform is available on Oracle Cloud Marketplace and will enable integration with the Oracle Hospitality OPERA Sales and Event Management sales and catering management application. Oracle Cloud Marketplace is a centralized repository of enterprise applications offered by Oracle and Oracle partners.

The Knowland Platform enables high-level operations and sales benefits by integrating data from the Oracle Hospitality OPERA Sales and Event Management application with Knowland's world-class meetings and events database for Knowland customers.

Oracle Cloud Marketplace is a one-stop shop for Oracle customers seeking trusted business applications offering unique business solutions, including ones that extend Oracle Cloud Applications. Oracle Cloud is an enterprise cloud that delivers massive, non-variable performance and next-generation security across a comprehensive portfolio of services, including SaaS, application development, application hosting, and business analytics. Customers get access to leading compute, storage, data management, security, integration, HPC, artificial intelligence (AI), and Blockchain services to augment and modernize their critical workloads. Oracle Cloud runs Oracle Autonomous Database, the industry's first and only self-driving database.

Jeff Bzdawka, CEO, Knowland, said: “Expanding Knowland’s data-as-a-service platform with rich data sources like the Oracle OPERA Sales and Event Management application is a key focus for us to deliver increasingly valuable sales insights that fuel hotel growth and profitability. Knowland’s participation in the Oracle Cloud Marketplace further extends our commitment to the Oracle community and enables our common customers to easily reap the benefits of rich, actionable data. We look forward to leveraging the power of the Oracle Cloud to enhance data access for the global hospitality industry.”

This collaboration will deliver sales efficiency and performance benefits to the hospitality industry in these areas:

• Increase data volume and quality using electronic data collection through an approved API. Enables the delivery of sales and event data from the Oracle Cloud directly into the robust Knowland database. Event information is quickly available to supplement market data and enhance account profiles, informing sales teams and thereby improving decision-making outcomes.
• Accelerate revenue velocity across hospitality businesses by taking advantage of the strong growth in meetings and events. Increase and maintain revenue base when other segments, such as business travel, are less steady.
• Improve efficiency and enhance sales productivity by providing accurate, timely access to market data. The Knowland and Oracle partnership enables customers to enroll in automated data contribution, thereby streamlining their reporting processes and providing timely insights to fuel sales decisions by leveraging the two powerful platforms together.