Cvent, a leading provider of event‑management technology, has entered into a definitive agreement to acquire ON24, Inc. for approximately $400 million in cash. The deal values ON24 at $8.10 per share, a premium of about 62% over the company’s closing share price on November 10, 2025 and 51% over its 90‑day volume‑weighted average price. The transaction is expected to close in the first half of 2026, subject to customary regulatory and shareholder approvals, after which ON24’s common stock will be delisted and the company will become a privately held entity under Cvent’s ownership.
The announcement triggered a strong market reaction, with investors rallying around the substantial premium offered to ON24 shareholders. The 62% premium reflects Cvent’s willingness to pay a premium for ON24’s AI‑powered engagement platform and first‑party data moat, while ON24 gains access to Cvent’s broader customer base and global footprint. The deal is positioned to combine ON24’s digital engagement capabilities with Cvent’s event‑management suite, creating a comprehensive solution for enterprise marketers and event professionals.
ON24’s financial performance in the most recent reporting period underscored the strategic rationale for the acquisition. In Q4 2024, the company posted a GAAP operating loss of $11.8 million and a full‑year loss of $50.7 million, while non‑GAAP net income reached $2.5 million in Q4 and $6.1 million for the year. Revenue declined 6.23% over the last twelve months, and the company’s three‑year revenue growth rate was –8.8%. Operating and net margins were –27.88% and –22.09%, respectively, and an Altman Z‑Score of 0.39 placed the company in the distress zone. Despite these challenges, ON24 maintained strong liquidity with a current ratio and quick ratio of 2.67 and a debt‑to‑equity ratio of 0.01, indicating limited leverage.
Sharat Sharan, co‑founder, chairman and CEO of ON24, said the transaction “marks an important new chapter for ON24” and highlighted the company’s global, AI‑powered platform. Reggie Aggarwal, founder and CEO of Cvent, added that ON24 “has earned the trust of enterprise organizations and marketers by delivering reliable, outcome‑driven digital engagement” and that the combined entity will “expand how brands engage audiences across digital and in‑person experiences.”
The deal is expected to generate synergies through product integration, cross‑selling opportunities, and cost efficiencies, potentially enhancing long‑term value for both companies’ stakeholders. Cvent’s strategic focus on expanding its digital engagement capabilities aligns with ON24’s technology strengths, while ON24’s data moat and enterprise customer relationships complement Cvent’s broader market reach. The transaction represents a significant consolidation in the events and marketing technology space, positioning the combined company to better serve enterprise marketers and event professionals in a rapidly evolving market.
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