Cvent has acquired hospitality marketing company, Elite Meetings.
Terms were not disclosed, but, in a statement today, Cvent said it expects
"the financial impact of the transaction to be immaterial to revenue in 2015 and to be dilutive to 2015 adjusted EBITDA by approximately $3.5 million.
The acquisition boosts Cvent's list of meeting planners who are sourcing events, plus greater inventory of hotels, resorts, and venues.
Cvent also takes ownership of Elite Meetings' white-label group business sourcing tool, which can be found on dozens of hotel websites.
The fate of Elite Meetings magazine is unknown. UPDATE: Cvent says it loves the magazine and hopes to grow its subscriber base. Same goes for its meeting series, the Elite Meetings Alliance.
For more on Cvent's view of the future of meetings, see this summary of CEO Reggie Aggarwal's recent presentation at the Phocuswright Conference.