Cvent to Buy Webinar Platform ON24 in $400 Million All-Cash Deal

Cvent announced today it agreed to acquire ON24 in an all-cash deal valued at approximately $400 million.

Under the agreement, ON24 shareholders will receive $8.10 per share in cash. The price represents a 62% premium to ON24’s closing share price on Nov. 10, 2025, the last trading day before ON24 disclosed it had received indications of interest for a potential transaction.

On24’s stock price surged in pre-market trading, climbing 35.89% to $7.97 on the New York Stock Exchange.

ON24 CEO Sharat Sharan called the deal “transformative,” while Cvent CEO Reggie Aggarwal said ON24 “has earned the trust of enterprise organizations and marketers by delivering reliable, outcome-driven digital engagement.”

ON24’s board unanimously approved the deal, which is expected to close in the first half of 2026, subject to shareholder and regulatory approvals. Upon closing, ON24 would be delisted.

Cvent praised ON24’s “reliable and secure enterprise-grade webinar and digital engagement capabilities, first-party engagement data, and AI-powered workflows.” It added that once the two companies merge, they will be better positioned to support customers as “buying journeys become more digital and complex.”

Two Nine-Figure Deals in Two Weeks

This is Cvent’s second deal this month. Two weeks ago, it announced the acquisition of webinar and AI video platform Goldcast for a reported $300 million. This followed the April acquisition of spatial design technology company Prismm, and four in 2024.

Cvent, the largest event technology company globally, has been owned by private equity firm Blackstone since 2023, after a $4.6 billion deal.

The ON24 Journey

ON24 was founded in 1998 as a distribution center for Internet-based video press releases under the name NewsDirect. Current CEO Sharat Sharan joined to lead the company the following year. It only started focusing on virtual events in 2008.

ON24 went public in February 2021, during the Covid pandemic. It raised $492.3 million at a valuation over $3.4 billion. A year later, the company made clear its focus on enterprise clients as it dealt with the gradual decline from the peak of virtual events. By May 2022, shares were trading close to $10, less than one-seventh of their IPO peak.

2024 financial results showed a net loss of over $42 million, an improvement compared to $51.8 million in 2023 and $58.2 million in 2022. However, there was a positive EBITDA of $2 million, following two years of losses.

According to a November 2025 investor presentation, ON24 has 1,521 clients, 294 contributing over $100,000 each. These accounts bring in two-thirds of ON24’s revenue. Enterprise clients include Nasdaq, ThermoFisher, Diversified, UntiedHealthcare, Microsoft Azure, SAP Concur, and Autodesk.

Industry Responds to Major Deal

Several event tech experts discussed the deal on LinkedIn. Boldpush founder Julius Solaris highlighted the value of Cvent’s two latest deals. “These are the biggest deals in Cvent’s history. The company has moved away from acquiring smaller $30/40M eventtech,” he said.

Senior analyst at IntelliVid Research, Steven Vonder Haar, congratulated the ON24 team. “Impressive outcome for a long-time webcasting stalwart that faced many twists and turns in the sometimes difficult webcasting business,” he said.

Eventmobi CEO Bob Vaez noted the deals’ size and scope. He said, “Cvent is a transaction machine: they need visible growth to go back to market or be flipped again.” A feeling echoed by Matthew Donegan-Ryan, an event industry mergers and acquisitions advisor. He said, “These are two big strategic moves for Cvent. They are positioning Cvent to go back to the public markets in the next couple of years with double the revenue since they were taken private.”

Vaez highlighted ON24’s enterprise-heavy customer base. He said, “Splash, GoldCast and ON24 customers have major upsell/cross-sell potential.”

Some viewed the acquisition as a shift from event teams to marketing departments and marketers as clients. Highbar Founder and CEO Michael Balyasny said, “They’re investing in a new customer profile, the marketer,” said Highbar Founder and CEO Michael Balyasny. Vonder Haar agreed and added, “The deal continues Cvent’s evolution from an ‘event technology’ company to a ‘digital video marketing technology’ company.”

Rajaram Sankaralingam, CEO of CromaPages and BoothMaven, reinforced that enterprise clients have hefty requirements. He said, “Enterprises increasingly want one platform that covers in‑person events, webinars, and virtual experiences with unified data.” Sankaralingam sees a shift in event tech offerings impacting platforms unable to offer complete solutions. “Point solutions will have to either integrate tightly with these larger platforms or go deeper into specific niches where the big suites are too heavy or inflexible,” he said.