The past two years have seen record investments and acquisitions within the event tech space as the pandemic forced rapid innovation and adoption of event technology. Companies such as Hopin have raised massive amounts of money and have acquired many smaller companies as they grow their offerings.
The latest event tech news came this week when major industry players Aventri and MeetingPlay announced that they have merged with a growth equity investment from Sunstone Partners and Camden Partners. Eric Lochner, with over 25 years of experience building tech companies, will be coming on board as the CEO of the new company, which has yet to be named.
MeetingPlay had previously raised $75 million from Sunstone Partners last year, and this new injection of capital will help the new company become one of the largest global event tech companies. For the time being, the two companies will continue to operate separately, but they and their platforms will slowly integrate to form one company under Eric Lochner’s leadership in the coming months.
“We are excited to bring these two inventive companies together to create a new cutting-edge experience for the meetings and events industry,” said Lochner in a statement. “We have a strong opportunity to deepen the process of hosting in-person, hybrid and virtual events and are excited to be able to better support meeting planners and event organizers while offering a wider range of products and experiences.”
The company resulting from the merger will provide a complete event management solution for meetings and events, capitalizing on both MeetingPlay’s and Aventri’s strengths, as planners are increasingly looking for technology partners that can they can work with for every aspect of their events. Among the capabilities highlighted by the companies are an event marketing website and registration platform, a virtual and hybrid event platform, and a mobile app.
MeetingPlay co-founders Joe Schwinger and Lisa Vann, the company’s former CEO and COO, respectively, will be taking new executive roles in the combined company, while former Aventri CEO Jim Sharpe will remain a shareholder and advisor.
“Two great companies are coming together, leveraging secular tailwinds to increase market share and expand their innovative software capabilities to benefit top companies and brands,” added Sunstone Partners Co-Founder and Managing Director Michael Biggee. “We’re delighted to continue partnering with them on their exciting future as one company.”