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The world of events is evolving at a breakneck speed thanks to technological innovations. Imagine being able to design immersive three-dimensional spaces in just a few clicks. Cvent, an industry leader, is taking an exciting new step by acquiring Prismm. This merger promises to transform the way professionals plan and execute their events. With over 5,500 partner venues, the impact of this acquisition is immense. Organizers will now be able to collaborate in unprecedented ways within virtual environments. Join us in this technological revolution that is redefining the event experience.
Cvent, a leader in the industry of meeting, event, and hospitality technologies, recently announced the acquisition of Prismm, a leading company in event space design technology. More than 5,500 event venues, hotels, planners, and suppliers now rely on Prismm to connect and collaborate within virtual environments, creating stunning event spaces and experiences. This acquisition reinforces Cvent’s commitment to establishing the standard for immersive 3D diagramming technology, beneficial for both event and hospitality professionals.
Jim Abramson, Vice President of Product Management at Cvent, stated: “In today’s digital landscape, online collaboration is essential to getting business done. In an uncertain environment, it is crucial to have more ways to engage and interact with clients and prospects to ensure we are all aligned. With our vast global network of over 145,000 planners and nearly 340,000 hotels and venues within the Cvent ecosystem, we understand what time-strapped event professionals and resource-limited hoteliers need to organize bigger and better events. Virtual, collaborative, and easy-to-use event design technology has become an expectation among many event planners, and our acquisition of Prismm shows that we continue to invest to meet this demand, while helping hotels and venues streamline their planning processes and maximize their group revenue.”
Yaron Lipshitz, CEO of Prismm, added: “Over the past 12 years, we have worked tirelessly to enable our clients to connect, collaborate, and transact within immersive virtual environments, and we are proud to announce this new chapter within Cvent. Combining our 3D design capabilities with Cvent’s vast network and industry expertise will allow event professionals and hoteliers to create unforgettable experiences and drive significant business growth.”
Benefits of immersive and interactive event design technology
For hoteliers and venue operators
- Simplified event creation: Online diagramming tools accessible to all key players reduce planning time and increase the accuracy of event designs.
- Improved sales and marketing: Dynamic 3D virtual tours allow prospects to explore every aspect of a property and meeting space from anywhere.
- Customization and competitive differentiation: Offering cutting-edge event design technology can set hoteliers apart from their competitors, while personalized virtual walkthroughs with branded elements help bring prospects’ visions to life and leave a lasting impression.
For event professionals
- Simplified sourcing: When time and budgets are limited, online diagramming tools accelerate and optimize the venue sourcing process through virtual tours and precise visualization of spaces. This helps planners quickly identify venues that best fit their needs based on layout, capacity, and overall suitability.
- Improved planning: Accurate floor plans and templates enhance the ability to visualize layouts, seating arrangements, and decor, ensuring precise planning and execution. Planners can easily identify potential issues and adjust before the event, leading to a smoother and more successful experience.
For hospitality and event professionals
- Enhanced collaboration: Cloud-based diagramming allows for real-time collaboration with all stakeholders and decision-makers.
- Smooth communication: With advanced spatial design tools, planners can share detailed virtual representations of event spaces with clients, suppliers, and stakeholders. This fosters better communication and simplifies decision-making.
Moreover, Nfluence Partners acted as the exclusive financial advisor to Prismm in this transaction.
In a strategic move aimed at strengthening its position as a leader in event technology, Cvent has announced the acquisition of Prismm, a company recognized for its expertise in event space design. This acquisition marks a significant milestone for Cvent, which aims to offer even more immersive and collaborative solutions to its users.
What do Cvent and Prismm bring to the events sector?
Cvent is a leading company in the field of meeting, event, and hospitality technologies. With a wide range of services ranging from ticketing to registration management, Cvent has established itself as a key player for event professionals. By integrating Prismm into its ecosystem, Cvent expands its offering by incorporating advanced spatial design tools that allow for the creation of virtual event spaces in 3D.
Prismm, for its part, is used by more than 5,500 event venues, hotels, planners, and suppliers. Its technology enables effective collaboration within virtual environments, thereby facilitating the creation of spectacular event spaces and experiences. This synergy between Cvent and Prismm promises to bring a new dimension to the planning and management of events.
What are the benefits of this acquisition for event professionals?
The acquisition of Prismm by Cvent reinforces the company’s commitment to establishing the industrial standard for immersive 3D event diagramming technology. According to Jim Abramson, Vice President of Product Management at Cvent, “in today’s digital landscape, online collaboration is crucial for getting business done. Our vast global network and our new virtual event design technology perfectly meet the needs of time-pressed professionals.” This acquisition allows event professionals to benefit from several advantages:
- Simplified event creation: Prismm’s online diagramming tools reduce planning time and increase design accuracy.
- Improved sales and marketing: Dynamic 3D virtual tours allow prospects to explore spaces from anywhere, thus increasing engagement and conversions.
- Customization and competitive differentiation: Offering advanced design technology allows hoteliers to stand out from the competition and personalize the experiences offered.
To learn more about trends and innovations in the events field, check out our article on publithings.com/comment-trouver-et-reserver-le-lieu-ideal-pour-votre-evenement-professionnel-le-guide-complet”>how to find and book the ideal venue for your professional event.
How does this acquisition impact hoteliers and event venue operators?
The integration of Prismm’s technologies within Cvent offers significant benefits for hoteliers and event venue operators. Among the main benefits:
- Optimized event creation: Online diagramming tools allow all key stakeholders to collaborate effectively, reducing planning time and increasing design accuracy.
- Improved sales and marketing: 3D virtual tours allow prospects to discover every aspect of a property or meeting space, thus increasing the appeal and understanding of the offers presented.
- Competitive differentiation: Offering cutting-edge event design technology allows hoteliers to stand out from the competition and provide personalized experiences that leave a lasting impression.
This acquisition aligns perfectly with other industry initiatives aimed at innovating and enhancing the customer experience. For instance, the recent acquisition of Deventix by Weezevent shows a similar trend towards consolidating technologies to provide comprehensive and integrated solutions.
What are the benefits for event professionals?
Event planners and professionals also benefit from Cvent’s acquisition of Prismm. The main advantages include:
- Simplified sourcing: Online diagramming tools accelerate and optimize the venue selection process through virtual tours and precise visualization of spaces.
- Improved planning: Detailed plans and templates facilitate the visualization of configurations, seating arrangements, and decor, ensuring precise planning and execution.
- Enhanced collaboration: Cloud-based diagramming allows for real-time collaboration with all stakeholders, fostering smooth communication and simplified decision-making.
These improvements enable planners to save time, optimize their budgets, and ensure that each event runs smoothly. To understand how these technologies can transform your approach to planning events, explore our new article on the integration of Litmus within the Validity family.
What is Cvent’s future vision with Prismm?
Yaron Lipshitz, CEO of Prismm, stated: “Over the past 12 years, we have worked tirelessly to enable our clients to connect, collaborate, and transact in immersive virtual environments. We are proud to begin this new chapter within Cvent.” This vision aligns with Cvent’s goal of providing innovative solutions that meet the evolving needs of event and hospitality professionals.
By combining Prismm’s 3D design capabilities with Cvent’s vast network and industry expertise, the two companies aim to deliver unforgettable experiences and drive significant business growth for their clients. This synergy will also streamline planning processes and optimize group revenues, thus meeting the expectations of demanding professionals.
What are the common benefits for hospitality and event professionals?
Cvent’s acquisition of Prismm brings tangible benefits for both hoteliers and event planners:
- Improved collaboration: Cloud-based diagramming allows for real-time collaboration with all stakeholders, thus facilitating coordination and decision-making.
- Seamless communication: Advanced spatial design tools allow sharing detailed virtual representations of event spaces with clients, suppliers, and stakeholders, fostering better understanding and more effective planning.
These improvements are essential in an environment where digital collaboration has become indispensable. To discover how companies are turning to innovative solutions to stand out, check out our article on Publithings’ expansion into the metaverse.
What role did Nfluence Partners play in this acquisition?
In this transaction, Nfluence Partners acted as the exclusive financial advisor to Prismm. Their expertise in growth strategy and mergers and acquisitions was crucial for successfully carrying out this operation. With their support, Cvent and Prismm can now focus on integrating their technologies and optimizing the solutions offered to clients.
Their role highlights the importance of having strong strategic partners during major transactions, thus ensuring a smooth transition and ongoing growth. For more information on trends in mergers and acquisitions within the events sector, visit our new article on the integration of Litmus and Validity.
How does this acquisition position itself compared to other market movements?
The event technology industry is experiencing a period of rapid innovation and consolidation. Cvent’s acquisition of Prismm fits into a trend where market leaders seek to enrich their offerings with complementary technologies. For instance, the acquisition of Deventix by Weezevent to create a leading European ticketing alliance also demonstrates this consolidation dynamic aimed at providing comprehensive solutions to event organizers.
Additionally, Publithings’ expansion into innovative areas like the metaverse with the acquisition of Réalitevirtuelle.com reinforces the idea that the future of events lies in immersive and interactive experiences. By adopting these technologies, Cvent and Prismm position themselves at the forefront of this evolution, ready to meet the growing demands of clients for more engaging and personalized event experiences.
This vision is also supported by other industry initiatives, where the integration of advanced technologies simplifies planning, improves collaboration, and maximizes commercial revenues.
What are the next steps for Cvent and Prismm?
With this acquisition, Cvent and Prismm are looking to continue innovating and developing solutions that address the current and future challenges in the event and hospitality sectors. The next steps include integrating Prismm’s technologies into the Cvent platform, thereby offering an enhanced user experience and expanded features for event design and management.
Moreover, the two companies plan to strengthen their collaboration with other market players to create even more robust and integrated ecosystems. This will allow clients to benefit from comprehensive and interconnected solutions, thus facilitating the planning, management, and execution of their events.
This acquisition is further proof of Cvent’s commitment to investing in innovative technologies and providing cutting-edge solutions that meet the evolving needs of event and hospitality professionals.
