Cvent Inc., which makes cloud-based event management software for businesses, said it has agreed to be acquired by affiliates of Vista Equity Partners LLC for $1.65 billion as the private equity firm expands its technology portfolio.

According to terms announced Monday, Cvent stockholders will receive $36 in cash per share, a premium of about 69 percent over Cvent’s closing price on April 15. Cvent will become a private company after the transaction is completed.

“This milestone is the next chapter in our 17-year history,” Reggie Aggarwal, founder and chief executive officer of Cvent, said in the statement. “With Vista’s financial strength to invest in Cvent now and in the future, we will be better positioned to deliver innovative solutions that transform the meetings and events industry, and to offer employees new opportunities for career growth.”

Morgan Stanley is serving as financial adviser to Cvent, and Wilson Sonsini Goodrich & Rosati, PC is serving as legal adviser to Cvent. Vista’s legal adviser is Kirkland & Ellis LLP.

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This article was written by Molly Schuetz from Bloomberg and was legally licensed through the NewsCred publisher network.

Photo Credit: Cvent CEO and founder Reggie Aggarwal. Cvent