On Monday, shares of cloud-based platform enterprise Cvent Inc CVT are rallying, up over 65% after news that the company has agreed to be acquired by affiliates of Vista Equity Partners. Vista, a leading private equity firm that focuses on investments in data, software, and technology businesses, will purchase 100% of the outstanding shares of CVT common stock, which holds a value of $1.65 billion. Cvent shareholders will receive $36 in cash per share, reflecting a premium of roughly 69% over its closing price on April 15, 2016 as well as a 70% premium to Cvent’s average closing price over that last 30 trading days. According to a press release, Cvent’s board of directors “unanimously approved the deal and recommended that stockholders vote their shares in favor of the transaction.” Cvent CEO Reggie Aggarwal commented that “We are pleased to announce this transaction that provides a significant premium for Cvent stockholders. This milestone is the next chapter in our 17-year history. 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.” “Reggie and the Cvent team have built a leading portfolio of products and are positioned for expansion in a large and underpenetrated market,” said Brian Sheth, co-founder and President of Vista. “We are excited to work with the Cvent team to lead the business into this next phase. Over the last several years, Vista has developed a leading portfolio of meeting technology providers. This acquisition is our most significant investment in this space, and further solidifies our commitment to the broader industry.” After the deal closes, Cvent will become a privately-held company, and its headquarters will remain in Tysons Corner, Virginia. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CVENT INC (CVT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research