The company will now focus all of its resources on its corporate event management solutions and group business platform for the hospitality industry.
It has sold its consumer ticketing line of solutions, as well as the customer contracts, technology, and intellectual property underlying the solutions, to San Francisco-based consumer ticketing company Vendini.
Reggie Aggarwal, CEO of Cvent, said: "With the success of our corporate event cloud and hospitality cloud solutions in the marketplace, the divesture of our consumer ticketing assets will enable us to focus more of our attention, resources and efforts on the corporate and enterprise market.
"While our consumer ticketing solution was generating strong revenue growth, it was not core to our corporate focus. This sale will enable us to redeploy resources to more strategic areas of our business that we believe can help us maximize shareholder value over time."
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