Weeks before Cvent announced its new Studio solution, the meetings management company acquired an event production software company called Shoflo to help develop the video and production offering, unveiled at last week's Cvent Connect conference in Las Vegas, BTN has learned.
The company acquired Shoflo in late April or early May and brought its founder and CEO, Stephen Bowles on board, along with a "relatively small team of less than 20 contractors and employees," according to a person familiar with the transaction.
Both companies had been building a tool for users to easily create broadcast-quality productions for events and decided to work together, said the source.
Cvent wouldn't comment on the acquisition, and no details were available about the financial terms of the deal. Shoflo was privately held. Cvent currently is privately held but plans to go public later this year via a merger with a special purpose acquisition company.
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