Cvent is making a bold move to consolidate the fragmented world of B2B digital engagement and events. The meetings, events, and hospitality technology giant has entered into a definitive agreement to acquire ON24 (NYSE: ONTF) in an all-cash transaction valued at approximately $400 million.

If completed, the deal will bring together two platforms that sit at critical points in the modern B2B buyer journey: ON24’s enterprise-grade webinars and digital engagement engine, and Cvent’s expansive ecosystem for in-person, virtual, and hybrid events. The result is a combined offering aimed squarely at enterprise marketing, sales, customer success, and event teams navigating longer, more digital, and increasingly complex buying cycles.

Deal Terms Signal a Strong Vote of Confidence

Under the terms of the agreement, ON24 shareholders will receive $8.10 per share in cash, a substantial premium that underscores Cvent’s conviction in the platform’s long-term value.

The offer represents:

• A 62% premium over ON24’s closing share price on November 10, 2025—the last trading day before ON24 disclosed it had received multiple acquisition approaches

• A 51% premium over ON24’s 90-day volume-weighted average price

The transaction has been unanimously approved by ON24’s Board of Directors and is expected to close in the first half of 2026, subject to shareholder approval, regulatory clearance, and customary closing conditions. Once finalized, ON24 will be delisted and operate as a privately held company under Cvent’s ownership.

Why This Deal Makes Strategic Sense

At a high level, the acquisition is about convergence. B2B engagement has splintered across webinars, virtual events, in-person conferences, hybrid formats, and always-on digital experiences. Most enterprises still manage these channels through disconnected tools, resulting in fragmented data and inconsistent audience experiences.

ON24 and Cvent address adjacent—but historically separate—parts of this ecosystem.

• ON24 is best known for secure, reliable, enterprise-scale webinars, first-party engagement data, and AI-powered workflows that help marketers turn audience interactions into measurable outcomes.

• Cvent dominates the broader events space, powering registration, venue sourcing, attendee management, and analytics across virtual, hybrid, and physical events worldwide.

Together, they form a more complete engagement stack—one that spans always-on digital experiences and high-impact live events, unified by data and analytics.

From Webinars to Buying Journeys

ON24’s strength lies in its ability to transform webinars from one-off content plays into repeatable revenue engines. Its platform captures granular first-party engagement data—what attendees watch, click, download, and interact with—and feeds that insight into marketing and sales workflows.

That capability becomes more powerful when paired with Cvent’s event intelligence. In a combined environment, enterprises could theoretically track a prospect’s journey from a webinar, to a virtual roundtable, to a flagship in-person conference—without losing context or data fidelity along the way.

As buying journeys become longer and more nonlinear, that kind of continuity is increasingly valuable.

AI and First-Party Data at the Center

Both companies have been investing heavily in AI, albeit from different angles.

ON24 has focused on AI-powered engagement and conversion workflows, helping marketers personalize experiences, surface insights, and drive follow-up actions at scale. Cvent, meanwhile, has applied AI across event planning, attendee matchmaking, content recommendations, and analytics.

The acquisition positions Cvent to strengthen its AI story with richer first-party engagement data, something B2B marketers are prioritizing as third-party cookies fade and privacy regulations tighten.

In a post-cookie world, platforms that own direct audience relationships—and can translate behavior into action—hold a significant advantage.

Leadership Signals Continuity, Not Disruption

Executives from both companies framed the deal as an evolution rather than a reset.

“We are pleased to announce this transformative transaction which marks an important new chapter for ON24,” said Sharat Sharan, co-founder, Chairman, and CEO of ON24. “We’re proud of our global, AI-powered, intelligent engagement platform which enables enterprises to effectively interact with their customers.”

Cvent founder and CEO Reggie Aggarwal emphasized trust and continuity. “ON24 has earned the trust of enterprise organizations and marketers by delivering reliable, outcome-driven digital engagement,” he said. “We look forward to supporting ON24 as they continue to deliver value.”

The messaging suggests Cvent sees ON24 not as a product to be absorbed, but as a strategic pillar within a broader engagement portfolio.

Market Context: Consolidation Is Accelerating

This deal fits neatly into a broader trend of consolidation across MarTech, AdTech, and event technology. Enterprises are pushing back against tool sprawl, demanding platforms that do more—and integrate better.

Over the past few years, vendors that once specialized narrowly (webinars, events, ABM, virtual experiences) have expanded horizontally or become acquisition targets. Buyers increasingly want fewer platforms with deeper capabilities, not dozens of point solutions stitched together with integrations.

Cvent’s acquisition of ON24 accelerates that consolidation, creating a vendor with scale across both digital-first engagement and large-scale in-person events.

What It Means for Enterprise Marketers and Event Teams

For customers, the promise is a more unified experience:

• Fewer disconnected tools

• More consistent engagement data

• Better visibility into how events and digital content influence pipeline and revenue

If executed well, the combined platform could help marketing and event teams justify spend more clearly—linking engagement directly to business outcomes rather than vanity metrics like attendance alone.

The risk, as with any large acquisition, lies in integration. Aligning roadmaps, user experiences, and data models will be critical to delivering on the vision.

What Comes Next

The deal is expected to close in the first half of 2026. Until then, both companies will continue to operate independently. Post-close, ON24 will exit the public markets, giving the combined organization more flexibility to invest for the long term without quarterly earnings pressure.

For the B2B engagement market, the acquisition is a clear signal: the line between digital engagement and events is disappearing. Vendors that can unify those worlds—and prove ROI across the entire buyer journey—will shape the next phase of enterprise marketing and customer engagement.

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