June 19th, 2012
Charting a new direction: CrowdCompass acquired for $10 million
Investing time and money in Portland mobile development continues to become a better and better proposition. Especially with today’s news. Portland’s CrowdCompass—a company which makes mobile apps for events—has been acquired for $10 million by Cvent.
Here’s where we merge our powers. Their industry-leading event management tools combined with our native mobile apps means innovative answers to the challenges that arise when planning events and conferences. Becoming a part of Cvent will allow us to operate on a greater and much faster scale than we ever have before. In turn, we’ll help accelerate the popularity of their events and meetings by staying in front of developing technologies. We’ll focus on creating conversations and enhancing communication between attendees. Making events a more interactive and engaging experience will be possible through social media tools and games within the app. Together, we’re taking the mobile experience to the next level.
That’s not a bad return for investors in the 3 year old company which includes folks like the Oregon Angel Fund.
CrowdCompass raised $1.3 million last fall, led by a $600,000 investment by the Oregon Angel Fund. That’s a coalition of wealthy investors and the Oregon Growth Account, which invests state lottery proceeds.
This also marks another win for Nitin Khanna and MergerTech, who handled the deal.
“We did more deals in the first four months this year for more value than all of last year,” Khanna said. “And we are going to be announcing some north of $50MM deals later this year as well so we’re growing not only in terms of number of deals but also size of deals.”
For more information on the acquisition, read the CrowdCompass post.