Cvent Snaps Up ON24 For $400M All-Cash Deal; Stock Rallies 35% In Pre-market Trading

ON24 (ONTF), a major player in B2B enterprise engagement technology, has agreed to a strategic acquisition by Cvent Holding Corp. in an all-cash transaction valued at approximately $400 million—marking a significant consolidation in the digital events and engagement space.

Deal Structure And Shareholder Returns

Under the agreement, ON24 shareholders will pocket $8.10 per share in cash. This valuation represents a substantial 62% premium to the stock’s closing price on November 10, and a 51% premium relative to the 90-day volume-weighted average price. The acquisition is expected to finalize in the first half of 2026, after which ON24 will be delisted and transition into private ownership.

Strategic Synergies Behind The Merger

The deal brings together two complementary technology ecosystems. ON24 brings its robust webinar and digital engagement platform along with data and AI-powered tools to the table, while Cvent contributes its established meetings, events, and hospitality technology infrastructure. The combined entity is positioned to serve enterprise marketing, sales, customer success, and event teams with an integrated suite of solutions—essentially creating a one-stop shop for B2B engagement needs.

Market Reaction

The market clearly approves. In pre-market trading on the New York Stock Exchange, ONTF stock surged 35.89% to $7.97 per share, reflecting investor enthusiasm for the all-cash consideration and the strategic rationale. This strong rally underscores the appeal of the deal structure, where shareholders receive guaranteed cash returns rather than stock-based compensation.

The transaction represents a meaningful consolidation play in the enterprise engagement technology sector, combining digital-first webinar capabilities with event management prowess through an all-cash mechanism.

Disclaimer: The views expressed herein are those of the analysis and do not necessarily reflect those of Nasdaq, Inc.