Cvent Acquires AI-Powered Sourcing Company Reposite

June 10, 2024

Cvent has added AI-powered supplier sourcing company Reposite to its global vendor and supplier sourcing marketplace.

Meeting and event technology company Cvent just acquired Reposite, an AI-powered, 35,000-listing online vendor and supplier sourcing platform. Reposite’s curated database includes 10 unique categories of event-related vendors including transportation, restaurants, entertainment, staffing and gifting suppliers, which will help bring more diversity to Cvent’s already extensive global vendor and supplier sourcing marketplace. Last year, Cvent clients sourced more than $16 billion-worth of hotel and venues through its marketplace.

“Reposite is a perfect complement to our own hotel and venue sourcing platform and aligns seamlessly with our vision of creating a global marketplace where the meetings and events ecosystem can come together to deliver exceptional experiences,” said Cvent CEO & Founder, Reggie Aggarwal.

The acquired company’s tech tools also are on brand for Cvent, which will incorporate Reposite’s request-for-proposal creation tools and AI-powered quote-matching solutions into the Cvent Vendor Marketplace, which clients use to find vendors to support both in-person and virtual/hybrid meetings and events. Reposite’s AI Matching technology is designed to do the heavy lifting for users by using an AI algorithm to sift through planner RFP-specified parameters such as geography, group size, event dates and target audiences to find suppliers that will best fit each group’s specific needs, taking away the necessity to manually do the work of curating a vendor list. Just as Netflix can provide more customized entertainment suggestions as its algorithm gets to “know” specific viewer preferences, the more a planner supplies the algorithm with their group’s preferences for supplier sourcing, the more customized the supplier matches the technology will be able to provide.

Reposite’s technology also is designed to handle the full vendor sourcing process in a centralized workspace. This means planners can use it for everything from supplier search and RFP generation to quote management, customized proposal creation and payment. The benefit to users, according to Cvent, will be a streamlined, efficient platform that ultimately will help deliver more ROI.

“This announcement marks an exciting new chapter for our Reposite team,” said Heather Stupi, Co-founder of Reposite. “We’re excited to join an industry leader who shares our passion for connecting the meetings and events ecosystem and powering the human connection through in-person events.” Reposite’s other Co-founder, Alexa Berube, added that Cvent was a long-time inspiration for their business. “Since founding Reposite in 2020, our aim has always been to create a platform that fuels supplier discovery and seamlessly connects event and travel professionals to the critical vendors they need to deliver successful events,” she said.