Highlights
Transaction Valuation: The transaction values Events.com at a pre-money equity value of $314 million (excluding the impact of certain convertible securities and earn out consideration).
Growth and Innovation: Transaction proceeds are expected to further fuel Events.com’s strategic growth plan focused on increasing revenue streams, expanding product offerings, advancing AI-driven personalization initiatives, pursuing strategic acquisitions, and launching marketing campaigns.
Industry-Leading Platform: Events.com is an AI-driven, cloud-based platform that improves event management and is developing advanced event discovery capabilities, providing a modular, full life-cycle solution for creators and consumers alike. Events.com leverages technology to transform how events are organized and experienced. The platform provides a one-stop solution for event organizers to power their marketing, promotion, sponsorship management, registration, ticketing, and performance analytics. By helping events do business better, Events.com empowers organizers to make driving data-driven decisions, optimize revenue, and simplify their operations. For event goers, harnessing the power of AI and machine learning, Events.com is positioned to provide seamless discovery and participation with its forthcoming features.
Strategic Leadership: Events.com Co-founders Mitch Thrower and Stephen Partridge are expected to continue as CEO and President/COO, respectively, with Bob Bellack, co-founder of Cars.com and Apartments.com, joining as CRO.
Share Subscription Facility: Events.com previously announced that it has secured a capital commitment of $100 million in the form of a Share Subscription Facility from Gem Global Yield LLC SCS.
LA JOLLA, Calif. and NEW YORK, Aug. 27, 2024 /PRNewswire/ — Events.com (the “Company”), an industry-leading event management platform, and Concord Acquisition Corp II (“Concord”) (NYSE American: CNDA), a special purpose acquisition company affiliated with investment firm Atlas Merchant Capital, LLC, have entered into a definitive agreement and plan of merger (the “Merger Agreement”). The proposed business combination (the “Proposed Business Combination”) is subject to customary closing conditions, including regulatory and stockholder approvals. The combined public company (“PubCo”) is expected to be named “Events.com” and to list its common stock on the New York Stock Exchange under the new ticker symbol “RSVP,” subject to the approval of its listing application.
Through its SaaS-based software platform, Events.com helps large, medium, and small event creators connect with, engage with, and monetize their communities efficiently and seamlessly. By helping people create, promote, discover, and make the most of every event, Events.com’s end-to-end event management solutions provide organizers access to a suite of products for every step of the event life cycle, allowing organizers to save time and money and generate more revenue.
Events.com offers sponsorship and promotional tools, event management software, dynamic event calendars, digital marketing services, on-site check-in, and on-site sales to make the event organizing process a smooth experience from start to finish. The platform’s capabilities are designed to optimize operational efficiencies and maximize event profitability.
Events.com’s Discover technology, planned to launch out of stealth mode in 2025, is designed to empower users to easily discover, interact, and transact with the events they love, making it an essential resource for organizers and consumers. This comprehensive approach is intended to simplify the event planning process while driving significant value, positioning Events.com as a pivotal player in the industry.
Mitch Thrower, CEO of Events.com, commented: “Our combination with Concord will enhance our capabilities to capitalize on the $936 billion event sector and benefit from ongoing tectonic shifts in the industry. We’re here to help people experience the most meaningful moments of their lives while generating high-margin, recurring revenue and gathering actionable data at scale. We have several significant initiatives on the horizon, and we are truly looking forward to working with Jeff Tuder and Bob Diamond.”
Stephen Partridge, President/COO of Events.com, commented: “As we step into this next phase of our growth, I’m incredibly proud of what our team has accomplished over the past few years in building a strong foundation. With a resilient culture, scalable operations, and an innovative product tailored to the needs of event-creators, Events.com is ready for the next big leap. Our partnership with the Concord team will help us share our product vision with the world and pave the way for the launch of our event-goer platform in 2025.”
Jeff Tuder, CEO of Concord, added: “We are thrilled to announce our business combination with Events.com. Mitch and Stephen have built a compelling offering that is truly differentiated from its competitors. We believe Events.com has tremendous potential. At Concord, we are committed to partnering with experienced management teams operating companies with leading positions in huge markets, and Events.com was a perfect fit for us.”
Bob Diamond, Founding Partner and Chief Executive Officer of Atlas Merchant Capital and Chairman of Concord, added: “We aim to partner with outstanding and proven management teams and operating companies that are pioneering new technologies and leading the way in their market sectors; for these reasons and many others, Events.com was a perfect fit for us. We look forward to working with Mitch, Stephen and the Events.com team as they move into their next phase of expansion and growth.”
Proposed Business Combination Overview
The Proposed Business Combination implies a pro forma enterprise value of $399 million, assuming a $434 million equity value at closing, based on an estimated 43.4 million shares outstanding, and $35 million of net cash (excluding the impact of certain convertible securities and earn out consideration). The boards of directors of CNDA and Events.com have approved the proposed transaction, subject to, among other things, the approvals by stockholders of CNDA and Events.com and satisfaction or waiver of the other conditions outlined in the Merger Agreement.
Events.com previously announced that it has secured a capital commitment of $100 million in the form of a Share Subscription Facility from Gem Global Yield LLC SCS. This is expected to accelerate the Company’s growth strategy via acquisitions, partnerships, and organic initiatives. Under this tailored agreement, Events.com will have the ability to draw up to $100 million following an equity exchange listing, subject to certain conditions and limitations.
Additionally, net proceeds from the transaction are expected to enable Events.com to further expand the internal development of new product offerings, accelerate strategic acquisitions and expedite final-stage acquisition commitments, launch the Events.com Discover platform and expand the continued development of Events.com’s AI and ML capabilities that enable the Company to customize the user experience. Under the terms of the Merger Agreement, Events.com’s existing shareholders will continue to own the majority of the post-combination company upon consummation of the Proposed Business Combination.
Additional information about the Proposed Business Combination, including a copy of the Merger Agreement, will be provided in a Current Report on Form 8-K to be filed by CNDA with the U.S. Securities and Exchange Commission (the “SEC”) and available at www.sec.gov.
