(Bloomberg) -- Event management platform Events.com has struck a deal to merge with a blank-check firm led by Bob Diamond and Jeff Tuder at a pro forma enterprise value of nearly $400 million.
The deal with special purpose acquisition company Concord Acquisition Corp. II is expected to list Events.com on the New York Stock Exchange under the ticker RSVP, the companies said in a press release confirming a Bloomberg News report. The terms give Events.com a pre-money equity value of about $314 million.
“We were looking for a company that was very well-positioned to capitalize on their market opportunity as a public company,” and Events.com checked all of those boxes, Concord Acquisition Chief Executive Officer Tuder said in an interview.
Concord Acquisition II, led by former Barclays Plc CEO Diamond and Tuder, raised roughly $280 million in 2021 including so-called greenshoe shares, before the SPAC industry suffered a correction. After redemptions and following a shareholder vote in May to extend its deadline to complete a merger, the SPAC said it had less than $25 million in its trust.
“This isn’t about tickets, it’s about the whole event,” said Diamond, founding partner and CEO of Atlas Merchant Capital, which backed the SPAC. “This is a space that has really serious growth opportunities, being a public company will help us in our journey.”
Events.com plans to use proceeds from the deal to expand by increasing revenue streams, adding product offerings and advancing AI-driven personalization initiatives. The company, which was founded by CEO Mitch Thrower and President and COO Stephen Partridge, offers tools and event management software to help organizers hold events. They are expected to continue in their roles.
Events.com previously announced a $100 million secured capital commitment from Gem Global Yield LLC SCS in the form of a share subscription facility that it said would help accelerate its growth strategy. The company will have the ability to tap the financing after an equity exchange listing.
(Updates with confirmation, adds commentary throughout.)
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