According to MENAbytes, the financial details of the transaction were not disclosed but Eventtus said that it was a ‘good deal’ for everyone involved – including the investors of Eventtus.
Mai Medhat and Nihal Fares who had founded Eventtus in 2012 are joining Bevy’s leadership team as Vice President of Innovation and Director of Product respectively as a result of the acquisition.
The rest of the employees of Eventtus, including 20 engineers, are also joining Bevy. Both the companies have been operating remotely so the employees will continue to work from wherever they are.
“What’s unique about them is how they thread events together. They’ve built a powerful community event engine that helps enterprise teams create a sense of community among their customers, prospects, partners and employees. This is what all other event platforms are missing. And it’s the key to unlocking global scale and growth,” said Mai Medhat, Eventtus CEO.
Eventtus had started as an event management platform for offline events, helping organizers engage with attendees through dedicated apps created for events (with their own branding).
“With this acquisition, we can now further advance our leadership role in enterprise events.”Derek Andersen – CEO, Bevy
After the start of the pandemic, it pivoted to become a virtual events platform, enabling organizers to host conferences, expos, summits, and workshops, with different features to help the audience engage with each other and the speakers.
The investors in Eventtus include Algebra Ventures, Middle East Venture Partners (MEVP), Raed Ventures, 500 Startups, Cairo Angels, Daal, Hala Ventures. The startup had raised a little over US$4 million before the acquisition.
Bevy’s CEO Derek Andersen is also the CEO of Startup Grind, a global community of entrepreneurs that organizers startup events all around the world. Startup Grind has been using Eventtus to host its events for years.
“I have known Bevy and Derek Andersen, for a few years. Bevy has been using Eventtus for its global conferences for many years,” Mai said in a statement.
“It’s one of these stories when a customer turns to love the product, finds a fit and it turns into a successful acquisition. Bevy is focused on enabling business to build community and the acquisition allows for us to meet attendees where they are at and how they prefer to experience events.”
The acquisition will help Bevy extend its tech stack with the addition of a mobile in-person conference app and other engagement tools for attendees. Started a little over four years ago, Bevy has raised over US$60 million to date from Accel and some other top investors.
“Enterprises have invested in creating connected communities for their customers, employees, and partners. Events are not only an extension of these communities but also provide an important channel for driving ongoing engagement,” Bevy CEO Derek Andersen said.
“With this acquisition, we can now further advance our leadership role in enterprise events by delivering an end-to-end white-labeled event system of record that helps enterprise leaders build even stronger and more engaged communities.”