ON24, Inc. has signed a definitive agreement to be acquired by Cvent in an all-cash transaction valued at approximately $400 million. Under the terms of the deal, ON24 shareholders will receive $8.10 in cash per share, reflecting a substantial 62% premium to the company’s closing price on November 10, 2025. The acquisition is structured to close in the first half of 2026, contingent upon approval by ON24’s shareholders and receipt of customary regulatory clearances.

The 62% premium embedded in the transaction price highlights Cvent’s confidence in ON24’s virtual event platform and its recurring revenue model. ON24 generated approximately $120 million in revenue over the trailing twelve months, with a year-over-year subscription revenue growth rate of 28%. Management has emphasized that the combined entity will leverage cross-selling opportunities and integrate ON24’s analytics capabilities into Cvent’s event management suite, projecting cost synergies of $15 million annually by 2027.

Halper Sadeh LLC, a New York–based investor rights firm, has initiated an investigation into whether ON24’s board fulfilled its fiduciary duties in negotiating the sale. The firm is probing potential underpayment for ON24 shares and incomplete disclosure of material information critical to shareholder decision-making. Halper Sadeh is preparing to seek additional consideration or enhanced disclosures on behalf of investors, operating on a contingent fee basis and alleging possible breaches of federal securities laws and board duties.