The deal comes as demand for virtual gatherings has fallen from pandemic highs.
Toronto-based event management software company EventMobi has purchased Silicon Valley’s Run The World.
The financial terms of the acquisition were not disclosed. According to EventMobi, Run The World clients can sign up to join its platform “over the coming months.”
EventMobi offers an end-to-end platform for virtual, hybrid, and in-person events, while Run The World describes itself as a “one-stop solution” for virtual social gatherings, webinars, and conferences.
The acquisition comes during a challenging time for virtual event tech companies.
“With the acquisition of Run The World, we’re doubling down on our ability to deliver diverse event formats, expand our reach, and solidify our position as industry leaders,” EventMobi founder and CEO Bob Vaez said in a statement.
The deal comes during an interesting time for the competitive event tech space. When COVID-19 halted in-person gatherings, demand for virtual events—and the tech companies that facilitated them—soared, benefitting firms like Zoom, Hopin, and Run The World.
But that pandemic boom has since faded with the return of in-person events, and companies focused exclusively on virtual gatherings have struggled. Zoom has shed staff, seen its growth slow, and stock price fall precipitously. Hopin, which has undergone multiple rounds of layoffs, recently sold off its flagship events platform and saw its founder and CEO step down.
Founded in 2010, EventMobi got its start as a mobile event app provider. Today, the company offers a suite of event management solutions, from registration and check-in to engagement and networking tools, to customers like Visa, Ben & Jerry’s, Yale University, Porsche, Shoppers Drug Mart, and TD Bank. EventMobi’s software enables clients to plan, promote, monetize, and deliver virtual, hybrid, and in-person meetings, conferences, and other types of gatherings.
EventMobi’s deal to buy Run The World appears to mark the company’s second acquisition—and its first in a decade—following its 2013 acquisition of Toronto’s Understoodit.
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Founded in 2019, Run The World has powered over 50,000 events globally for clients that include Forbes, Meta, Amazon, and Harvard University.
Run The World previously closed over $15 million USD in total funding from a group that includes Andreessen Horowitz, Founders Fund, GGV Capital, Will Smith, and Kevin Hart. Run The World’s most recent round appears to have been an $11-million Series A round during the early days of the pandemic in May 2020.
“We proudly hosted thousands of customers, fostering a sense of connection when the world needed it most,” Run The World founder and CEO Xiaoyin Qu said in a statement. “Now, as the world settles back to in-person events, we’re thrilled to join forces with EventMobi. We assure our community they are in the best hands and can expect even more powerful and seamless hybrid event solutions.”
For his part, Vaez also seems to believe that the path forward will be hybrid.
“The future of events will blend in-person and virtual experiences to foster and engage communities,” said Vaez. “We are committed to enabling our customers to choose the best format to allow their attendees to learn, connect and exchange ideas year-round.”
Feature image courtesy EventMobi.
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