Cvent, SaaS provider of technology for managing meetings and events, will be acquired by affiliates of Vista Equity Partners, a private-equity firm.

The all-cash deal for all of the outstanding shares of Cvent common stock — for a total value of approximately $1.65 billion — represents a premium of about 69% over Cvent’s closing price on April 15.

The substantial deal is a U-turn from 17-year-old Cvent’s situation during the 2001 tech crash, when it grew too fast for its own good. A transformation under CEO Reggie Aggarwal led to the company going public in 2013, raising $135 million along the way.

In recent quarters the company has reported record growth in revenue. But the cost of digesting acquisitions and investing in technology was holding down profits.

Vista has committed $20 billion in capital across its portfolio.