A host of companies offering virtual events are doing well, now that the sluggish economy has people wanting to save air or car expenses for in-person meetings.
Unisfair, which offers virtual job fairs, is the just the latest. It lets people go online to a faux exhibit hall, create a virtual character and then interact with people attending the same event, says signed up 25 new customers for the business in the first quarter.
Separately, the Menlo Park, Calif.-based company said it has appointed a new chief executive. Hoang Vuong, who has served as chief operating officer and chief financial officer since August, 2008, has now been appointed CEO. He replaces founder Guy Piekarz, who remains on the company's board of directors.
The newest customers include companies such as Ariba, Computer Associates and Intuit. Those companies are reducing the number of live events they hold in favor of virtual events, where the costs are lower and the communications are improving. According to advisory firm Sirius Decision, about 44 percent of businesses have reduced their spending in 2009 by curbing travel and other expenses.
But they're spending more on digital events. Ariba's chief marketing officer, Tim Minahan, said Unisfair's platform let the company stage a live virtual event that will now become standard fare in its marketing efforts. Unisfair has staged 650 big events to date.
Some virtual events draw thousands of attendees for new product showcases, training, or job fairs. Rivals include InXpo and On24. Each of the rivals is stepping up its game through alliances with marketing companies. The company was founded in 2001 and has more than 60 employees. The company has raised $15 million in two rounds from Norwest Venture Partners and Sequoia.