AvePoint To Go Public Through SPAC Merger With Apex Technology 

By Amit Chowdhry ● November 26, 2020
  • AvePoint — an independent software vendor of SaaS solutions for migrating, managing, and protecting data in Microsoft 365 — announced it is going public through a merger with a special purpose acquisition company (SPAC) called Apex Technology Acquisition in a deal valued at $2 billion

AvePoint — an independent software vendor of SaaS solutions for migrating, managing, and protecting data in Microsoft 365 — announced it is going public through a merger with a special purpose acquisition company (SPAC) called Apex Technology Acquisition Corp. This deal values the combined company at $2 billion. 

Over the past week, the stock price of Apex Technology Acquisition Corp (NASDAQ: APXT) jumped 7.22% and it was trading up 20.11% after hours on Friday.

AvePoint is going to be the name of the combined company. And the stock will continue to be traded on the Nasdaq exchange under the ticker symbol “AVPT.” 

The combined company is going to be led by AvePoint co-founder and CEO Dr. Tianyi Jiang. AvePoint co-founder Kai Gong will serve as Executive Chairman of the company.

Apex is led by former Oracle CFO Jeff Epstein and former Goldman Sachs Head of Technology Investment Banking Brad Koenig. And their combined experience includes over 100 technology IPOs and mergers involving companies like Microsoft, Oracle, and Twilio.

KEY QUOTES:

“AvePoint provides critical data management solutions that enable organizations to make their digital collaboration systems more productive, secure and compliant. The impact of COVID-19 and the growth of Microsoft’s cloud solutions, including Microsoft 365 and Microsoft Teams, have accelerated demand for our products. And we were growing prior to COVID-19 as well. We have achieved eight quarters of impressive growth. We have positive free cash flow and are in line with the key ‘Rule of 40’ SaaS industry growth metric. Going public now gives us the ability to meet this demand and scale up faster across product innovation, channel marketing, international markets, and customer success initiatives.”

— Dr. Jiang

“We are thrilled to partner with AvePoint to help thousands of customers protect and manage their Microsoft cloud investments; Microsoft cloud is sweeping through the world’s enterprises. AvePoint is well-positioned to take advantage of this. Of over 200 public cloud companies, AvePoint is one of only five with 2020 estimated revenue in the $150 million range, 2020 estimated year-over-year growth above 25%, and 2020 estimated EBIT Margin over 10%.”

— Jeff Epstein 

“AvePoint has partnered with Microsoft closely for nearly two decades in helping organizations maximize their Microsoft investments. AvePoint’s merger to become a public company demonstrates the power of Microsoft’s channel and the opportunity it provides our partners to flourish long-term.”

— Gavriella Schuster, Corporate Vice President, One Commercial Partner, Microsoft