- AvePoint, a leading provider of data governance, protection and migration solutions for Office 365 and SharePoint, announced recently that it raised $200 million from new minority equity investors
AvePoint — a leading provider of data governance, protection and migration solutions for Office 365 and SharePoint — announced recently that it has raised $200 million in commitments from new minority equity investors for growth and expansion as well as partially recapitalize long-term shareholders. This round of funding was led by a substantial Series C Preferred Equity investment from TPG Sixth Street Partners with additional participation from new and existing investors, including Goldman Sachs.
AvePoint also announced that it is experiencing outstanding growth driven by the rise in the adoption of Office 365 and other cloud office solutions. And AvePoint’s most popular product — Cloud Governance — is known for helping organizations better govern and secure Microsoft Teams. And AvePoint is also the only scaled vendor that provides Microsoft Teams backup solutions as well as Slack to Teams migration solutions and services.
Over 7 million cloud users and 16,000 large enterprises across all 7 continents trust AvePoint software and services for their data management, protection, and migration needs. And AvePoint plans to use this round of funding to accelerate its growth and investment into its channel offerings that provide managed service providers (MSPs) the tools to better migrate, manage, and protect the Office 365 environments of their small and medium business clients. Over the next 2 years, AvePoint aims to add more than 40,000 customers through the channel.
MSPs can buy AvePoint’s solutions from a wide variety of distribution partners, including Synnex, TechData, and Intcomex. Back in July, global distributor Ingram Micro also announced AvePoint as its exclusive migration and backup solution provider as part of its Modern Workplace Accelerate program.
“A huge driver of our growth has been our own digital transformation into a majority SaaS solution company,” said AvePoint co-CEO & co-founder Tianyi (TJ) Jiang. “We have invested in our cloud platform to ensure that we have the scale, pace of innovation, API extensibility and security to meet our customer’s demands. This strategic focus has played a large role in delivering four consecutive quarters of record revenue growth in 2019.”
Going forward, AvePoint’s senior management team including co-founders and co-CEOs Jiang and Kai Gong will continue leading the company. And TPG Sixth Street Partners partner and co-head Michael McGinn will be joining AvePoint board of directors.
“Through its investment in innovation and reputation for reliability, AvePoint has positioned itself to take advantage of the tremendous opportunities presented by the rapid and widespread adoption of cloud office solutions,” added McGinn. “We look forward to partnering with their senior leadership as they continue their focus on meeting their customers’ needs and driving the company towards its next phase of growth.”
Currently, AvePoint employs over 1,500 people with offices in the United States, United Kingdom, Germany, France, Singapore, Australia, Netherlands, China, Japan, Philippines and more. And according to Crunchbase, AvePoint has raised about $290 million since it was founded. The last time the company raised a major round was April 2014. Goldman Sachs led that $90 million round.