AvePoint, a company that sacrifices projects squandering Microsoft Office 365, SharePoint and Teams a verify blanket on top of these tools, announced today that it would be going public via a SPAC merger with Apex Technology Acquisition Corporation in a cope that values AvePoint at around$ 2 billion.
The acquisition brings together some powerful engineering executives, with Apex run by former Oracle CFO Jeff Epstein and onetime Goldman Sachs head of technology speculation bank Brad Koenig, who will now be working closely with AvePoint’s CEO Tianyi Jiang. Apex registered for a $305 million SPAC in September 2019.
Under the terms of the deal, Apex’s balance of $352 million plus a $140 million added private speculation will be handed over to AvePoint. Once transaction rewards and further consideration are paid for, AvePoint is expected to have $252 million on its balance sheet. Existing AvePoint stockholders will own approximately 72% of the combined entity, with the balance held by the Apex SPAC and the private asset owners.
Jiang recognizes this as a behavior to keep originating the company.” Going public now devotes us the ability to meet this demand and magnitude up faster across concoction invention, canal commerce, international markets and customer success strategies ,” he said in a statement.
AvePoint was founded in 2001 as a company to help ease the complexity of SharePoint stations, which at the time were all on-premise. Today, it has adapted to the shift to the cloud as a SaaS tool and primarily acts as a program layer enabling companies to make sure employees are using these implements in a compliant way.
The company raised $ 200 million in January this year to be provided by Sixth Street Collaborator( formerly TPG Sixth Street Partners ), with added participants of prior investor Goldman Sachs, meaning that Koenig was probably familiar with the company based on his previous role.
The company has given rise to a total of $294 million in capital before today’s announcement. It expects to generate almost $ 150 million in revenue by the end of this year, with ARR growing at over 30%. It’s worth noting that the company’s ARR and revenue has been growing steadily since Q12019. The company is projecting significant emergence for the next two years with receipt estimates of $ 257 million and ARR of $220 million following the conclusion of 2022.
The deal is expected to close in the first quarter of next year. Upon close the company will continue to be known as AvePoint and be publicly traded on Nasdaq under the brand-new ticker represent AVPT.