AvePoint, a provider of management solutions for organizations utilizing Microsoft Office 365, SharePoint, and Teams, revealed today its plans to become a publicly listed company through a merger agreement with Apex Technology Acquisition Corporation, a special purpose acquisition company (SPAC). This transaction establishes AvePoint’s value at approximately $2 billion.

This merger unites experienced leaders in the technology sector. Apex is guided by Jeff Epstein, previously the Chief Financial Officer of Oracle, and Brad Koenig, formerly the head of technology investment banking at Goldman Sachs. These individuals will collaborate with AvePoint’s Chief Executive Officer, Tianyi Jiang. Apex initially filed for a $305 million SPAC in September 2019.

The terms of the agreement stipulate that AvePoint will receive Apex’s existing cash balance of $352 million, along with an additional $140 million in private investment. After accounting for transaction costs and related expenses, AvePoint anticipates having $252 million in cash reserves. Current AvePoint stakeholders will maintain ownership of roughly 72% of the newly formed company, while the remaining equity will be distributed between the Apex SPAC and the private investors.

Jiang views this move as a catalyst for continued expansion. He stated that becoming a public company will “enable us to address this demand and accelerate growth across product development, channel marketing, expansion into new international markets, and initiatives focused on customer success.”

Founded in 2001, AvePoint initially focused on simplifying the implementation of SharePoint, which was primarily deployed on company-owned servers at that time. The company has since evolved to offer a Software-as-a-Service (SaaS) solution, functioning as a governance layer to ensure employees utilize these tools in accordance with established policies.

In January of this year, AvePoint secured $200 million in funding, led by Sixth Street Partners (formerly TPG Sixth Street Partners), with further investment from Goldman Sachs, a previous investor. This prior connection likely provided Koenig with familiarity with the company given his former position.

To date, the company has raised a total of $294 million in capital. AvePoint projects nearly $150 million in revenue by year-end, with an Annual Recurring Revenue (ARR) growth rate exceeding 30%. It is important to note that the company has demonstrated consistent growth in both ARR and revenue since the first quarter of 2019. Projections indicate substantial growth over the next two years, with anticipated revenue of $257 million and ARR of $220 million by the close of 2022.