Apex Technology Acquisition Corporation (NASDAQ:APXT) shares rose Friday on new developments. Apex Technology Acquisition recently announced it would acquire AvePoint, the largest data management solutions provider for the Microsoft cloud.
The purchase went through on Monday, and it is expected that the combined company will be named AvePoint and will remain a publicly traded company listed on the Nasdaq Stock Market under a new ticker symbol, "AVPT."
The combined company will be led by Dr. Tianyi Jiang, AvePoint’s co-founder and CEO, and AvePoint co-founder Kai Gong will serve as Executive Chairman.
AvePoint is a leading global Microsoft strategic cloud partner, with solutions that drive large and mid-market customers’ digital transformation journey in the Microsoft cloud.
From its origin of two coders in a Somerset, New Jersey library, AvePoint has grown to serve the largest software-as-a-service userbase in the Microsoft 365 ecosystem with more than seven million cloud users as of September 30, 2020 and an estimated addressable market of $33 billion by 2022 according to IDC.
The Company sells directly to large and mid-market enterprises, and its solutions are also available to managed services providers on more than 100 cloud marketplaces globally.
AvePoint expects to generate approximately $148 million in total revenue for the year ending December 31, 2020, which would be an increase of approximately 26% over 2019 revenue.
APXT shares gained $3.92, or 35.7% to $14.91.
