AvePoint Inc AVPT went public via special purpose acquisition company Apex Technology Acquisition Corp in a $2 billion deal. The data management solutions provider began trading on the Nasdaq on July 2.
AvePoint CEO TJ Jiang appeared on Benzinga's YouTube show "SPACs Attack" for an exclusive interview Thursday.
AvePoint originally planned to use the traditional IPO route to the public markets, but the operational and capital markets knowledge of the team at Apex Technology Acquisition Corp ultimately led the company to go public via the SPAC route, Jiang told Benzinga.
AvePoint Protection: Even when using the cloud, it is necessary to have third-party SaaS backup solutions, Jiang noted.
The White House recently said that the best protection against a ransomware attack is to have a backup and restore solution in place.
AvePoint has developed an automated way to provide must-have governance and digital asset lifecycle management, he said.
See the full interview here:
Microsoft Partnership: AvePoint is the leading data management solutions provider for the Microsoft Corporation MSFT Cloud.
The company has a 20-year relationship with Microsoft, Jiang said. For every $1 Microsoft earns, there exists $9 of partner opportunity. So rather than competing with Microsoft, AvePoint is competing within the Microsoft ecosystem, he said.
Outside of the current partnership with Microsoft, AvePoint provides services for salesforce.com inc CRM and Alphabet Inc's GOOG GOOGL Google Docs. The company is also actively looking at working with Amazon.com, Inc.'s AMZN AWS, Jiang said.
Earnings And Analyst Coverage: AvePoint reported first-quarter financial results on May 20. The company announced total revenue of $38.8 million, up 19% year-over-year and SaaS revenue of $18.3 million, up 78% year-over-year.
AvePoint also raised its fiscal year guidance and announced that the company remains debt-free.
AvePoint anticipates announcing its next quarterly financial results in early August. The company is expecting analyst coverage from numerous firms to be published within the next week, Jiang told Benzinga
AVPT Price Action: Shares of AvePoint were up 0.54% to $11.07 at last check Thursday.
Related link: Miss your favorite 'SPACs Attack'? Not a problem! Go to Benzinga's YouTube channel to view that show and others!
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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