APXT - Microsoft partner AvePoint going public through Apex Tech SPAC merger with $2B equity value

AvePoint helps customers migrate, manage, and protect their Office 365 data.The Microsoft partner will go public through a merger with SPAC Apex Technology Acquisition Corporation (APXT) for a combined entity with a pro forma equity value of about $2B.AvePoint expects to bring in sales of $148M this year, up 26% Y/Y.The $2B includes $140M in proceeds from institutional investors through a committed private investment or PIPE.AvePoint shareholders will hold a 72% stake after the deal closes. The company will be called AvePoint and trade under the AVPT ticker on the Nasdaq.Apex raised $350M in its IPO last year.APXT is up 6.8% pre-market to $10.84.

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Microsoft partner AvePoint going public through Apex Tech SPAC merger with $2B equity value