How often do you use Microsoft products? The answer is probably daily for all of you. Now, AvePoint, the Company who migrate, manage and protect data on Microsoft Cloud, is coming to public.

The backstory: Founded in 2001 by Kai Gong and Tianyi Jiang, AvePoint started to provide a backup solution for Microsoft’s email service Exchange. It is now the largest data management solutions provider for Microsoft Cloud.

• How large is the “largest”? Make it in this way: 25% of Fortune 500 companies are using AvePoint’s services, with more than 7 mln cloud users.

As you can imagine, the work-from-home shift largely benefitted AvePoint, as more companies relied on Microsoft Cloud and digital collaboration technologies like Microsoft Teams and Zoom during the pandemic.

• The Company forecasted its 2020 revenue to increase 26% YoY to USD 148 mln. Users of MS Teams shot up 400% in the past 6 months.

AvePoint wants to go public now, but in an alternative way. It would become public by merging with a blank check company Apex Technology Acquisition Corporation (NDAQ: APXT) with a valuation of USD 2 bln.

• Compared to a traditional IPO, merging with Apex seems to be more attractive in terms of operational expertise, considering the fact that Apex is run by former Oracle CFO Jeff Epstein and former Goldman tech investment banker Brad Koenig.
• With the USD 140 mln proceeds, AvePoint’s Jiang expects to enlarge its customer base and build out vertical solutions.

Looking ahead...even after the pandemic, the work-from-home shift is likely to be kept as it is already habit-changing.