AvePoint Inc., a data management provider and Microsoft Corp. (MSFT) cloud partner, is going public through a merger with blank-check company Apex Technology Acquisition Corp. (APXT), in deal valuing the equity value of the combined company at $2 billion. Apex's stock rallied 2.7% in morning trading on volume of 4.7 million shares, which compares with the full-day average of about 119,000 shares. AvePoint will be the name of the combined company, and the stock will remain listed on the Nasdaq exchange, under a new ticker symbol "AVPT." The company will be led by AvePoint co-Founder and Chief Executive Dr. Tianyi Jiang. The impact of COVID-19 and the growth of Microsoft's cloud solutions, including Microsoft 365 and Microsoft Teams, have accelerated demand for our products," Jiang said. "Going public now gives us the ability to meet this demand and scale up faster across product innovation, channel marketing, international markets, and customer success initiatives." The company is going public at a time that the Renaissance IPO ETF (IPO) has hiked up 28.0% over the past three months while the S&P 500 has gained 5.6%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
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