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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Apex Technology Acquisition Corporation    APXT

APEX TECHNOLOGY ACQUISITION CORPORATION

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Sixth Street-backed AvePoint to list via $2 billion merger with blank-check company

11/23/2020 | 08:55am EST

(Reuters) - AvePoint Inc, a data management firm backed by investment firm Sixth Street, will be taken public via a merger with blank-check company Apex Technology Acquisition Corp, in a deal valued at $2 billion, the companies said.

AvePoint, the largest data management solutions provider for the Microsoft cloud, will be listed on the Nasdaq under the ticker symbol "AVPT".

AvePoint expects to generate about $148 million in total revenue for the year ending Dec. 31, 2020, an increase of about 26% from a year earlier.

Apex is led by former Oracle finance boss Jeff Epstein and former Goldman Sachs head of technology, investment banking Brad Koenig. Epstein will join AvePoint's board as a director and Koenig will join the board as an observer.

A special purpose acquisition company (SPAC) is a shell company that uses IPO proceeds to buy another company, typically within two years, in a merger that will take the acquired company public. Investors are not notified in advance on what company the SPAC will buy.

SPACs have emerged as a popular IPO alternative for companies this year, providing a path to going public with less regulatory scrutiny.

The combined company will get $140 million in proceeds from a group of institutional investors, according to the statement.

Sixth Street, which led a $200 million growth equity investment in AvePoint in 2019, will continue as a shareholder in the combined company.

Evercore Group is acting as financial advisor to AvePoint, while William Blair & Company is acting as a financial advisor to Apex.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shailesh Kuber)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
APEX TECHNOLOGY ACQUISITION CORPORATION 0.71% 15.69 Delayed Quote.4.53%
EVERCORE INC. -3.11% 114.83 Delayed Quote.8.10%
MICROSOFT CORPORATION 0.28% 224.97 Delayed Quote.-2.69%
NASDAQ COMP. 0.55% 13530.914939 Delayed Quote.2.40%
THE GOLDMAN SACHS GROUP, INC. -0.38% 289.37 Delayed Quote.9.73%
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Financials (USD)
Sales 2019 - - -
Net income 2019 1,20 M - -
Net cash 2019 0,99 M - -
P/E ratio 2019 -227x
Yield 2019 -
Capitalization 174 M 174 M -
EV / Sales 2018
EV / Sales 2019 -
Nbr of Employees -
Free-Float 78,9%
Chart APEX TECHNOLOGY ACQUISITION CORPORATION
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Apex Technology Acquisition Corporation Technical Analysis Chart | APXT | US03768F1021 | MarketScreener
Technical analysis trends APEX TECHNOLOGY ACQUISITION CORPORATION
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Income Statement Evolution
Managers and Directors
NameTitle
Jeffrey E. Epstein Co-Chief Executive Officer, CFO & Secretary
Bradford C. Koenig Co-Chief Executive Officer & Director
David Katsujin Chao Director
Peter W. Bell Director
Donna C. Wells Director
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