Apex Technology Acquisition Corporation (APXT) is a clean check employer. It was founded in 2019 with headquarters in Burlingame, California, United States. The determine organization of Apex Technology Acquisition Corporation is Apex Technology Sponsor Llc. It is a public employer indexed inside the NASDAQ capital marketplace under the symbols “APXT.” The corporation is led by way of Jeff Epstein, the Chief Executive Officer and Chief Financial Officer of Apex Technology Holdings, Inc. And Co-Chief Executive Officer, Chief Financial Officer and secretary at Apex Technology Acquisition Corporation. He was the previous Chief Executive Officer at Oracle. Brad Koenig, who became earlier the pinnacle of Goldman Sachs Group Inc., that's a leading investments and securities control andglobal investment banking firm, is also serving because the Co-Chief Executive Officer of the enterprise.The heads’ joint experience contains of a couple of hundred techmergers and Initial Public Offerings (IPOs) along with firms like Twilio, Microsoft and Oracle. The agency serves clients within the United States of America.
As referred to above, being a clean test organization, also known as special motive acquisition corporation (SPAC), Apex has indicated its commercial enterprise to have interaction in a merger or acquisition with an unidentified organization, entity or someone. The business enterprise deals in asset acquisition, inventory buy, capital stock trade, asset management, share reconstruction, reorganization and other monetary offerings or similar business mixture with one or more organizations inside the software program and net technology industries. It seeks to shape a commercial enterprise combination with leading software program, net or commercial enterprise offerings organization with an company valuation of $1 to $5 billion.
As in step with the organisation’s prospectus, they may pursue an preliminary enterprise mixture target in any business or enterprise; they intend to consciousness their search on groups in the software and internet generation industries.
MERGER WITH AvePoint:
According to Investors observer and the finance assignment statements by using nursing venture writing provider UK, Apex Technology Acquisition Corp (APXT) is around the pinnacle of the economic offerings area.It has announced to participate in upcoming investor occasions, the Jefferies Software Virtual Bus Tour on January 14 and in the Northland Securities SPAC Investor Conference on January20, with Ave factor recognised to be the biggest wide-accomplishing records control solution issuer for the Microsoft cloud.AvePoint has decided to head public by way of merging witha special acquisition business enterprise (SPAC), Apex Technology Acquisition Corporation, that's traded publicly. The value of this merger deal would be around $2billion. A opposite merger will bring about AvePoint turning into a public company traded on the NASDAQ capital market.
ABOUT THE DEAL:
It is stated to be one of the rare deals as it can even pay cash to present shareholders of AvePoint. They may be receiving $257 million in a coins payout. However, the existing SPAC shareholders will simplest control 17.6% of the blended organisation, which is lower than normal. The merger finalizes within the first sector of the year 2021. After completingthe deliberate transaction, the currentAvePoint stockholders will expectedly own about 72 percentage of the merged enterprise, expectedly having approximately $252 million of cash on the stability sheet retaining in account that no redemptions are made through Apex’s public stockholders.
The name of the mixed corporation might be AvePoint, led by way of the Co-founder and Chief Executive of AvePoint, Dr. Tianyi Jiang. The co-founding father of AvePoint, Kai Gong,might be the Executive Chairman. Mr. Jeff Epstein can also be a part of the board of directors of AvePointas a director while Mr. Brad Koenig can be an observer inside the Board of Directors of AvePoint. As in step with the reviews, the business enterprise’s shares will continue to be registered in NASDAQ alternate, with a brand new symbol “AVPT”. According to AvePoint, they anticipate to earn approximately $148 million in revenue for the yr ending December 31, 2020. This might be about 26% extra than that of 2019 revenue.
Sixth Street, a global funding company, will continue because the shareholder of the mixed firm. The organization had made a $2 hundred million growth equity investment in AvePoint in 2019.
AboutAvePoint:
AvePoint, a enterprise founded in 2001, is the biggest independent software program seller of software as a service (SaaS) answers to govern, manage, protect, and migrate statistics. The organisation’s headquarter lies in Jersey City, New Jersey, United States with numerous offices inside the United Kingdom, China, France, Germany, Singapore, Japan, Australia, Canada, South Africa and Switzerland. Before the statement of the merger with Apex Technology Acquisition Corporation, it became a privately held organisation.AvePoint is one of the five software agencies, out of more than hundred agencies, with a growth price of approximately 30% and annual sales of around $a hundred and fifty million. It has also gained the award of the Global Microsoft Partner of the yr, 5 instances.
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As described by means of Ave point, the merger with Apex Technology Acquisition Corporation is right news for AvePoint and their customers. They intention to use this merger and the ensuing infusion of capital to scale their innovation to deliver even greater fee and answers throughout Microsoft 365 and different virtual collaboration platforms. They have deliberate to amplify their geographic footprints to increase their channel presence and assist for controlled carrier vendors. Declaring the timing of the deal of merger to be “proper,” they mentioned that COVID-19 had had a effective effect on the demand of the products and services of the organisation. The factors that fueled the employer’s businessbefore the pandemic have been explosive facts increase, growing information guidelines, hyper-boom of Microsoft teams and shifts to the cloud.
IMPACT ON APEX TECHNOLOGY ACQUISITION CORPORATION:
The information of a merger with AvePoint has driven up the APXT stock in the market. The stock rate of Apex Technology Acquisition Corporation (listed on NASDAQ trade as APXT) raised approximately 7.22%, and it turned into buying and selling up 20.11% on Friday during the last week.
The combined business enterprise will get hold of an funding from a group of institutional investors of $140 million participating inside the transaction through a dedicated private investment “PIPE,”at the side of $352 million held in Apex’s agree with account.
