Apex Technology Acquisition Corporation (APXT) is a clean take a look at agency. It turned into founded in 2019 with headquarters in Burlingame, California, United States. The figure organization of Apex Technology Acquisition Corporation is Apex Technology Sponsor Llc. It is a public corporation indexed in the NASDAQ capital marketplace under the symbols “APXT.” The organization is led by 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 changed into the previous Chief Executive Officer at Oracle. Brad Koenig, who turned into earlier the pinnacle of Goldman Sachs Group Inc., that's a main investments and securities management andglobal investment banking company, is likewise serving because the Co-Chief Executive Officer of the employer.The heads’ joint enjoy comprises of more than one hundred techmergers and Initial Public Offerings (IPOs) including firms like Twilio, Microsoft and Oracle. The business enterprise serves clients within the United States of America.
As referred to above, being a blank take a look at company, also known as unique reason acquisition organization (SPAC), Apex has indicated its business to interact in a merger or acquisition with an unidentified employer, entity or someone. The enterprise offers in asset acquisition, inventory buy, capital stock exchange, asset control, percentage reconstruction, reorganization and different economic offerings or comparable enterprise combination with one or extra agencies in the software program and net generation industries. It seeks to form a business mixture with leading software program, net or business services company with an organization valuation of $1 to $5 billion.
As according to the employer’s prospectus, they may pursue an preliminary business combination target in any business or enterprise; they intend to consciousness their seek on groups inside the software program and internet technology industries.
MERGER WITH AvePoint:
According to Investors observer and the finance project statements with the aid of nursing undertaking writing provider UK, Apex Technology Acquisition Corp (APXT) is around the top of the financial offerings sector.It has announced to take part 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 regarded to be the biggest extensive-accomplishing facts management solution issuer for the Microsoft cloud.AvePoint has decided to head public through merging witha special acquisition organization (SPAC), Apex Technology Acquisition Corporation, which is traded publicly. The fee of this merger deal could be round $2billion. A opposite merger will bring about AvePoint becoming a public business enterprise traded at the NASDAQ capital market.
ABOUT THE DEAL:
It is said to be one of the uncommon deals because it may also pay cash to current shareholders of AvePoint. They will be receiving $257 million in a cash payout. However, the prevailing SPAC shareholders will best manage 17.6% of the combined agency, that's decrease than normal. The merger finalizes in the first area of the year 2021. After completingthe planned transaction, the currentAvePoint stockholders will expectedly own approximately 72 percentage of the merged enterprise, expectedly having approximately $252 million of coins on the stability sheet keeping in account that no redemptions are made by means of Apex’s public stockholders.
The call of the combined business enterprise might be AvePoint, led via the Co-founder and Chief Executive of AvePoint, Dr. Tianyi Jiang. The co-founding father of AvePoint, Kai Gong,could be the Executive Chairman. Mr. Jeff Epstein will also be a part of the board of administrators of AvePointas a director whilst Mr. Brad Koenig will be an observer inside the Board of Directors of AvePoint. As according to the reviews, the business enterprise’s stocks will remain registered in NASDAQ change, with a new image “AVPT”. According to AvePoint, they count on to earn about $148 million in sales for the 12 months finishing December 31, 2020. This could be about 26% extra than that of 2019 sales.
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Sixth Street, a worldwide funding company, will preserve because the shareholder of the combined company. The company had made a $200 million growth equity investment in AvePoint in 2019.
AvePoint, a enterprise founded in 2001, is the most important independent software supplier of software program as a service (SaaS) answers to manipulate, control, guard, and migrate facts. The organization’s headquarter lies in Jersey City, New Jersey, United States with numerous workplaces in the United Kingdom, China, France, Germany, Singapore, Japan, Australia, Canada, South Africa and Switzerland. Before the declaration of the merger with Apex Technology Acquisition Corporation, it changed into a privately held company.AvePoint is one of the 5 software corporations, out of greater than hundred groups, with a growth fee of approximately 30% and annual sales of round $150 million. It has also received the award of the Global Microsoft Partner of the year, 5 instances.
As described by means of Ave factor, the merger with Apex Technology Acquisition Corporation is ideal information for AvePoint and their customers. They aim to use this merger and the ensuing infusion of capital to scale their innovation to supply even greater cost and solutions throughout Microsoft 365 and different digital collaboration structures. They have planned to enlarge their geographic footprints to boom their channel presence and support for managed provider providers. Declaring the timing of the deal of merger to be “right,” they noted that COVID-19 had had a tremendous effect on the call for of the goods and services of the employer. The elements that fueled the corporation’s businessbefore the pandemic were explosive statistics boom, increasing statistics regulations, hyper-boom of Microsoft groups and shifts to the cloud.
IMPACT ON APEX TECHNOLOGY ACQUISITION CORPORATION:
The news of a merger with AvePoint has driven up the APXT inventory inside the market. The stock rate of Apex Technology Acquisition Corporation (indexed on NASDAQ exchange as APXT) raised about 7.22%, and it became buying and selling up 20.11% on Friday over the last week.
The blended organization will obtain an investment from a set of institutional traders of $a hundred and forty million taking part inside the transaction thru a committed non-public investment “PIPE,”in conjunction with $352 million held in Apex’s agree with account.