AvePoint, a Microsoft specialist born in Singapore, has secured approximately $200 million in funding from new minority equity investors as part of plans to drive global growth and expansion.
In addition to recapitalising long-term shareholders, the capital raise was led by a Series C Preferred Equity investment from TPG Sixth Street Partners with additional participation from both new and existing investors, including Goldman Sachs.
Founded in 2001, AvePoint is now headquartered in the US and serves more than 16,000 customers and seven million cloud users worldwide.
The business specialises in offering data governance, protection and migration solutions for Office 365 and SharePoint, with the provider’s Cloud Governance product helping organisations better govern and secure Microsoft Teams.
“A huge driver of our growth has been our own digital transformation into a majority software-as-a-service solution company,” said Tianyi Jiang, co-founder and co-CEO of AvePoint. “We have invested in our cloud platform to ensure that we have the scale, pace of innovation, API extensibility and security to meet our customer’s demands.
“This strategic focus has played a large role in delivering four consecutive quarters of record revenue growth in 2019.”
According to Tianyi Jiang, AvePoint plans to use its latest round of funding to “accelerate its growth and investment” into the channel, with a specific focus on managed service providers (MSPs) serving small and medium business customers.
In total, AvePoint aims to add more than 40,000 customers through the channel during the next two years. At this stage, MSPs can currently purchase AvePoint solutions from distributors including Synnex, TechData and Intcomex.
As reported by Channel Asia, Ingram Micro revealed AvePoint as its exclusive migration and back-up solution provider as part of its Modern Workplace Accelerate program in July 2019.
From a senior management perspective, co-founders and co-CEOs Tianyi Jiang and Kai Gong will continue to lead the company while Michael McGinn, partner and co-head of Capital Solutions at TPG Sixth Street Partners, will join the board of directors.
“Through its investment in innovation and reputation for reliability, AvePoint has positioned itself to take advantage of the tremendous opportunities presented by the rapid and widespread adoption of cloud office solutions,” McGinn added.
“We look forward to partnering with their senior leadership as they continue their focus on meeting their customers’ needs and driving the company towards its next phase of growth.”
Housing more than 1500 employees, the business has offices in the US, UK, Germany, France, Singapore, Australia, Netherlands, China, Japan and the Philippines.
In November 2019, AvePoint was the standout winner of the Microsoft Partner Awards in Singapore, taking home the coveted Country Partner of the Year award in addition to honours in Modern Workplace and ISV categories.