AvePoint has completed the acquisition of Seoul-based software solutions provider Essential Co, in a bid to advance the vendor’s ability to enable organisations to accelerate data-driven digital transformation.
According to AvePoint, the acquisition is set to support its expansion into the fast-growing South Korean cloud software market, where revenue in the public cloud market is expected to show a compound annual growth rate of 18.78 per cent through 2027.
“This geographic expansion allows us to enable South Korean enterprises and public sector customers, and partners with our cloud platform bring their services and products closer to their end customers,” said Dr. Tianyi Jiang (TJ), co-founder and CEO of AvePoint.
“Essential has built a strong base of South Korean customers that are seeking to transform their legacy technology infrastructure as global cloud service providers continue to invest in the country. As the digital journey continues to accelerate, this move enables us to better scale to meet the demand and support South Korean organisations.”
Founded in 2018, Essential has worked with large enterprises in the country – including Samsung Electronics, LG Chemical, Hyundai Motors and Coupang – to accomplish their digital transformation goals.
“We are excited to join AvePoint,” said Sean Kim, CEO of Essential. “We have watched the company’s continued technology innovation and see a great opportunity to be a trusted partner to organisations throughout South Korea as they address their digital transformation initiatives. We were looking for the right synergy of technology and people, and we’ve found that with the AvePoint team.”
The acquisition sees Essential’s direct and channel sales business model providing AvePoint with the necessary foundation to further develop more routes to market.