AvePoint secures $200m in funding to aid cloud data management growth
The company is a specialist in SharePoint, Office 365 and Teams and the expanded war chest will be used to sharpen the firm’s data management and migration capabilities.
Cloud data management firm AvePoint has secured $200m in new funding from TPG Sixth Street Partners and others to drive further global growth around its Microsoft-based solutions. Goldman Sachs with other players were involved in the Series C funding round.
AvePoint says it has seen “outstanding growth” driven by the rise in adoption of Office 365 and other cloud office solutions. AvePoint’s most popular offering, Cloud Governance, helps organisations better govern and secure their Microsoft Teams collaboration platform, the fastest growing business application in Microsoft’s history.
The company also provides Microsoft Teams backup solutions as well as Slack to Teams migration solutions and services. It says it already supports 7m cloud users globally for their data management, protection and migration needs.
AvePoint employs more than 1,500 people with offices in the US, the UK, Germany, France, Singapore, Australia, the Netherlands, China, Japan, the Philippines and other locations.
AvePoint plans to use its latest round of funding to accelerate its growth and investment into its channel offerings that provide managed service providers (MSPs) the tools to better migrate, manage and protect the Office 365 environments of their small- and medium-sized business clients. AvePoint aims to add more than 40,000 customers through the channel in the next two years.
MSPs can currently purchase AvePoint solutions from a wide variety of distribution partners including Synnex, TechData and Intcomex. In July 2019, global distributor Ingram Micro announced AvePoint as its exclusive migration and backup solution provider as part of its Modern Workplace Accelerate programme.
“A huge driver of our growth has been our own digital transformation into a majority SaaS 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 customers’ demands. This strategic focus has played a large role in delivering four consecutive quarters of record revenue growth in 2019.”
The senior management team, including co-founders and co-CEOs Kai Gong and Tianyi Jiang, will continue to lead the company. Michael McGinn, partner and co-head of capital solutions at TPG Sixth Street Partners, will join AvePoint’s 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,” said McGinn. “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.”