Acquisition reinforces AvePoint’s commitment to continued international expansion, enabling organizations in South Korea to collaborate with confidence in the modern workplace
JERSEY CITY, N.J., Oct. 11, 2022 (GLOBE NEWSWIRE) — AvePoint (NASDAQ: AVPT), the most advanced SaaS and data management platform provider, today announced it completed its acquisition of Essential Co. Ltd. (Essential), a South Korea-based software solutions provider that will advance AvePoint’s ability to enable organizations to accelerate data-driven digital transformation.
AvePoint is the catalyst of business transformation for over 9 million cloud users worldwide, empowering organizations to secure their digital collaboration data, sustain connections between people and ensure business resiliency. The acquisition of Essential supports AvePoint’s 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% 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, 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 organizations.”
Founded in 2018 and headquartered in Seoul, South Korea, Essential works with large enterprises in the country – including Samsung Electronics, LG Chemical, Hyundai Motors and Coupang – to accomplish their digital transformation goals. Essential’s direct and channel sales business model will provide AvePoint the foundation necessary to further develop more routes to market.
“We are excited to join AvePoint,” said Sean Kim, CEO, Essential. “We have watched the company’s continued technology innovation and see a great opportunity to be a trusted partner to organizations 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.”
For more information, visit www.avepoint.com.
Collaborate with Confidence. AvePoint provides the most advanced platform for SaaS and data management to optimize SaaS operations and secure collaboration. More than 9 million cloud users rely on our solutions. Our SaaS solutions are also available to managed service providers via more than 100 cloud marketplaces, so they can better support and manage their small and mid-sized business customers. Founded in 2001, AvePoint is a five-time Global Microsoft Partner of the Year and headquartered in Jersey City, New Jersey. For more information, visit https://www.avepoint.com.
AvePoint uses the https://ir.avepoint.com/ website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Quarterly Report on Form 10-Q, its registration statement on Form S-1 and related prospectus and prospectus supplements, and in its subsequent filings made to the SEC. Copies of these and other documents filed by AvePoint from time to time are available on the SEC’s website, www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations.
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