While Microsoft cloud services such as SharePoint, Microsoft Teams and Office 365 are widely used in large companies, the products are not delivered with a control layer for companies as standard. This is where AvePoint, a software provider independent of Microsoft (ISV), comes into play. Today, the company announced a Series C investment of $ 200 million.
The round was led by TPG Sixth Street Partners with the additional participation of former investor Goldman Sachs and other undisclosed investors. The round brings the company a total of $ 294 million, according to the company.
The company states that the equity investment has multiple purposes. First, it wants to provide liquidity to long-term investors. Second, it wants capital for the company's expansion.
In particular, a range of governance and migration services are provided for Microsoft SharePoint, Teams, Office 365 and other Microsoft SaaS products. The company has been in existence for 18 years, but switched to protecting online services about five years ago, explained Marketing Director Dux Raymond Sy. Previously, it focused on local services like SharePoint backup.
Today AvePoint takes care of a few important administrative tasks. First, a policy level is provided across Office 365, Microsoft Teams, and SharePoint that companies can use to enforce usage rules for these products. For example, you can specify which file types an employee can share in teams.
In addition, the company provides backups for the three services and other services such as Microsoft Dynamics to support disaster recovery, and finally has migration tools to move data from a related cloud service to a Microsoft cloud service.
With AvePoint you can, for example, move documents from Google Drive to Office 365 or Slack data to Microsoft Teams.
According to Sy, the company has grown rapidly and has achieved record growth in four consecutive quarters, which should be around 40% year-on-year. AvePoint currently employs 1,250 people and serves 16,000 customers. Overall, it helps protect 7 million Microsoft cloud service users around the world, but pursues the long-term and ambitious goal of attracting more than 40,000 new customers.
The company hopes to further expand its market by offering new services to existing customers while aggressively expanding into the SMB market. She also wants to improve relationships with resellers to sell AvePoint on her behalf. It already has a number of distribution partners, including Ingram Micro, Synnex and TechData.
The new investment is intended to help the company invest in the development, sales, customer service and partner relationships that this level of expansion undoubtedly requires.