|Bid||210.97 x 1100|
|Ask||210.95 x 1300|
|Day's Range||208.16 - 212.29|
|52 Week Range||132.52 - 232.86|
|Beta (5Y Monthly)||0.87|
|PE Ratio (TTM)||33.89|
|Forward Dividend & Yield||2.24 (1.06%)|
|Ex-Dividend Date||Nov 18, 2020|
|1y Target Est||N/A|
This holiday season the next generation of gamers, bless their hearts, will be hoping to receive the next generation of gaming consoles. The one with the drive costs $500 and is the one you should choose if you're not completely certain the recipient would prefer the driveless "Digital Edition."
AvePoint CEO Dr. Tianyi (TJ) Jiang joins Yahoo Finance Live to discuss the company’s $2 billion merger deal to go public and break down why Microsoft has yet to buy AvePoint.
(Bloomberg) -- Microsoft Corp. data partner AvePoint Inc. said it has reached a deal to go public through a merger with blank-check company Apex Technology Acquisition Corp.The combined businesses will have an equity value of about $2 billion on a pro forma basis, AvePoint said in a statement Monday, confirming an earlier report by Bloomberg. That includes $140 million in proceeds from institutional investors participating in the transaction through a committed private investment, or PIPE. AvePoint shareholders are expected to own about 72% of the combined company when the deal closes, according to the company.The new company will be named AvePoint and will trade on the Nasdaq Stock Market under the symbol AVPT. The company will be led by Tianyi Jiang, AvePoint’s co-founder and chief executive officer, with AvePoint co-founder Kai Gong serving as executive chairman.Apex, a special purposes acquisition company, or SPAC, raised $350 million in an initial public offering in September 2019. The company is led by former Oracle Corp. Chief Financial Officer Jeff Epstein and Brad Koenig, former head of technology investment banking for Goldman Sachs Group Inc.Shares of Apex, after rising as much as 5.9% on Monday, closed up 2.6% to $10.41 in New York trading.Epstein said that AvePoint was a good acquisition target because it had seen significant growth this year, buoyed by work-from-home trends. He said there were few large enterprise technology businesses that are both fast-growing and profitable.Cloud ManagementAvePoint is the largest data management solutions provider for the Microsoft cloud, according to the company.Jiang said his company has benefited from the rise of the communication app Microsoft Teams, as well as other Microsoft platforms. Despite AvePoint’s business largely revolving around its partnership with Microsoft, Jiang was confident his company could continue to expand its customer base as well as add new partnerships.In January, AvePoint announced a $200 million minority investment led by TPG Sixth Street Partners, with participation from Goldman Sachs, according to a statement at the time. Sixth Street, which has since ended a decade-long partnership with TPG, will continue as a shareholder in the combined company, AvePoint said.The listing by Apex preceded this year’s wave of SPAC filings. With more than $65 billion raised by SPACs on U.S. exchanges, 2020 is close to surpassing the combined totals for all prior years, according to data compiled by Bloomberg. To date, most of the other technology SPAC deals have been for consumer-facing businesses.AvePoint, based in Jersey City, New Jersey, expects to generate about $148 million in total revenue, about a 26% increase over 2019, according to the company.(Updates with share price in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.