Goldman Sachs – Sixth Street-backed AvePoint to listing by way of $2 bln merger with blank-check co
Nov 23 (Reuters) – AvePoint Inc, an information administration agency backed by funding agency Sixth Street, shall be taken public by way of a merger with blank-check firm Apex Expertise Acquisition Corp, in a deal valued at $2 billion, the businesses stated.
AvePoint expects to generate about $148 million in whole income for the 12 months ending Dec. 31, 2020, a rise of about 26% from a 12 months earlier.
Apex is led by former Oracle finance boss Jeff Epstein and former Goldman Sachs head of expertise, funding banking Brad Koenig. Epstein will be part of AvePoint’s board as a director and Koenig will be part of the board as an observer.
A particular function acquisition firm (SPAC) is a shell firm that makes use of IPO proceeds to purchase one other firm, usually inside two years, in a merger that may take the acquired firm public. Buyers usually are not notified prematurely on what firm the SPAC will purchase.
SPACs have emerged as a preferred IPO different for firms this 12 months, offering a path to going public with much less regulatory scrutiny.
The mixed firm will get $140 million in proceeds from a gaggle of institutional buyers, in keeping with the assertion.
Sixth Street, which led a $200 million progress fairness funding in AvePoint in 2019, will proceed as a shareholder within the mixed firm.
Evercore Group is performing as monetary advisor to AvePoint, whereas William Blair & Firm is performing as a monetary advisor to Apex. (Reporting by Noor Zainab Hussain in Bengaluru; Modifying by Shailesh Kuber)