World News – CA – Microsoft cloud partner AvePoint goes public through merger with blank check company Apex Technology

AvePoint Inc. . , a data management provider, and Microsoft Corp.. .
MSFT,
-0. 13%
Cloud-Partner goes public through a merger with blank check company Apex Technology Acquisition Corp..
APXT,
2. 56%,
in a deal where the combined company’s equity value is $ 2 billion. USD is valued. Apex shares rebounded 2. 7% in morning trading with a volume of 4. 7 million shares, compared to the all-day average of around 119. 000 shares. AvePoint is the name of the combined company and the stock will remain listed on the Nasdaq stock exchange under the new ticker symbol « AVPT ». « The company is led by AvePoint co-founder and CEO Dr. . Tianyi Jiang. The impact of COVID-19 and the growth of Microsoft’s cloud solutions, including Microsoft 365 and Microsoft Teams, have accelerated the demand for our products, « Jiang said. « With the IPO, we can now meet this demand and scale it faster across product innovations, channel marketing, international markets and customer success initiatives. « The company is going public at a time when the Renaissance IPO ETF
IPO,
1. 34%
hiked 28. 0% in the last three months during the S&P 500
SPX,
0. 56%
won 5. 6%.

shares of Tesla Inc. . rebounded at record levels on Monday after Wedbush analyst Dan Ives raised his base price target and envisioned a scenario in which the electric vehicle leader’s stock was 1. Reached $ 000.

Tomi Kilgore is MarketWatch’s assistant editor for investments and corporate news and is based in New York. You can follow him on Twitter @TomiKilgore.

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AvePoint, Specialty Acquisitions Company, Microsoft Corporation, Mergers and Acquisitions, Cloud Computing