Apex Technology Acquisition Corporation and AvePoint, Inc. Announce 2020 Revenue and Registration Statement on Form S-4

Apex Technology Acquisition Corporation (NASDAQ: APXT, “Apex”) and AvePoint, the largest data management solutions provider for Microsoft 365, today announced preliminary, selected unaudited financial results for the full year ended December 31, 2020.

Full year total revenue is expected to be in the range of $148 million to $151 million, up 29% year over year at the mid-point. AvePoint had forecasted $148 million at the announcement of the business combination in November 2020. AvePoint also expects cash, cash equivalents and short-term investments to be approximately $70 million as of December 31, 2020.ⁱ

“AvePoint delivered strong financial results for the fourth quarter and full year of 2020, exceeding our estimate at the time of the announcement of the business combination with Apex. With the COVID-19 pandemic accelerating Microsoft Teams adoption globally as organizations pivot to remote work collaboration, the need for last mile solutions to overcome complex transformation, governance and compliance challenges has dramatically increased,” said Dr. Tianyi “TJ” Jiang, CEO of AvePoint. “As the largest data management solutions provider for Microsoft 365, we believe AvePoint is uniquely positioned to capture this opportunity and we look forward to continuing to lead the market in the years ahead.”

In addition, Apex has filed its registration statement on Form S-4 with the U.S. Securities and Exchange Commission (“SEC”), which includes a preliminary proxy statement/prospectus with AvePoint’s audited financial results for the nine-months ended September 2020, in connection with the proposed business combination. The transaction is expected to close at the end of Q1 2021 or the beginning of Q2 2021. The timing of the transaction close remains subject to customary closing conditions, including SEC review, and the approval of the shareholders of Apex and AvePoint.

AvePoint Year Ended December 31, 2020 Preliminary Selected Financial Results

• Full Year Total Revenue in the range of $148 million to $151 million, up 29% year-over-year at the mid-point
• Cash, Cash Equivalents and Short-Term Investments of approximately $70 million as of December 31, 2020; Company remains debt-free

AvePoint Nine Months Ended September 30, 2020 Selected Financial Results

• Total Revenue of $105.4 million, up 30% period-over-period
• Recurring Revenueⁱⁱ of $77.1 million, up 33% period-over-period
• Subscription Revenue of $59.3 million, up 62% period-over-period
• Total ARRⁱⁱⁱ of $111.6 million as of September 30, 2020, up 30% period-over-period
• GAAP Operating Loss of $4.6 million; GAAP Operating Margin of (4%)
• Non-GAAP Operating Income of $11.6 million; Non-GAAP Operating Margin of 11%

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