The equity investment led by TPG Sixth Street Partners is intended to accelerate AvePoint’s channel offerings growth.
Today, AvePoint announced the closing of a $200 million Series C funding round led by TPG Sixth Street Partners. This brings the company’s total raised capital to more than $294 million.
More than 7 million cloud users and 16,000 large enterprises across the globe use AvePoint software and services for their data management, protection and migration needs.
With the newly raised funding, AvePoint intends to accelerate its growth and investment into its channel offerings that provide MSPs the tools to better migrate, manage and protect the Office 365 environments of their small and medium business clients. AvePoint aims to add more than 40,000 customers through the channel in the next three years.
“We want to be the go-to Office 365 value-add solution for MSPs, the first tool they know will help them both increase their monthly recurring revenue and better service their customers,” said Scott Sacket, senior vice president of channel strategy at AvePoint. “This investment will help us raise the visibility of AvePoint and our Elements division in the channel, but more importantly, it will allow us to invest in every aspect critical to supporting the success of our channel partners.”
Currently, MSPs can buy AvePoint solutions from a range of distribution partners such as Synnex, TechData and Intcomex. In July 2019, global distributor Ingram Micro announced AvePoint as its exclusive migration and backup solution provider as part of its Modern Workplace Accelerate program.
“A huge driver of our growth has been our own digital transformation into a majority SaaS solution company,” said Tianyi Jiang, co-founder and co-CEO at AvePoint, in the press release announcing the funding. “We have invested in our cloud platform to ensure that we have the scale, pace of innovation, API extensibility and security to meet our customer’s demands. This strategic focus has played a large role in delivering four consecutive quarters of record revenue growth in 2019.”
The senior management team, including co-founders and co-CEOs Kai Gong and Tianyi Jiang, will continue to lead the company. Michael McGinn, partner and co-head of capital solutions at TPG Sixth Street Partners, will join AvePoint’s board of directors.
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