AvePoint: Cloud Player Outpacing Sector Growth; Initiate Coverage with BUY

AvePoint Inc - DBS Research 2025-10-06: Cloud Player Outpacing Sector Growth; Largest 3rd-Party Data Management Company For Microsoft 365

SGinvestors.io

Published: 2025-11-26 04:51 AM

Founded in 2001 and based in New Jersey, AvePoint (SGX:AVP) has emerged as the largest third-party Data Management company for Microsoft 365 productivity apps with tools that address data transformation, governance, & compliance needs. AvePoint is Microsoft 365’s only vertically integrated Independent Software Vendor (ISV).
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Management aims for a long-term target of US$1bn annual recurring revenue (ARR) in FY29, from US$327mil in FY24, representing a ~25% CAGR from FY24, well above the 14% CAGR expected of its TAM. This growth should be driven by
1. fully integrated data backup services for all Microsoft applications as AvePoint also provides services for other cloud platforms such as Salesforce and Google Workspace and
2. AvePoint possessing a multi-channel go-to-market (GTM) strategy.
About 53% of its ARR comes from large enterprises with over 5,000 employees, although it is simultaneously popular among small and medium sized businesses (SMBs), and managed service providers (MSPs). This allows AvePoint to address a diverse customer base across industries and geographies, supported by its Microsoft-first strategy.