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AvePoint Completes Acquisition of Essential Co. Ltd. to Advance Market Reach in South Korea
Acquisition reinforces AvePoint’s commitment to continued international expansion, enabling organizations in South Korea to collaborate with confidence in the modern workplace
JERSEY CITY, NJ, October 11, 2022 -- AvePoint (NASDAQ: AVPT), the most advanced SaaS and data management platform provider, today announced it completed its acquisition of Essential Co. Ltd. (Essential), a South Korea-based software solutions provider that will advance AvePoint’s ability to enable organizations to accelerate data-driven digital transformation.
AvePoint is the catalyst of business transformation for more than 17,000 customers worldwide, empowering organizations to secure their digital collaboration data, sustain connections between people and ensure business resiliency. The acquisition of Essential supports AvePoint’s expansion into the fast-growing South Korean cloud software market, where revenue in the public cloud market is expected to show a compound annual growth rate of 18.78% through 2027.
“This geographic expansion allows us to enable South Korean enterprises and public sector customers, and partners with our cloud platform bring their services and products closer to their end customers,” said Dr. Tianyi Jiang (TJ), Co-Founder and CEO, AvePoint. “Essential has built a strong base of South Korean customers that are seeking to transform their legacy technology infrastructure as global cloud service providers continue to invest in the country. As the digital journey continues to accelerate, this move enables us to better scale to meet the demand and support South Korean organizations.”
Founded in 2018 and headquartered in Seoul, South Korea, Essential works with large enterprises in the country – including Samsung Electronics, LG Chemical, Hyundai Motors and Coupang – to accomplish their digital transformation goals. Essential’s direct and channel sales business model will provide AvePoint the foundation necessary to further develop more routes to market.
“We are excited to join AvePoint,” said Sean Kim, CEO, Essential. “We have watched the company’s continued technology innovation and see a great opportunity to be a trusted partner to organizations throughout South Korea as they address their digital transformation initiatives. We were looking for the right synergy of technology and people, and we’ve found that with the AvePoint team.”
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