Jersey City-based AvePoint on Tuesday said it completed its acquisition of Essential Co. Ltd., a South Korea-based software solutions provider that will advance AvePoint’s ability to enable organizations to accelerate data-driven digital transformation.
Over 9 million cloud users worldwide use AvePoint as the catalyst for their business transformation, 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,” Tianyi Jiang, co-founder and CEO, AvePoint, stated. “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.”