What changed in this filing

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Item 1. Business

2025-02-28 compared with 2024-02-29 · 146 added, 112 removed, 221 unchanged (54% of the section changed)

Company Overview

AvePoint provides a cloud-native data management software platform that organizations rely on to manage and protect critical data, optimize IT operations, achieve meaningful cost savings, and efficiently secure the digital workplace.

Companies around the world have now fully adopted a hybrid work model, and they are now tasked with delivering a seamless and secure workplace experience for knowledge workers, centered around an extensive portfolio of Software-as-a-Service (“ SaaS ”) solutions and productivity applications.

The adoption of this portfolio of solutions is a substantial and ongoing challenge for most organizations, which for decades had used only a small number of multi-purpose on-premises applications to drive business outcomes.

However, to deliver an efficient digital workplace today, companies must manage this range of applications – and the associated explosive growth and sprawl of critical data – with a platform offering that is well governed, fit for purpose, easy to use and built on automation.

In addition, many organizations are beginning to realize the potential of generative artificial intelligence (“ AI ”) to drive competitive advantage and value creation, including (1) extracting greater value from complex datasets, (2) making more informed business decisions, (3) reducing employee workloads, and (4) improving the overall customer experience.

While these data-driven improvements are expected to lead to stronger revenue growth and operational efficiency, successfully leveraging this new technology is in turn dependent on first addressing data management challenges that all organizations face.

Specifically, for AI-driven projects to succeed, companies must apply robust strategies across the data estate to manage the information lifecycle, properly govern and secure their data, and ensure its compliance.

These are the core business problems that AvePoint has been solving for more than two decades, and why we believe AvePoint is well positioned to be a key enabler of generative AI adoption within enterprises in the coming years.

AvePoint’s Confidence Platform empowers organizations – of all sizes, in all regions, and across all industries – to optimize and secure the solutions that most commonly establish and underpin the digital workplace.

As our customers seek to rapidly reduce costs, improve productivity and make more informed business decisions, they depend on our platform for data-driven insights, critical business intelligence and ongoing operational value through automation.

AvePoint empowers organizations of all sizes, industries, and regions with its cloud-native data management software platform, enabling them to prepare, secure, and optimize their critical data.

The AvePoint Confidence Platform unifies data security, governance, and business continuity into a seamless, resilient experience, addressing the most pressing challenges in today’s complex digital landscape.

In a world where data is sprawling across hybrid work environments and generative artificial intelligence (“ AI ”) technologies are rapidly emerging, AvePoint stands out with its platform-first strategy.

By integrating features and solutions to optimize operations, AvePoint delivers more than basic security controls—it redefines how businesses manage their most sensitive data and critical assets.

This holistic and automated approach enables organizations to secure the perimeter for sensitive data, strategically govern digital workspaces, and ensure compliance with evolving regulatory requirements.

Organizations today face a host of challenges that make a robust data management strategy indispensable, including:

Optimizing data for AI:

As organizations modernize their data ecosystems, the complexities of leveraging generative AI technologies require proper governance, security, and lifecycle management.

With AvePoint, companies can extract more value from complex datasets, make informed decisions, reduce workloads, and enhance customer experiences.

Explosive data growth:

The hybrid work model and software-as-a-service (“ SaaS ”) proliferation have led to a surge in unstructured, sensitive data.

AvePoint’s solutions tackle the sprawl with robust control and protection measures to manage this growth.

A dangerous threat landscape and complex regulations:

Companies are navigating increasing cyber threats and global regulatory demands.

AvePoint ensures data is protected, secure, and compliant, helping mitigate financial, operational, and reputational risks.

The need for automation:

To monitor, govern, and respond to threats efficiently, organizations require streamlined, automated platforms that deliver rapid value.

AvePoint’s automation layer integrates seamlessly to achieve this efficiency.

Guided by its Beyond Secure philosophy, AvePoint goes beyond traditional boundaries to inspire trust, enabling organizations to focus on innovation while protecting against data breaches and unauthorized access.

For over 20 years, AvePoint has continually innovated to provide solutions that meet the demands of modern data management, empowering businesses to overcome challenges and unlock new possibilities in an ever-evolving landscape.

Platform Overview

The AvePoint Confidence Platform delivers a comprehensive set of SaaS solutions, empowering users in a variety of technology roles – including IT operations, development operations and cybersecurity – to monitor and secure the digital workplace.

Built on top of Platform-as-a-Service (“ PaaS ”) architecture, the AvePoint Confidence Platform offers modularity and combines cloud services architecture with tailored, industry-specific functionality to address critical operational challenges and the ongoing management of data, as organizations leverage a variety of third-party cloud vendors, including Microsoft, Salesforce, Google, AWS, Box, DropBox and others.

To drive modernization efforts, the platform also provides extensions to the functionality of existing cloud services as well as new applications, all while leveraging the common underlying SaaS services for data, process, user experience and integration.

The AvePoint Confidence Platform, and the applications that it powers, is organized into three interconnected suites of functionality—each targeting a core set of business drivers and customer needs.

Those suites are:

The AvePoint Confidence Platform delivers a comprehensive and integrated set of SaaS solutions, empowering users in a variety of technology roles—including IT operations, development operations, and cybersecurity—to govern and secure the digital workplace.

Built on a Platform-as-a-Service (PaaS) architecture, it combines modularity with tailored, industry-specific functionality to address critical operational challenges and manage data effectively across third-party cloud vendors like Microsoft, Salesforce, Google, AWS, Box, and Dropbox.

With extensions to existing cloud services and new applications leveraging common underlying SaaS services, the platform provides superior flexibility, and presents a compelling solution for organizations seeking efficient, consolidated solutions amidst budget uncertainty and the demand for faster ROI.

With these capabilities, the Confidence Platform allows organizations to move forward confidently, thriving within a sustainable security framework.

It stands out from competitors through three key differentiators:

A Complete, Actionable Picture of Your Data Estate:

The platform’s Command Centers enable organizations to establish a comprehensive view of pressing business issues and implement scalable, automated remediation, ensuring seamless governance and management of vast amounts of critical information.

Shared Accountability:

Scalable security requires a culture of responsibility.

The Confidence Platform empowers data leaders to operationalize digital workspace security, promoting accountability from data owners and streamlining governance across multiple collaboration platforms.

Programmatic Protection:

The platform employs a tiered data protection strategy to minimize attack surfaces and compliance risks while delivering exceptional data security.

Its integrated approach to data security and governance provides risk management, audit, and regulatory teams with the assurance they need to meet compliance obligations efficiently.

The AvePoint Confidence Platform is organized into three interconnected suites, each addressing specific business drivers and customer needs:

The Control Suite:

Focused on the governance and management of the digital workplace, the Control Suite provides a ready-made framework for automated governance and policy enforcement.

This allows infrastructure and operations teams to protect business-critical information across collaborative workspaces.

Focused on automating data governance and proactively enforcing policies to reduce security risks.

Infrastructure and operations teams can oversee and protect business-critical data across multiple collaboration tools.

The Resilience Suite:

Focused on security and enhanced data protection, the Resilience Suite enables organizations to efficiently and effectively comply with data protection regulations, preserve critical records, and ensure business continuity.

This provides regulatory, audit, and risk management teams with the assurance that the organization is meeting its compliance obligations.

Designed to ensure business continuity, preserve critical records, and facilitate compliance with regulations.

It provides risk management and regulatory teams with the tools to navigate the complex compliance landscape effectively.

The Modernization Suite:

Focused on employee productivity and experience, the Modernization Suite transforms legacy data to allow it use by modern SaaS platforms and transforms legacy business processes into modern end-user business applications.

It empowers modernization and change management teams to drive digital transformation with AI ready solutions across the organization, and to measure and accelerate the impact of this transformation on employee experience and engagement.

Built with security and scale in mind, AvePoint’s cloud-native platform is available across 14 global data centers.

Our multi-tenant architecture is designed to immediately provide customers the latest enhancements and upgrades, and the platform is ISO 27001:2013, ISO 27017:2015 and ISO 27701:2019 certified, has achieved compliance with HITRUST CSF v11.0.1, and has received systems and organization controls (“ SOC ”) 2 Type II accreditation and FedRAMP (Moderate) Authorization.

Within each suite are a number of products addressing critical customer needs.

Our products are typically licensed according to the number of users, while some include a consumption-based component.

Lastly, because our platform is built upon a common data engine and common data layer, the purchase of products from multiple suites provides an incremental benefit to customers in the form of more intelligent and relevant data insights and automation.

The Control Suite contains products which offer the following capabilities:

Focused on transforming legacy data and processes for modern SaaS platforms.

It empowers change management teams to drive digital transformation with AI-ready solutions, enhancing employee engagement and productivity while accelerating the impact of these changes.

Built with security and scale in mind, the AvePoint Confidence Platform operates across 14 global data centers, adhering to rigorous industry standards, including ISO certifications, HITRUST CSF, SOC 2 Type II accreditation, and FedRAMP (Moderate) Authorization.

This ensures that customers benefit from continuous upgrades, enhanced security, and the ability to meet evolving data management challenges.

As a result, the AvePoint Confidence Platform stands out as a true platform offering, delivering spend consolidation, efficiency gains, and immediate value for customers.

It doesn’t just solve problems—it redefines how businesses secure, govern, and optimize their most critical data assets, empowering them to thrive in the transformative era of AI-driven innovation.

Within each suite are a number of capabilities addressing critical customer needs.

The products are typically licensed according to the number of users within the organization, while some include a consumption-based component.

Lastly, because the AvePoint Confidence Platform is built upon a common data engine and common data layer, the purchase of products from multiple suites provides an incremental benefit to customers in the form of more intelligent and relevant data insights and automation.

The Control Suite offers the following capabilities:

Operationalize collaborative workspaces :

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maximize the return on SaaS subscription investments through real-time management and allocation of entitlements;

The Resilience Suite contains products which offer the following capabilities:

The Resilience Suite offers the following capabilities:

Backup-as-a-Service :

support workloads in cloud Infrastructure-as-a-Service and PaaS, including protection against ransomware, accidental deletions and user error in a variety of SaaS applications, as well as support for a range of on-premises workloads;

support workloads in cloud Infrastructure-as-a-Service and PaaS, including protection against and recovery from ransomware attacks, accidental deletions and user error in a variety of SaaS applications, as well as support for a range of on-premises workloads;

Data classification :

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Storage optimization :

archive stale content from active systems to reduce costs and improve workspace quality and user experience;

archive stale content from active systems to reduce cloud storage costs and improve data quality;

Information lifecycle management :

manage information and ensure compliance, optimize cloud storage, streamline processes, and unlock data driven insights.

The Modernization Suite contains products which offer the following capabilities:

The Modernization Suite offers the following capabilities:

Data modernization and restructuring:

seamlessly move and transform legacy data to allow its use by modern SaaS platforms, and ensure that unstructured data can be easily restructured to reflect ongoing changes in the business;

seamlessly move and transform legacy data for use by modern SaaS platforms;

Process modernization:

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Workforce transformation measurement:

enable employees to thrive in the digital workplace by ensuring organizational leaders understand employee engagement and sentiment.

enable employees to thrive through AI-powered insights into employee engagement and sentiment.

Our Growth Strategy

Our aggressive pursuit of the large market opportunity we see includes the following growth strategies:

Our aggressive pursuit of the enormous long-term market opportunity we see includes the following growth strategies:

Accelerate Customer Adoption and Retention .

Given the importance of the data we protect, the workloads we service, and the cost and functionality benefits we offer, customers quickly find our solutions to be mission critical.

Nevertheless, we constantly seek to increase customer satisfaction, decrease time to value, reduce customer churn and set up successful land and expand opportunities.

To do so, we have made significant investments in our customer success program and in technology which provides additional telemetry to enhance our understanding of how customers use our solutions, which we believe will deepen our relationships with existing customers.

Expand the AvePoint Confidence Platform Offerings.

We have built a differentiated platform that enables organizations to integrate modern applications, and our goal is to continually invest in technologies that improve the digital workplace experience.

We plan to introduce new and adjacent products to extend our current operational and data management story and to improve the functionality of existing products and features, with a particular focus on AI ready solutions that transform and enrich data.

We have built a differentiated platform that addresses a number of strategic use cases, and we plan to introduce new and adjacent products to extend our current operational and data management value proposition and to improve the functionality of existing products and features, with a particular focus on AI ready solutions that transform and enrich data.

We will also continue investing to support Microsoft, Salesforce, Google, AWS, Box, DropBox and other ecosystems for our customers, many of whom leverage multiple cloud vendors.

Expand o ur Market Presence.

Broaden our Market Presence.

The market we are targeting is rapidly growing and largely unpenetrated.

We sell to organizations of all sizes, in all regions of the world, and across a broad array of industries.

While historically we primarily focused on larger, more highly regulated enterprises, the offering of our platform as a SaaS solution makes it more accessible to and in demand from small and medium-sized organizations.

We intend to drive new customer growth by leveraging our global partner ecosystem and through the expansion of our direct sales force both in regions where we have an established presence and in new markets where cloud adoption is growing.

Increase Customer Lifetime Value with Customer Success .

We constantly seek to increase customer satisfaction, decrease time to value, reduce customer churn and set up successful land and expand opportunities.

Grow and Cultivate our Partner and Channel Network .

We believe that building and cultivating strategic relationships with partners will enable us to penetrate those markets in which we previously lacked presence and those in which we have a presence that can be expanded.

Our partner and channel network today touches all aspects of our business, but we believe there is a particular opportunity with our small and mid-sized customers and prospects.

We have seen strong new customer growth, especially in the small business segment, by leveraging our global partner ecosystem, and through the expansion of our direct sales force both in regions where we have an established presence and in new markets where cloud adoption is growing.

Continue Scaling our Partner and Channel Ecosystem .

The ongoing cultivation of our strategic relationships with partners will support the continued penetration of markets in which we previously lacked presence, and those in which we have a presence that can be expanded.

Our partner network today offers particular value in our pursuit of small and mid-sized customers and prospects, and we continue to invest here to accelerate our market growth.

We expect that the continued scaling of this ecosystem will be a critical component of our ability to drive profitable growth going forward.

Opportunistically Pursue Strategic Acquisitions and Investments .

While the large majority of our current offerings were built organically, we expect that acquisitions and investments will be an important growth driver for our business.

We completed four acquisitions in 2022, and we expect to continue acquiring and investing in businesses and technologies or entering into joint ventures and strategic alliances as part of our long-term business strategy.

This may include acquiring or investing in complementary products, technologies, and/or businesses that incorporate enhanced functionality into and complement our existing product offerings, reduce the time or costs required to develop new technologies, augment our engineering workforce, improve our internal business and operating systems, and enhance our technological capabilities.

While the large majority of our current offerings were built organically, we frequently evaluate whether it is more efficient to build solutions or pursue acquisitions that accelerate our product roadmap.

Since 2022, we have completed six small acquisitions, and we expect that strategic acquisitions and investments will be an important growth driver for our business.

This may include acquiring or investing in businesses or products with complementary technologies and/or functionality to our existing product offerings, or that reduce the time or costs required to develop new technologies, augment our engineering workforce, improve our internal business and operating systems, and enhance our technological capabilities.

Sales, Marketing and Customers

Our global go-to-market strategy allows us to efficiently sell to and serve the needs of organizations across market segments and geographies.

This strategy, which combines the expertise of our highly-trained direct sales force with the leverage of valuable indirect routes to the market, including our strong partner ecosystem, has created a powerful and differentiated go-to-market approach.

In addition, our increased investments in our customer success program positions us to continue expanding within our existing customer base, which we believe remains a significant growth opportunity.

Our direct sales force is organized by geography and customer size.

This strategy, which combines the expertise of our highly-trained direct sales force with the leverage of valuable indirect routes to market, including our strong and growing partner ecosystem, has created a powerful and differentiated go-to-market approach.

In addition, our increased investment in our customer success program, which reflects our strategy of improving both customer adoption and retention, positions us to continue expanding within our existing customer base, which we believe remains a significant growth opportunity.

This team employs a proactive, relationship-focused approach, designed to ensure that our valued customers get the care they need to rapidly deploy, and receive value from, their investment in the AvePoint Confidence Platform and the AvePoint Elements Platform.

Our direct sales force is organized by geography and customer size, as discussed further below.

In addition, we employ a number of indirect routes to market, which include the following:

Channel Ecosystem .

We leverage the resources of our partner and channel community across customers of all segments.

We expect that partner sourced revenue will account for a growing portion of our revenue for the foreseeable future.

We leverage our partner and distribution channel network across customers of all sizes, especially those in the small business and mid-market segments.

As of December 31, 2024, our global channel partner program includes approximately 5,000 managed service providers, value added resellers, and systems integrators.

Partner Marketplaces .

Our solutions are available in more than 100 marketplaces around the world through our distribution and marketplace partners.

Our solutions are available in more than 100 software marketplaces around the world through our distribution and marketplace partners.

We leverage marketplaces to create operational efficiencies with automation in procurement and provisioning, and to grow and scale our acquisition of the small business market, primarily through managed service providers (“ MSPs ”).

Microsoft Partnership .

We are a top global partner of Microsoft with a holistic alliance that incorporates technology, sales, and marketing initiatives to ensure that we enable organizations worldwide to maximize their Microsoft Cloud investments.

These collective efforts are supported by our customer success team, which employs a proactive relationship-focused approach designed to ensure that our valued customers get the care they need to rapidly deploy, and receive value from, their technology investment in the AvePoint Confidence Platform.

Our global marketing organization focuses on enhancing the AvePoint brand, establishing trust and capturing mindshare, and building awareness and demand generation through multi-platform campaigns that leverage our expertise, content, technical resources and customer stories.

These campaigns are tailored to ensure that they reach customers at any stage of their buying journey, from a prospect assessing market trends and seeking broader strategic insights, to an existing customer with whom we can build incremental loyalty and to whom we can sell a more comprehensive set of solutions.

We rely on multiple marketing and sales automation tools, as well as product and industry specific criteria, to efficiently identify and market to the correct individuals at companies in each customer segment, and constantly seek to refine and optimize our approach through the review of multiple performance metrics and ongoing feedback from our sales teams.

Our AvePoint Elements Platform, which is aimed specifically at enabling MSPs to seamlessly manage multiple clients, clouds and tenants, reflects our ongoing focus on and investment in this important route to market, as further discussed below.

Strategic Partnerships .

Hyperscalers serve as important supply chain partners to AvePoint and provide the opportunity to scale our technology across global data centers.

Today, we are a top global partner of Microsoft with a holistic alliance that incorporates technology, sales, and marketing initiatives to ensure that we enable organizations worldwide to maximize their Microsoft Cloud investments.

Our partnership offers several strategic advantages, including early access to Microsoft’s product roadmap, as well as Microsoft’s President, Collaborative Apps and Platforms, serving on our Board of Directors (the “ Board ”) since 2014.

We have been named a global Microsoft Partner of the Year six times, most recently in 2024, which recognizes partners that have developed and delivered outstanding Microsoft Cloud solutions and innovation.

In addition, our strategic partnership with Google is aimed at accelerating product adoption and growth from net new customers currently using Google Workspace, by driving greater awareness of our solutions.

AvePoint has a product line designed specifically for the indirect route to market.

The AvePoint Elements Platform is designed to drive significant growth by empowering MSPs to serve clients more efficiently while offering better services.

In this selling motion, AvePoint enables channel partners to focus on maximizing margins through streamlined operations that are powered with the AvePoint Elements Platform.

The AvePoint Elements Platform makes it easy for MSPs to consolidate security, data protection policies, archiving, user management, workspace management and more into a single, streamlined platform.

This empowers MSPs to deliver more services and drive more efficient revenue growth, and enables them to stand out in a competitive market by excelling in key areas like end-user management, data security, Azure DevOps, and Entra ID.

In addition, the platform’s advanced features further enhance its value by addressing critical operational needs:

Baseline Management simplifies multi-tenant security and compliance settings by enabling MSPs to create and customize baseline analyses for their customers that use Microsoft 365 services.

This centralized approach ensures streamlined management, proactively addresses configuration drift to maintain consistency, and allows for point-in-time backup and restoration of tenant configurations and settings.

Workspace Governance equips MSPs to manage security, access, data management, and Copilot reporting, allowing MSPs to efficiently scale governance models so their customers can streamline their use of the tools they need to power their business.

Risk Monitoring protects client environments with proactive tenant security monitoring.

The platform enforces security rules, identifies and addresses potential risks, and ensures rapid resolution of issues, allowing MSPs to prevent data security breaches and ransomware attacks for their customers.

Our global marketing organization is built on the foundation that our brand is our most valuable asset, shaping trust, differentiation, and long-term customer loyalty.

We prioritize brand strength as the engine of demand and revenue growth, ensuring that our presence in the market is not only recognized but also deeply trusted.

Through multi-platform campaigns that leverage our expertise, content, technical resources, and customer success stories, we capture mindshare, establish thought leadership, and drive demand generation.

These campaigns are designed to meet customers at every stage of their journey—whether they are exploring industry trends, evaluating solutions, or expanding their existing investments with us.

By integrating brand-building with demand generation, we seek to drive higher engagement, improve conversion efficiency, and reduce customer acquisition costs, ensuring that marketing execution is both scalable and impactful.

We utilize a robust mix of marketing and sales automation tools, as well as product- and industry-specific criteria, to efficiently reach decision-makers across all customer segments.

This approach is continuously refined through performance analytics, sales feedback, and customer insights, reinforcing our belief that a strong brand accelerates growth and maximizes long-term revenue outcomes.

We sell to organizations of all sizes, in all regions of the world, and across a broad array of industries.

Our customers are located in more than 100 countries and, as of December 31, 2024, numbered more than 25,000.

Additionally, no customer accounted for more than 10% of billings for the years ended December 31, 2024 and 2023, and no customer made up more than 10% of accounts receivable for the years ended December 31, 2024 and 2023.

We classify our customer base by size and geography:

Small Business ( “ SMB ” ) segment .

Companies with fewer than 500 user seats.

Companies with fewer than 500 user seats that we serve entirely through channel partners, especially MSPs.

The typical buyer in this segment is the partner.

As of December 31, 2024, the SMB segment accounted for 19% of our total annual recurring revenue.

Mid-Market segment .

Companies with greater than 500 but fewer than 5,000 user seats.

Companies with greater than 500 but fewer than 5,000 user seats that we serve through a combination of channel partners and our direct sales teams.

The typical buyer in this segment is the CISO, CTO or the CIO for direct sales, and the channel partner for indirect sales.

As of December 31, 2024, the Mid-market segment accounted for 28% of our total annual recurring revenue.

Enterprise segment .

Companies with greater than 5,000 user seats.

Companies with greater than 5,000 user seats that we primarily serve through our direct sales teams.

The typical buyer in this segment is the CISO, CTO or the CIO.

As of December 31, 2024, the Enterprise segment accounted for 53% of our total annual recurring revenue.

Classification is based on the customer’s billing address and is divided into (1) North America;

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and (3) Asia-Pacific (“ APAC ”).

As of December 31, 2024, North America represented 44% of our total annual recurring revenue, EMEA represented 35% of our total annual recurring revenue, and APAC represented 21% of our total annual recurring revenue.

Research And Development

We constantly seek to develop new offerings, drive improvements to our existing offerings, and enhance support of our existing customer deployments.

We leverage agile development methodologies and work with the latest technologies, resulting in a dynamic, state of the art, automated software development process that has allowed us to quickly deliver high-quality products and services and adapt to market changes and new requirements.

We leverage agile development methodologies and work with the latest technologies, resulting in a dynamic, state of the art, software development process that has allowed us to quickly deliver high-quality products and services and adapt to market changes and new requirements.

We believe delivering and expanding product functionality is critical to enhancing the success of new and existing customers while new product development further reinforces our breadth of solutions.

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While certain companies offer products with features similar to those embedded in our individual solutions and with which we compete in certain tactical use cases, we do not believe that any company offers the same breadth of functionalities that we offer in a single integrated platform.

Unlike traditional vendors primarily focused on data management, data governance, or migration, we provide a spectrum of SaaS solutions and productivity applications for the digital workplace.

The competition we see is primarily standalone point solutions that aim to replicate the value provided by our suites or one of the products contained therein.

Our competition is primarily from standalone point solutions that aim to replicate the value provided by our suites or one of the products contained therein.

We believe our platform offering provides a meaningful competitive advantage, due to breadth of functionality, ease of use, scalability, rigor of security protocols, integration with third-party applications and data sources, time to value and total cost of ownership.

Our quarterly revenue can fluctuate and does not necessarily grow sequentially when measuring any one fiscal quarter’s revenue against another.

Historically, our third and fourth quarters have been our highest revenue quarters, however those results are not necessarily indicative of future quarterly revenue or full year results.

Historically, our first quarter has been our lowest revenue quarter and our fourth quarter has been our highest revenue quarter, however those results are not necessarily indicative of future quarterly revenue or full year results.

Additionally, the timing of new product and service introductions can significantly impact revenue.

Lastly, the mix of revenues in any given quarter can cause fluctuations in our reported results, due to differing revenue recognition principles, as discussed further below.

Our operating expenses have historically increased in connection with the expansion of our business, which we expect will continue.

Human Capital Resources

Human Capital

The success of our people is the success of our Company, making our talent strategy a core focus of our operations.

We received accolades designating us as a “best place to work” in 2023.

Our key human capital objectives in managing our business includes attracting and developing top talent, engaging our team in an environment where they thrive, and integrating diversity, equity, and inclusion principles into our core operating practices.

We received accolades designating us as a “best place to work” in 2024, including recognition from Inc.

Magazine and Forbes.

Our key human capital objectives include attracting and developing top talent, engaging our team in an environment where they thrive, and integrating our core values into our operating practices.

Our values are long-held beliefs that guide the behaviors of our global teams and are foundational to our present and future success.

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A large percentage of our employees have technical and professional backgrounds and undergraduate and/or advanced degrees.

Our professional staff includes programmers, data and computer scientists, electrical and mechanical engineers, software and hardware specialists, project managers, sales and marketing professionals, attorneys, and CPAs.

None of our employees are represented by a labor union with respect to their employment.

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We want to attract a pool of diverse and exceptional candidates and support their career growth once they join our team.

We seek to hire based on talent, providing opportunities for capable workers from various backgrounds to learn valuable skills in critical operations such as business development, sales, customer support, and customer service.

We seek to hire based on proven experience and potential, providing opportunities to develop in critical operational areas.

In our evaluation and career development efforts, we emphasize internal mobility opportunities as a core strategy to drive professional development.

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We strive to provide globally a competitive suite of pay, comprehensive benefits, and services.

We incentivize performance through a combination of competitive base pay, performance-based cash incentives and long-term incentives in the form of equity.

We incentivize performance through a combination of competitive base pay, performance-based cash incentives and long-term incentives in the form of equity and cash.

We believe this combination fosters a strong sense of ownership, aligns the interests of employees with our stockholders, and increases stockholder value and our overall success.

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In addition, we believe that strong ESG programs and practices are critical to attracting the best talent, executing on our corporate strategies, maintaining a robust supplier and channel partner base, and innovating to meet our consumers’ evolving expectations.

In 2023, our internal ESG Committee, chartered by the Nominating and Corporate Governance Committee of AvePoint’s Board of Directors (the “ Board ”), began meeting to address ESG priorities.

The ESG Committee was divided into sub-committees to address each element of ESG matters and each subcommittee set forth goals for 2023.

In 2024, extensive internal research was conducted to determine AvePoint’s objectives pursuant to the Corporate Sustainability Reporting Directive (CSRD).

AvePoint has appropriated funding to conduct its first dual-materiality assessment and is on track for full compliance with CSRD as required in 2026.

The disclosure below describes the goals of our ESG program to allow our stakeholders to be informed about our progress and future direction.

Environmental

Across our twenty-five offices, we strive to reduce our environmental footprint, operate more efficiently, and engage our personnel in social initiatives that directly impact their lives.

Across our twenty-eight offices, we strive to reduce our environmental footprint, operate more efficiently, and engage our personnel in social initiatives that directly impact their lives.

To fulfill our aim of integrating environmental sustainability into everything we do, we have implemented numerous projects across our operations to limit our environmental impact, such as implementing paperless campaigns, the encouragement of recycling and elimination of paper products, the sourcing of office resources from sustainable sources, and the recycling of physical IT assets.

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We strive to exemplify our core values of agility, passion and teamwork every day to ensure the success of our colleagues, customers, partners, and stakeholders as well as make a positive impact in the communities where we live and work.

To do this, we are committed to creating and empowering access to a variety of opportunities:

As a global organization, we strive to create pathways to success for individuals and communities through education.

At the heart of our work—volunteering, partnerships, donations, and advocacy—is the vision of a world where everyone, no matter where they live, which resources they have, or what challenging circumstances they face, has a path to self-reliance and resilience.

We empower our people to volunteer as individuals and as teams in support of community not-for-profit groups around the world.

Our partners range from organizations that advance education for underrepresented minorities across our industry, to those that champion public policies aimed at fostering innovation and growth.

In 2023, we continued our partnership with Girls Who Code, an organization that is committed to building the largest pipeline of future female engineers and has engaged over 500,000 girls, women, and nonbinary individuals through in-person programming.

We also continued to work with Voices for Innovation, which enables us to champion policies that enable technology to address societal challenges, including protecting data privacy, strengthening cyber defenses, and ensuring people have affordable and accessible high speed internet.

Inclusion, Diversity, Equity and Allyship

Our organization is proud to employ talent from many different backgrounds, experiences, and identities.

To do this, we are committed to creating and empowering access to a variety of opportunities as described below:

Our organization employs talent from many different backgrounds, experiences, and identities.

Diversity and inclusion drive our success and is at the core of how we hire, communicate and collaborate to deliver value and excellence.

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Through our employee resource groups, internal mobility opportunities across the countries in which we operate, and external partnerships with underrepresented minority networks, we continue to work toward creating a workforce that represents the diversity of our customers and communities.

In 2023, through our IDEA (Inclusion, Diversity, Equity and Allyship) Committee, we continued to support the growth and impact our employee resource groups have in driving greater awareness and understanding within our company as well as make a positive impact in our local communities.

We furthered our commitment to inclusion through initiatives such as providing a scholarship for an underrepresented student to pursue higher education at Virginia Commonwealth University, a minority-serving institution, leading philanthropic efforts to aid the National Center for Children and Families, and expanding our Women in Technology employee resource group globally to open new chapters in our EMEA and APAC offices.

AvePoint employee resource groups (“ ERGs ”) regularly host events for our people to connect and engage with each other, learn from experts and support diverse communities throughout the year.

During the month of June, our Women in Technology and Queers and Allies ERGs hosted a guest speaker to discuss the history and importance of Pride, and how to foster inclusivity and authenticity.

Similarly, our Black AvePoint Excellence ERG hosted its 4th Annual Juneteenth Charity Gala raising over $10,000 for the African Diaspora College Access Program (ADC), a nonprofit dedicated to providing students with access to some of the nation’s top educational institutions.

Supporting Agents of Change:

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Through internal governance and external collaboration, we aim to set the standard for acceptable and responsible use of AI.

In December 2024, AvePoint implemented a board-approved Responsible AI Charter, to establish a set of guidelines and principles for the responsible and ethical use, development, and deployment of AI within our organization, and to ensure consistency with similar company AI policies and practices, particularly data privacy and confidentiality protections.

This Responsible AI Charter is a key component of AvePoint’s commitment to ensuring that AI is developed and deployed in a way that respects human values, rights, and dignity.

AvePoint, as a leader in cloud data management and governance, recognizes its responsibility to use AI in an ethical and responsible manner.

Corporate Governance

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In 2024, we took significant steps to reinforce our commitment to corporate governance and ethical practices, aligning with our strategic priorities.

We first undertook a comprehensive review of our corporate governance policies, ensuring they were in line with current industry standards and regulatory requirements.

This thorough examination laid the groundwork for subsequent enhancements and developments.

One notable outcome of this review was the complete overhaul of our corporate governance site, a crucial resource for stakeholders seeking insight into the company’s policies and procedures.

By making our extensive list of policies publicly available at a designated web address, https://ir.avepoint.com/governance/governance-documents/default.aspx, we demonstrated transparency and accountability, fostering trust and confidence among investors, customers, and the broader community.

In addition, we introduced several new policies aimed at addressing emerging issues and reflecting our values.

These included a Gifting Policy, Global Human Rights Policy, Supplier Diversity Policy, Environmental Policy Statement, and a Compensation Recovery Policy.

We completed our yearly review of all corporate governance policies, ensuring they were in line with current industry standards and regulatory requirements and introduced several new policies aimed at addressing emerging issues and reflecting our values.

These included a Responsible AI Charter, an ESG Policy, a Grant Policy and a Supplier Code of Conduct.

Each of these policies underscored our commitment to responsible business practices, social responsibility, and environmental stewardship.

In tandem with these policy developments, we updated our Code of Ethics and Business Conduct to incorporate additional key policies and mechanisms for reporting violations.

This ensures that employees and other stakeholders are equipped with clear guidelines and avenues for addressing ethical concerns, thereby promoting integrity and accountability throughout the organization.

Recognizing the importance of ongoing education and awareness, we introduced a new training program focused on the giving and receiving of gifts and business courtesies.

By providing employees with guidance on navigating potentially sensitive situations, the company aimed to mitigate risks and uphold its ethical standards in all business dealings.

In addition, we prioritized accessibility and relevance in our corporate compliance trainings, revising and simplifying the content to make it more applicable to employees at all levels and the compliance issues they may encounter.

This approach aimed to empower all employees to understand and adhere to company policies, furthering our goal of fostering a culture of compliance and ethical conduct across the organization.

Our extensive list of corporate policies is publicly available on our website at the following web address, https://www.avepoint.com/ir/governance/governance-documents.

We strive to continue to demonstrate transparency and accountability, fostering trust and confidence among investors, customers, and the broader community.

As a result of our improved processes, we received an ESG Prime Label from Institutional Shareholder Services (ISS) meaning our common stock will qualify for responsible investment based on our improved score on their ESG Corporate Rating Report.

We were also awarded a Fast Mover Badge by EcoVadis in recognition of our significant improvement in our annual assessment.

Our initiatives in 2024 underscored our commitment to robust corporate governance, ethical business practices, and employee empowerment.

By proactively reviewing, updating, and communicating its policies, the company demonstrated its dedication to transparency, accountability, and responsible stewardship in pursuit of its strategic objectives.

By proactively reviewing, updating, and communicating our policies, we demonstrated our dedication to transparency, accountability, and responsible stewardship in pursuit of its strategic objectives.

Earning the World ’ s Trust

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and we implement a risk-based approach to privacy and security that will allow us to maintain not only legal and regulatory compliance in the jurisdictions in which we operate, but also to facilitate business and innovation at AvePoint.

Commitment to Accessibility for all

We understand that technology is an enabler so long as it is accessible and available to persons with varying abilities or personal preferences.

AvePoint is committed to developing accessible technology as we value diverse experiences, backgrounds and perspectives among our employees, and across our customers and partners, and see them as a competitive advantage.

Compliance with Material Government Regulations

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Chief Financial Officer

Xunkai Gong was appointed as our Executive Chairman and a director in July of 2021.

Prior to that, Mr.

Gong had served as our predecessor company’s Chairman and Co-Chief Executive Officer alongside Dr.

Xunkai Gong was appointed as our Executive Chairman and a director in July of 2021, and previously served as our predecessor company’s Chairman and Co-Chief Executive Officer alongside Dr.

Jiang from 2008 to 2021, Chief Executive Officer from 2001 to 2008 and director from 2001 to 2021.

Gong holds a master’s degree in computer engineering from the University of the Chinese Academy of Sciences, a master’s degree in computer science from Southern University and Agricultural and Mechanical College at Baton Rouge, and a bachelor’s degree in electrical and electronics engineering from Dalian University of Technology.

Tianyi Jiang was appointed as our Chief Executive Officer and a director in July of 2021.

Prior to that, Dr.

Jiang served as our predecessor company’s Co-Chief Executive Officer alongside Mr.

Tianyi Jiang was appointed as our Chief Executive Officer and a director in July of 2021, and previously served as our predecessor company’s Co-Chief Executive Officer alongside Mr.

Gong from 2008 to 2021 and director from 2005 to 2021.

Jiang holds a doctorate and a master’s degree in data mining from New York University, in addition to a bachelor’s degree and a master’s degree in electrical and computer engineering from Cornell University.

Brian Michael Brown was appointed as our Chief Legal and Compliance Officer, Secretary of the Board and a director in July of 2021.

Prior to that, Mr.

Brown served as our predecessor company’s General Counsel and Chief Operating Officer from 2004 to 2021 and director from 2008 to 2021.

Brian Michael Brown was appointed as our Chief Legal and Compliance Officer, Secretary of the Board and a director in July of 2021, and previously served as our predecessor company’s General Counsel and Chief Operating Officer from 2004 to 2021 and director from 2008 to 2021.

Brown holds a bachelor’s degree from the University of Michigan and a Juris Doctor from Michigan State University.

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Our Internet address is https://www.avepoint.com/.

At our Investor Relations website, https://ir.avepoint.com/, we make available free of charge a variety of information for investors.

Our goal is to maintain the Investor Relations website as a portal through which investors can easily find or navigate to pertinent information about us, including, but not limited to:

At our Investor Relations website, https://www.avepoint.com/ir, we provide, and make available free of charge, a variety of information for investors, including, but not limited to:

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports, as soon as reasonably practicable after we electronically file that material with or furnish it to the SEC at www.sec.gov.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business