AvePoint (AVPT) said on Tuesday that the rise of AI agents is expanding demand for data governance, security and identity controls, and the company is targeting $1 billion in annual recurring revenue by 2029. The software company, which marked its 25th anniversary, presented at Citi's 2026 Global TMT Conference on Sept. 8, 2026, where Chief Executive Tianyi Jiang and Chief Financial Officer Jim Caci outlined its strategy across Microsoft, Google, Salesforce and Amazon cloud ecosystems.
Management described the current period as a shift from token usage to AI agents, saying the agents now operate like employees at machine speed and can create the same access, data-leakage and shadow-IT risks that companies previously saw with human users. Jiang said 60% of enterprise data is now generated by AI systems, increasing the need for governance across Microsoft Graph, Copilot for Teams, Purview E5, Agentic 365 E7, Azure Stack and related controls. He described the data-governance space as historically narrow, serving data-focused users and regulated industries, before becoming relevant to broader enterprise AI adoption.
Financially, AvePoint reported roughly 25% revenue growth over the last 12 months, a 73% gross profit margin, a market capitalization of $2.78 billion and a price-to-earnings ratio of 42.79. Management noted 14 consecutive quarters of outperformance. Net revenue retention is about 110% to 111%, with a target of 115%. The $1 billion ARR target, first committed at a March 2025 analyst day, implies a roughly 25% compound annual growth rate through 2029.
Non-Microsoft revenue is just under 10% and is expected to reach 10% to 20% by 2029 as the company expands its multi-cloud footprint across Google Workspace, Google Cloud Platform, Salesforce and Amazon Web Services. Jiang said AvePoint is part of a large Microsoft and Google ecosystem and expects to continue helping customers maximize their investment while operating across multiple clouds.
Control Suite has grown from 26% of recurring revenue to 40% of the pipeline, with about half of that pipeline coming from bundled offerings. Management said bundling was introduced a little more than a year ago and has helped broaden adoption of its Control, Resilience and Modernization suites. The company also discussed AVA, its virtual assistant, and AgentPulse, a tool for monitoring AI agent activity, alongside Microsoft Graph, Copilot for Teams and a German sovereign Google instance.
Customer mix remains enterprise-led, with enterprise customers accounting for more than half of the business, including a 53% enterprise segment, while mid-market and smaller customers make up the remainder and SMB is around 20%. Microsoft E5 penetration is about 20%.
Caci said AvePoint remains a SaaS platform without heavy data-center capex, pointing to its profit and loss and cash flow statements and saying no major infrastructure investment is expected. Management also described the U.S. public sector as weak in 2025, with 2026 expected to be a return to normalcy and a healing path rather than a full recovery.
