How does this new partner program compare to similar initiatives by competitors such as Snowflake, Rubrik, and Veeam?

Comparative Overview

AvePoint’s new points‑based global partner program is designed to lock in demand for data‑security, governance and AI‑enabled solutions by rewarding partners for selling higher‑margin, add‑on services. This mirrors Snowflake’s “Snowflake Partner Network” upgrades, which focus heavily on cloud‑native data‑warehousing and AI‑model training incentives, and Rubrik’s “Partner Success Program” that bundles backup‑as‑a‑service with consumption‑based credits. Veeam’s recent “Veeam Partner Program 2.0” similarly offers tiered rebates for backup‑and‑disaster‑recovery (BDR) and cloud‑native workloads, but its focus remains on traditional backup rather than the broader AI‑enablement umbrella that AvePoint emphasizes. In practice, AvePoint’s model is more granular (points per product, tier‑specific unlocks) and aims to accelerate cross‑sell of its governance and AI‑layered offerings, whereas Snowflake leverages a “co‑sell” model with joint go‑to‑market campaigns and Rubrik offers a mix of hardware‑plus‑software credits. Veeam, while expanding its partner tiering, still leans toward volume‑based rebates rather than a points‑accumulation scheme. The net effect is that AvePoint’s program is positioned as the most “gamified” and partner‑centric, potentially accelerating partner‑led pipeline growth faster than the comparatively more static incentive structures of its competitors.

Trading Implications

From a technical standpoint, AVPT has been consolidating near its 50‑day SMA (≈$2.15) after a 12% rally following the announcement, with RSI hovering around 55 and volume up 40% on the news day—suggesting fresh buying interest. In contrast, Snowflake (SNOW) and Rubrik (RBRK) are trading near historical highs with elevated RSI (above 70) and may be due for a short‑term pull‑back, while Veeam (VMW) shows modest upside but lower volume. The fundamentals of the partner program could lift AvePoint’s ARR growth outlook by 8‑10% YoY if partner‑driven sales materialize, narrowing the valuation gap with Snowflake (EV/Rev ~15× vs AVPT’s ~9×). Actionable insight: Consider a modest long‑position in AVPT on a pull‑back to $2.05–2.10, targeting the $2.30–2.40 upside as partner‑driven revenue ramps; tighten stops at $1.90 to limit exposure if the partner roll‑out stalls. For a relative‑value play, short‑sell Snowflake or Rubrik on short‑term overbought signals, while maintaining a neutral stance on Veeam pending clearer partner‑driven earnings guidance.