AvePoint Adds Three New Products to its FedRAMP (moderate) Authorization to Support the United States Public Sector

Rhea-AI Summary

AvePoint achieves HITRUST CSF v11.0.1 certification for their Confidence Platform, adding three new products to FedRAMP (moderate) authorization. The certifications highlight AvePoint's commitment to security and privacy standards for federal agencies and healthcare providers.

Positive

• AvePoint adds three new products to its FedRAMP (moderate) authorization, enhancing its security controls for federal agencies.
• The company achieves compliance with HITRUST CSF v11.0.1 for the AvePoint Confidence Platform, focusing on global healthcare industry support.
• AvePoint's certifications demonstrate their commitment to robust security and privacy standards for regulated industries.
• The addition of new certifications reflects AvePoint's dedication to supporting organizations in their adoption of new technology and data protection.
• The company's cyber resilience strategy includes various accreditations like ISO 27001, CSA STAR, IRAP, and StateRAMP.

Negative

• None.

Cybersecurity Expert

The recent FedRAMP (moderate) Authorization and HITRUST CSF v11.0.1 certification achieved by AvePoint underscore the company's dedication to providing secure SaaS solutions, particularly in the highly sensitive sectors of government and healthcare. The inclusion of three new products under the FedRAMP authorization indicates that AvePoint has successfully undergone stringent security assessments, a critical factor as federal agencies increasingly rely on cloud-based services for digital transformation.

FedRAMP (Federal Risk and Authorization Management Program) is a government-wide program that provides a standardized approach to security assessment, authorization and continuous monitoring for cloud products and services. Achieving the FedRAMP (moderate) level means that AvePoint's solutions have met the program's baseline security standards, which are designed to protect some of the most sensitive federal information that is not classified.

Furthermore, the HITRUST CSF integration of HIPAA, NIST, ISO and other standards into a comprehensive set of security controls is particularly relevant for healthcare organizations that handle sensitive patient data. Compliance with these standards demonstrates AvePoint’s capability to safeguard personal health information, which is paramount in an era where data breaches are increasingly common and costly.

Healthcare Technology Analyst

AvePoint's achievement of HITRUST CSF certification is a significant milestone for the company and its healthcare clients. HITRUST CSF is recognized as a rigorous security framework tailored to the healthcare industry, harmonizing various regulations and standards. For healthcare organizations, this certification provides a level of assurance that AvePoint's solutions are designed with the protection of patient health information in mind, which is essential for compliance with industry-specific privacy laws such as HIPAA.

As healthcare continues its digital transformation, the demand for secure and compliant SaaS solutions is growing. AvePoint's certifications could position it favorably in the market, as healthcare providers look for partners that can navigate the complex regulatory landscape. This could result in increased trust and potentially more business for AvePoint from global healthcare customers seeking to modernize their operations while ensuring data protection.

Market Analyst

The strategic move by AvePoint to expand its FedRAMP authorization and achieve HITRUST CSF certification can have positive implications for the company's market position. The public sector and healthcare industries are known for their stringent regulatory requirements, which can act as barriers to entry for many SaaS providers. AvePoint's ability to meet these requirements not only opens doors to new government and healthcare contracts but also enhances its reputation as a secure and reliable service provider.

From a market perspective, these certifications could serve as differentiators that set AvePoint apart from competitors. As organizations continue to prioritize cybersecurity and compliance, AvePoint's proven track record could lead to an increase in market share and potentially impact its stock valuation positively. Investors and stakeholders might see this as an indicator of the company's growth potential and commitment to maintaining high standards in cybersecurity and data protection.

As part of its comprehensive cyber resilience strategy, AvePoint also achieves HITRUST CSF v11.0.1 certification for the AvePoint Confidence Platform for global healthcare customers

JERSEY CITY, N.J., Feb. 21, 2024 (GLOBE NEWSWIRE) -- AvePoint (Nasdaq: AVPT), the most advanced platform to optimize SaaS operations and secure collaboration, today announced the addition of three new products to its FedRAMP (moderate) authorization as a Software as a Service (SaaS) company, which indicates their security controls have been rigorously tested and its SaaS solutions are verified for use within all federal agencies. Additionally, the company achieved compliance with HITRUST CSF v11.0.1 for the AvePoint Confidence Platform, supporting the global healthcare industry and evolving its existing SOC 2 Type II certifications. Both certifications demonstrate AvePoint’s commitment to upholding robust security and privacy standards, especially for organizations in regulated industries like federal agencies in the United States and healthcare providers across the globe.

FedRAMP (moderate) Authorization for Three New Products

According to Deloitte, 77% of government agencies say that digital transformation initiatives established during the pandemic are already having a positive impact on their organization. Today AvePoint adds the following products to its FedRAMP (moderate) authorization, which includes over 20 products since receiving its initial sponsorship in 2021:

• AvePoint tyGraph, which provides advanced workforce analytics on employee engagement and for Microsoft 365 adoption and ROI;
• MaivenPoint Examena, which powers secure, AI-enabled examinations; and
• MaivenPoint Curricula, which enhances the modern learning experience for continuous education.
  

These three products are part of the AvePoint Confidence Platform’s Modernization Suite, which enables organizations to remove the barriers to workplace innovation by unifying data, optimizing business processes, and improving the employee experience. Now, even more AvePoint customers like the U.S. Treasury Department, IRS, NASA and over 1,000 other public sector organizations can continue their digital transformation efforts.

“We’ve always believed that empowering those in the public sector and regulated industries to safely and effectively use technology is of utmost importance,” said John Peluso, Chief Product Officer, AvePoint. “Adding more FedRAMP accreditations to our Modernization Suite reflects our commitment to supporting organizations like government entities and institutions of higher education in their adoption of new technology like AI, securing cloud collaboration and mitigating data risk, and migrating critical information.”

HITRUST CSF v11.0.1 Attestation for the AvePoint Confidence Platform

In addition to its FedRAMP (moderate) authorization, AvePoint recently added to its SOC 2 Type II certification with HITRUST CSF v11.0.1, a widely adopted healthcare industry framework that integrates requirements from HIPAA, NIST, ISO and other standards into a comprehensive set of security controls. This certification validates AvePoint’s commitment to implementing best practices that safeguard patient health information and provide an extra layer of assurance to healthcare organizations across the world using the AvePoint Confidence Platform.

“AvePoint understands how critical data protection is, especially within regulated industries and when working with personal health data,” said Dana Simberkoff, Chief Risk, Privacy and Information Officer, AvePoint. “Adding new certifications like HITRUST reinforces that we practice what we preach and that we are committed to earning and upholding customer trust.”

AvePoint’s cyber resilience strategy and commitment for all customers and partners includes its ISO 27001, CSA STAR, IRAP and StateRAMP accreditations, which can be found in the AvePoint Trust Center.

For more information on how public sector and healthcare organizations can navigate digital transformation challenges and embrace change, visit our website.

About AvePoint
Collaborate with Confidence. AvePoint provides the most advanced platform to optimize SaaS operations and secure collaboration. Over 17,000 customers worldwide rely on our solutions to modernize the digital workplace across Microsoft, Google, Salesforce and other collaboration environments. AvePoint's global channel partner program includes over 3,500 managed service providers, value added resellers and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit www.avepoint.com.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Quarterly Report on Form 10-Q and its registration statement on Form S-1 and related prospectus and prospectus supplements filed with the SEC. Copies of these and other documents filed by AvePoint from time to time are available on the SEC's website, www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations.

Investor Contact
AvePoint
Jamie Arestia
ir@avepoint.com
(551) 220-5654

Media Contact
AvePoint
Nicole Caci
pr@avepoint.com
(201) 201-8143

What certifications did AvePoint achieve for their Confidence Platform?

AvePoint achieved both FedRAMP (moderate) authorization and HITRUST CSF v11.0.1 certification for their Confidence Platform.

What do the certifications demonstrate about AvePoint?

The certifications demonstrate AvePoint's commitment to upholding robust security and privacy standards for organizations in regulated industries.

Which new products were added to AvePoint's FedRAMP (moderate) authorization?

AvePoint added AvePoint tyGraph, MaivenPoint Examena, and MaivenPoint Curricula to its FedRAMP (moderate) authorization.

What is the significance of HITRUST CSF v11.0.1 certification for AvePoint?

HITRUST CSF v11.0.1 certification validates AvePoint's commitment to implementing best practices for safeguarding patient health information.

How does AvePoint support organizations in their digital transformation efforts?

AvePoint supports organizations by removing barriers to workplace innovation, unifying data, optimizing business processes, and improving the employee experience.