AvePoint to Join S&P SmallCap 600 Index
Data management firm AvePoint will replace LXP Industrial Trust in the S&P SmallCap 600 effective November 2, following changes in the index composition.
AvePoint Inc. (NASD: AVPT) is scheduled to join the S&P SmallCap 600 index before the market opens on Monday, November 2. The Jersey City-based software company will take the position currently held by LXP Industrial Trust.
The inclusion follows adjustments within the index triggered by ongoing corporate acquisitions. LXP Industrial Trust is being removed from the list as it is acquired by Brookfield Asset Management Ltd. and the Canada Pension Plan Investment Board.
Inclusion in the S&P SmallCap 600 often results in increased buying pressure from passive investment funds that track the index. AvePoint continues to specialize in cloud-based data management and governance solutions, a sector that has seen heightened demand as organizations manage increasing volumes of digital information.
The shift in index composition reflects the evolving market capitalization of companies within the S&P SmallCap 600 as the index provider recalibrates its list to account for industry consolidation.