Follow Us

We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message

Box to go public, hoping to raise $250M

The file-storage service competes with startups like Dropbox and giants like Microsoft and Google

Article comments

Box, the eight-year-old company that has taken on industry giants to become a leader in cloud storage and file sharing, will seek to raise US$250 million by selling shares publicly for the first time.

The Los Altos, California, company announced on Monday that it had filed a registration statement with the U.S. Securities and Exchange Commission for a proposed IPO (initial public offering) of its common stock.

Box has capitalized on the growing popularity among businesses of storing data in the cloud, where it can be accessed from a variety of devices including smartphones and tablets, giving employees more flexibility.

In the filing, which runs for about 150 pages, the company disclosed that it has more than 34,000 paying corporate customers and 25 million registered users.

The paying customers include more than 40 percent of the Fortune 500 and 20 percent of Global 2000 companies, while the 25 million registered users include employees from 99 percent of Fortune 500 companies, according to Box.

The company has already raised more than $300 million in funding from private investors, and the IPO news doesn't come as a surprise. CEO Aaron Levie told IDG News Service last year that the company could launch its IPO in 2014 or in 2015.

The IPO will be the latest barometer of investor enthusiasm for technology stocks.

Box competes against specialty vendors like Dropbox, YouSendIt and Egnyte, as well as against larger players like Microsoft, with its SkyDrive and SharePoint services; and Google, with Apps and Drive.

For its fiscal year ended Jan. 31, 2014, Box had revenue of $124.2 million and a net loss of $168.6 million, according to the filing.

Morgan Stanley, Credit Suisse and J.P. Morgan will be "book-running" managers for the offering. BMO Capital Markets will act as lead manager, and Canaccord Genuity, Pacific Crest Securities, Raymond James & Associates and Wells Fargo Securities will act as co-managers.



Share:

More from Techworld

More relevant IT news

Comments



Send to a friend

Email this article to a friend or colleague:

PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.

Techworld White Papers

Choose – and Choose Wisely – the Right MSP for Your SMB

End users need a technology partner that provides transparency, enables productivity, delivers...

Download Whitepaper

10 Effective Habits of Indispensable IT Departments

It’s no secret that responsibilities are growing while budgets continue to shrink. Download this...

Download Whitepaper

Gartner Magic Quadrant for Enterprise Information Archiving

Enterprise information archiving is contributing to organisational needs for e-discovery and...

Download Whitepaper

Advancing the state of virtualised backups

Dell Software’s vRanger is a veteran of the virtualisation specific backup market. It was the...

Download Whitepaper

Techworld UK - Technology - Business

Innovation, productivity, agility and profit

Watch this on demand webinar which explores IT innovation, managed print services and business agility.

Techworld Mobile Site

Access Techworld's content on the move

Get the latest news, product reviews and downloads on your mobile device with Techworld's mobile site.

Find out more...

From Wow to How : Making mobile and cloud work for you

On demand Biztech Briefing - Learn how to effectively deliver mobile work styles and cloud services together.

Watch now...

Site Map

* *