Box to go public, hoping to raise $US250m

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

Aaron Levie is the co-founder and CEO of Box

Aaron Levie is the co-founder and CEO of Box

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 $US250 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 US Securities and Exchange Commission for a proposed initial public offering (IPO) 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 per cent of the Fortune 500 and 20 per cent of Global 2000 companies, while the 25 million registered users include employees from 99 per cent of Fortune 500 companies, according to Box.

The company has already raised more than $US300 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 Januray 31, 2014, Box had revenue of $US124.2 million and a net loss of $US168.6 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.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags business issuesSEC FilingsBox.net

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Juan Carlos Perez

IDG News Service
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Kurt Hegetschweiler

Brother PocketJet PJ-773 A4 Portable Thermal Printer

It’s perfect for mobile workers. Just take it out — it’s small enough to sit anywhere — turn it on, load a sheet of paper, and start printing.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?