Menu
Box to go public, hoping to raise $US250m

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.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags business issuesSEC FilingsBox.net

Featured

Slideshows

Leading female front runners of the Kiwi ICT industry honoured at 2019 WIICTA

Leading female front runners of the Kiwi ICT industry honoured at 2019 WIICTA

Reseller News has honoured the leading female front runners of the New Zealand ICT industry at the 2019 Women in ICT Awards (WIICTA) in Auckland. The awards recognised standout individuals across six categories, spanning Entrepreneur, Rising Star, Shining Star, Community, Technical and Achievement. Photos by Gino Demeer.

Leading female front runners of the Kiwi ICT industry honoured at 2019 WIICTA
Reseller News kicks off awards season in 2019 with Judges' Lunch

Reseller News kicks off awards season in 2019 with Judges' Lunch

The 2019 Reseller News Innovation Awards has kicked off with the Judges Lunch in Auckland with 70 judges in the voting panel. The awards will reflect the changing dynamics of the channel, recognising excellence across customer value and innovation - spanning start-ups, partners, distributors and vendors. Photos by Christine Wong.

Reseller News kicks off awards season in 2019 with Judges' Lunch
Reseller News welcomes industry figures for 2019 Hall of Fame lunch

Reseller News welcomes industry figures for 2019 Hall of Fame lunch

Reseller News welcomed 2018 inductees - Chris Simpson, Kendra Ross and Phill Patton - to the third running of the Reseller News Hall of Fame lunch, held at the French Cafe in Auckland. The inductees discussed the changing landscape of the technology industry in New Zealand, while outlining ways to attract a new breed of players to the ecosystem. Photos by Gino Demeer.

Reseller News welcomes industry figures for 2019 Hall of Fame lunch
Show Comments