Data Storage Firm Box Files For IPO Of Up To $250 Million.
Box has taken a huge step towards finally becoming a public traded company on Monday,saying that it has plans to raise over $250 million in IPO. The Los Altos-based company has commented in its filing that its revenue has managed to double in at the end of Jan 31 with up to $124.2 million when it posted its losses of $168.8 million.
The company has claimed that it doesn’t expect to be out of the red in any time soon, by saying in a section on risk factors,”We do not expect to be profitable for the foreseeable future.”
It also acknowledged its fierce competition in the crowded collaboration and storage market, which include, Hightail, EMC, Microsoft, Dropbox, Citrix and Google:
“Many of our competitors and potential competitors are larger and have greater name recognition, much longer operating histories, larger marketing budgets and significantly greater resources than we do.”
The company had been recently reported to be a value of about $2 billion after manage to raise over $112 million from quite a few Japanese investors to help increase its international expansion into Asia. With it claiming to have over 34,000 organization already paying to utilize its cloud-based storage and collaboration services and that it has an amount of over 25 million registered users.
San Francisco-based Dropbox had reported to be valued to be around $10 billion after recently securing over $325 million of a planned $450 million funding round.
Founded by CEO Aaron Levie and Dylan Smith back in 2005, the company has manage to raise over $431 million in total.
The biggest stake in box is claimed by Draper Fisher, with a an amount of 25.5 percent of the shares. US Venture Partners are the second largest, with over 13 percent of the shares. The others are that own more than a 5 percent claim are General Atlantic with 8.4 percent, Scale Ventures Partner with 7.4 percent, Bessemer Ventures Partners with 5.6 percent and Meritech Capital Partner, 5.1. Other backers include SAP Ventures, Andreessen Horowitz, Intel Capital, Emergence Capital Partner, New Enterprise Associates and Saleforce.
Levie owns 4.1 percent of the company’s shares and co-founder Smith owns 4.1 percent.