Box, the online file storage startup, has filed a registration statement with the SEC for a $250 Million IPO. The super hot tech company recently raised $100 million at a $2 billion valuation in December and leads the pack of pre-IPO cloud computing startups focused on businesses including: Zendesk, MongoDB, Dropbox, Tintri, Atlassian, GitHub, Cloudera, Pure Storage, AppDynamics, and HubSpot.
Box allows businesses and individuals to store access, store, and manage content online from anywhere. According to Box, over 225,000 companies and 97% of the Fortune 500s use Box to upload and organize documents, spreadsheets, presentations, images, audio. and video files. Engagement stats highlighted within the registration include 34,000 paying organizations, 25 million register users, and 2.5 billion content interactions every three months.
In the full year ending January 31st, 2014, Box grew revenues to $124 million, up from $58.8 million the year prior. However, Box posted loses of $168 million in the same period, up from $112 million the year prior. Why IPO now? After a several rounds of funding since 2015, Levie is most likely betting on a favorable tech IPO market to raise money through the public market rather than venture capital.
In the letter submitted within the registration statement, Co-Founder, Chairman and CEO Aaron Levie talks about how Box is solely focused on businesses, but they have approached building and designing their product for an everyday mainstream consumer while at the same time understanding the security and integration needs of CIOs, CISOs, and IT departments.
While our focus on serving organizations is singular, how we deliver on that promise is hybrid: balancing the needs of end-users with those of IT and the enterprise. In the past, this has been a contradiction. Personal technology is often simple and elegant, yet goes unmanaged by CIOs and CISOs; corporate software focuses on security and integration into the enterprise but is often too complex and constraining for most users. Our approach uniquely balances the needs of both constituents, with years of perfecting advanced security functionality for enterprises, robust logging and controls, and compliance within regulated industries, all while maintaining a focus on end-user simplicity.
We design our software with the passion and attention to detail that you’d expect from leading consumer companies like Apple. Similar to Facebook, we release updates to our product continuously, which allows us to act on user feedback to improve the Box experience and respond to opportunities with agility. We support our customers with the greatest care and attention, delivering Zappos-like support. And we’ve created an open ecosystem much like salesforce.com, leveraging the talents and skills of tens of thousands of developers outside of our corporation to build value on Box. -Aaron Levie, Co-Founder, Chairman and CEO, Box
Box will trade on the New York Stock Exchange using the ticker, $Box. Confident of his decision and IPO filing, Levie signed the letter, “Go Cloud! -Aaron.”