The recent tech stock selloff (a selloff that has hit richly-valued cloud software stocks especially hard) has led enterprise cloud storage/file-syncing leader BOX to delay its anticipated IPO, the WSJ reports. Though Box's March 24 public S-1 filing made it eligible to list as soon as early April, there's still no timetable.
Possibly adding to Box's caution: Its S-1 raised eyebrows on account of the huge losses that were disclosed. The company's sales/marketing spend for the fiscal year ending Jan. 31 single-handedly exceeded its revenue for the period by 34%.
The WSJ's report comes shortly after Microsoft (MSFT) fired a fresh salvo at Box and Dropbox by increasing the amount of storage provided by its OneDrive for Business by 40x to 1TB, and providing the solution for free to Office 365 ProPlus customers.
Box, which sells to ~40% of the Fortune 500 to varying degrees, has long argued its rich feature set and 3rd-party app support help it differentiate.