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Box releases public S-1

Mar. 24, 2014 5:03 PM ETBox, Inc. (BOX) StockBOXBy: Eric Jhonsa, SA News Editor3 Comments
  • Enterprise cloud storage/file-syncing upstart Box, reported in January to have confidentially filed for an IPO, has released its public S-1.
  • Box is looking to raise $250M under the symbol (you guessed it) BOX. The underwriters: Morgan Stanley, Credit Suisse, JPMorgan, Canaccord, Pac Crest, Raymond James, BMO, and Wells Fargo.
  • During the fiscal year ending Jan. 31, Box had revenue of $124.2M (+111% Y/Y), and a net loss of $168.9M. Even after backing out stock compensation expenses of $5M, sales/marketing spend totaled $166.2M, exceeding revenue by 34%. R&D spend totaled $42.8M excluding stock compensation.
  • Box has 25M registered users, and counts over 40% of the Fortune 500 and 20% of the Global 2000 among its clients. Rivals include Dropbox (more consumer/SMB-focused, valued at $10B), EMC's Syncplicity unit, Citrix's ShareFile unit, Microsoft, and Google.
  • A late-2013 funding round valued Box at ~$2B. VC firms Draper Fisher Jurvetson and U.S. Venture Partners respectively own 25.5% and 13% of the company, and CEO Aaron Levie owns 4.1%.

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Comments (3)

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All of these names sound like good shorts. Cloud storage sounds like a commodity play that's ready to lose a lot of people a lot of money
Another bubble about to come public.

100 million in revenue. So let's give it a 2 Billion dollar market cap.
Bravo to Wall St. & all those playing the game. For average Americans: The lesson will continue.
If your revenue is less than the advertising expenses, why do you even bother?

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