No Comments

Summary:

Box’s long-awaited IPO is being pushed out, according to a report in the Wall Street Journal, as the storage and file sharing company takes in a hefty sum of investment.

Cloud storage and file-sharing company Box has brought in $150 million from private-equity firm TPG Capital and Coatue Management, a hedge fund, according to a report in The Wall Street Journal (registration required) that cited two unnamed sources.

Box has long been awaiting a possible IPO and even filed IPO paperwork on March 24, indicating that the company could be going public as soon as June. That obviously did not happen.

An influx of cash will help preserve Box for another couple of months as the company plans on going public until after Labor Day of this year, according to the Wall Street Journal.

With this round of investment Box is now valued at $2.4 billion, which the Journal writes is “only slightly higher than last December,” when the company landed $100 million in funding.

In May, Box announced that General Electric became a Box customer and that roughly 300,000 GE employees would now be using the file-sharing company’s services.

While the company generated around $45 million in revenue over the past three months, according to an updated quarterly statement, its total operating expenses in the same time were around $74 million, with a bulk of the expenses coming from sales and marketing.

In response to the news, a Box spokesperson wrote in an email the following to Gigaom: “Our plan continues to be to go public when it makes the most sense for Box and the market. As always, investing in our customers, technology, and future growth remains our top priority. TPG and Coatue have great track records with growth companies like Box and we’re excited to work with them as we execute on our strategy.”

Note: I updated this post at 3:02 with details on GE deal, earnings and a Box statement.

 

Comment

Community guidelines
Thursday, August 28, 2014
Avatar you are commenting using your account. Sign out / Change

Comment using:

Or comment as a guest

Be sure to review our Community Guidelines. By continuing you are agreeing to our Terms of Service and Privacy Policy.

No Comments