Box brings in new exec to make M&A moves

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Now we know what Box has in mind for some of that $150 million it raised last month: It’s gonna buy more stuff and now has a new SVP, Villi Illtchev, to help with purchase decisions.

Illtchev, a former [company]Salesforce.com[/company] and [company]Lifelock[/company] executive, started at Box on Monday. His appointment was first reported in Re/code Tuesday night.

It’s not as if [company]Box[/company] is a stranger to acquisitions. It purchased Crocodoc, which became the basis of file-preview features, and Folders, a French company with technology that lets Box users open up multiple file types on their iOS devices. It also bought technology from dLoop, a small machine learning specialist, in January.

Last week on the Structure podcast, Box CEO Aaron Levie (pictured above) referred to the $150 million in funding when asked about the status of Box’s IPO. “We obviously filed at a unique time early in the spring, when a market correction occurred that made it less desirable to go out and be public,” he said. “We ultimately raised $150 million in additional capital that allows us to invest in the business and grow it at the rate we’ve been working on.”

Illtchev will report to Box’s co-founder and CFO Dylan Parker.

For Levie’s podcast, chat check out the link below — he starts at about minute 15.

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brianmccallion

Good story Barb. I’m skeptical the new hire is onboard to make acquisitions. I don’t see how Box can do better than too move out of the way of Google, Microsoft, Azure. I could see a new startup spinoff based on a machine learning and smart content fabric technology. But that would be a technology to sell to the big three players, not a global conquest technology. Box could thrive if acquired by one of the three.

In any case, after calling off the IPO it looks to me as if Box is looking to make a sale to one of the very large firms that might already have the enterprise customers, global reach, cross-sell opportunities that will help Box achieve the success it has worked hard to grasp.

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