Enterprise cloud storage and file sharing provider Box is planning its IPO and hoping to land up to $250 million.
The company, which competes against Dropbox, Google, Amazon and Microsoft, recently received a private funding round worth $2 billion; its valuation is expected to rise several times higher after going public.
Box is pursuing its IPO as cloud services such as storage grow in popularity. To wit, Box says 34,000 companies pay to use its platform and that 25 million individuals have accessed their materials via Box storage. The company also wrote in its S-1 filing that research firm IDC predicts digital information will grow 300-fold from 2005 to 2020, which will increase organizations' need for storage and content management.
Still, Box has much to prove to Wall Street. The nine-year-old firm reported losses of $168.8 million on revenue of $124.2 million for its fiscal year ended Jan. 31. A year earlier, it reported revenue of $58.8 million and losses of $112.6 million.