Cloud company Box will go public, though don't expect profit soon

Box will go public, filed for IPO and will be listed on NYSE - and plans to compete long-term with numerous other online storage competitors.

Published Mon, Mar 24 2014 11:52 PM CDT   |   Updated Mon, Oct 19 2020 8:15 PM CDT

Cloud-storage service Box plans to go public and has reportedly filed an initial public offering, aiming to raise $250 million, with company CEO Aaron Levie warning Box won't be profitable for the "foreseeable future."

Cloud company Box will go public, though don't expect profit soon | TweakTown.com

Box has 25 million registered users and more than 34,000 paying companies as clients - and while revenue increased 111 percent year-over-year, up to $124.2 million, losses increased from $112.6 million to $168.6 million.

"We are moving toward an information economy, where every worker will be an information worker, and every business, regardless of industry, will be in the information business," Levie wrote in an open letter to investors. "Our role at Box is to help enable this transition for every organization in the world."

Box is a popular Silicon Valley storage startup, but with Dropbox, Google, Microsoft, Barracuda Networks, and scores of other companies offering online storage, it's going to be extremely difficult to compete long-term. However, that isn't to say Box won't be able to, especially if it continues to expand its paid corporate client list in the future.

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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