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Cloud Storage Company Box Ready to Go Public

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May 14, 2012

Cloud Storage Company Box Ready to Go Public

By Rich Steeves, TMCnet Web Editor


There are a number of cloud storage options out there for the average person. You might have heard of Google (News - Alert) Drive, or iCloud or even DropBox. But a new player is making a splash in the market, and that company, known simply as Box, is ready for its coming out party, as it is expected to hold its initial public offering sometime in 2013.


Box is one of those great do-it-yourself success stories that you frequently see in the tech world. It began as a dorm room project, started by current company head Aaron Levie in 2005. As the company ramps up to the IPO in the summer or fall of next year, it has made several announcements.

First, the company appointed a new board member, Dana Evans, former chief financial officer at Verisign. Box also added two other team members, Peter McGodd, preciously of Informatica, and Tom Addis, a former Salesforce executive.

"We want to transform how every business in the world manages information and collaboration in the cloud, and we're assembling a world class board and leadership team to help realise our vision," Levie said in a statement. "Dana, Pete and Tom bring a wealth of enterprise experience to Box, and will be key players in fuelling the next stage of our growth."

Box has already signed up several large companies, including Viacom, Proctor and Gamble, Dow Chemicals, Spotify (News - Alert), Netflix and Pandora. All together, the company has nearly 11 million customers who take advantage of its cloud storage offerings.

Because the market is so crowded, with Google, Microsoft (News - Alert) and others offering cloud storage to enterprise customers, Levie wants to put his company on the best possible footing before the IPO. "Even though the market is pretty amazing right now, there are some things we want to get done as a company. We see these moves as ways of building a strong foundation,” he said.




Edited by Carrie Schmelkin







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