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Box on Fire

Money on  fire

According to wall street journal Online storage company Box Inc. has filed for an IPO (initial public offering),  taking advantage of a law that allows start-ups to quietly file paperwork with the Securities and Exchange Commission without public disclosures.

The Los Altos, California based company, which just raised $100 million in December at a valuation of about $2 billion, is gearing up to go public amid intensifying competition in the online storage market. Prior to this the influx of cash, it was reported that Box first ventured into Europe with a piggy bank of $350 Million.  Which is remarkable for a ECM (Enterprise content management)  software company.

This is definitely one to watch the burn rate on.

 

The WSJ has suggested that Its closest rival, Dropbox Inc., has also recently attracted hundreds of millions from large institutional investors and  other technology giants, such as Google, have also upped their offerings in online storage.

A Box spokeswoman declined to comment on an IPO. "We don't have anything to share at this time," she said. "We're focused on continuing to build our business and expand our customer relationships globally."

WSJ remarked that some of these business-software newcomers are reaping rich valuations in sales, private investments or IPOs. Yammer Inc., a social network for the workplace, recently sold itself to Microsoft for $1.2 billion. Dropbox, a file-sharing company similar to Box, recently raised $250 million from venture-capital investors and boasts a $4 billion private valuation. Palo Alto Networks, a maker of network-security software for corporations, went public earlier this month and has a stock-market valuation of $3.9 billion.

This is definitely one to watch the burn rate on.