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Box lifts storage limit on Business edition, integrates service with Office

Juan Carlos Perez | July 16, 2014
Box has integrated its cloud storage and file share service with Microsoft's Office productivity apps suite, and will offer unlimited capacity to customers of its Business edition, as the company waits for the right time to go public.

Asked about the company's plans to go public, Levie said Box is waiting for the right time to launch its IPO (initial public offering). "We'll do it when the market is ready," he said. In the meantime, the company just closed a funding round that injected $150 million into its coffers.

Based in Los Altos, California, Box has about 1,000 employees and closed its fiscal year on Jan. 31 with revenue of $124.2 million, up 111 percent year-over-year, and a net loss of $168.6 million, compared with a net loss of $112.6 million in the previous year. In its IPO registration statement, filed in March with the U.S. Securities and Exchange Commission, the company said it doesn't expect to turn a profit in the foreseeable future.

It has about 34,000 paying corporate customers, 40 percent of them Fortune 500 companies. However, only 7 percent of its 25 million end users pay for the service. The paying customers include GE, which announced in May its plans to roll out Box to its 300,000 employees worldwide.

 

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