Cloud Computing: Box Becomes First Tech IPO of 2015 and Wows Investors
January 24, 2015
Grazed from CIOToday. Author: Dan Heilman.
In its initial public offering, shares in online file storage company Box were trading at $24.24 on Friday afternoon, 73 percent higher than its IPO price of $14 a share. With that impressive opening morning, the start-up company caught up to the $2.4 billion valuation that it garnered in its most recent private financing round last summer, possibly allaying concerns among investors that the company had been overvalued.
In a video presentation to investors Friday, Box co-founder and CEO, Aaron Levie, said that his company was at the forefront of "a once-in-a-generation shift" in storage. Among the company’s clients are General Electric and the drug maker AstraZeneca…
Launched in 2005, Box (formerly Box.net), has adopted a freemium business model, and offers 5 GB of free storage for personal accounts. But it has also gone after business clients, focusing on enterprise Relevant Products/Services collaboration and workflows. Competitors such as Dropbox, on the other hand, have concentrated on the business-to-consumer market…
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