Box Has Picked Its Bankers for Its IPO Next Year
Box, the fast-growing enterprise cloud computing company that has raised a combined $312 million from venture capitalists and private equity investors, has completed its bake-off of bankers, according to Reuters, and is aiming to raise $500 million in an initial public offering in early 2014. Morgan Stanley, Credit Suisse and J.P. Morgan Chase will lead the offering.
Box has been hitting all the stations of the cross on its way to an IPO. Earlier this year, CEO Aaron Levie (pictured here from his appearance at D: All Things Digital in May) confirmed to AllThingsD that the company is on track to exceed $100 million in revenue this year. And while he also admitted that Box’s burn rate is typically in the “seven figure per month” range, Levie states that the company’s biggest expense is the sales and marketing people who can, as he put it, “get enterprise deals done.” In January, Levie predicted that Box would have 1,000 employees by the end of 2013, and I just heard from a source today who said that, as of October, it was already north of 900.
At the time, he said that “most” of the $150 million the company had raised in a huge Series E led by the private equity firm General Atlantic was still in the bank. Box first announced it had raised $125 million in the summer of 2012. That round was said to value the company at $1.2 billion. Investors seemed to really like Box, because by January that same round of funding had swelled to $150 million.
Before that it raised $81 million in a 2011 strategic round that included Salesforce.com and SAP Ventures.
Levie didn’t immediately answer an email, and other sources at the company were not commenting in the wake of the Reuters story.
Levie publicly said earlier this year that a Box IPO was likely for 2014, and would follow a series of moves to expand its sales footprint globally. Its first move was to add a sales office in London to go after European business.