Box discloses 1Q14 financial results ahead of IPO; revenue up 94% from last year and deal size lowered 40% to $150 million


Box, which provides enterprises with a cloud-based storage and collaboration platform, reported financial results for the three months ended April 30, 2014 in an amendment filed with the SEC on Monday. The company originally filed for a $250 million IPO in March, but its updated filing now indicates plans to raise $150 million. With its operating loss narrowing to $38 million from $40 million in the prior quarter, the company is losing money at a slower rate, a positive signal toward achieving scale.

Until now, Box had kept quiet, delaying its offering as the IPO market experienced a significant correction in tech valuations. Since the initial filing, the company benefited from a obtaining a large contract with GE in May and today announced a $150 million investment from TPG Capital.

The Los Altos, CA-based company, which was founded in 2005 and booked $146 million in sales for the 12 months ended April 30, 2014, plans to list on the NYSE under the symbol BOX. Box initially filed confidentially on January 3, 2014 and had been on our Private Company Watchlist since October 2011. Morgan Stanley, Credit Suisse and J.P. Morgan are the joint bookrunners on the deal. No pricing terms were disclosed.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: News Headlines , IPOs

Referenced Stocks: BOX

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