Dropbox Files to Go Public with over $1.1 Billion in Annual Revenue
Feb 25, 2018, 01:50
The San Francisco-based cloud storage and business productivity tool maker, which had secretly filed to go public in January, plans to raise $500 million to push the business forward. Further, the company has reported having 11 million paying users under its cart. The company will trade on Nasdaq under the symbol "DBX".
The big question is whether the company will achieve the $10 billion valuation it raised in the private markets.
The IPO, which would provide an exit more than a decade after Dropbox was founded, also could spur other large "unicorns" ranging from Uber Technologies Inc.to Pinterest Inc.to test the waters.
If you're interested in checking out the entire IPO disclosure, you can do so from here.
While Dropbox still loses money, those deficits are narrowing.
Dropbox biggest competitor in the market is Box who has same file syncing business but Box deals with Government and enterprise customers which means higher-level security for the files while Dropbox only deals with individual customers that's why the company has followed simplicity in its application. The public filing has offered insight into its financials, which include $1 billion in annual revenue and 500 million registered users. It noted that the actual number of people using its service might be lower because some register more than one account. That's less than the $210 million loss the year before and 2015's deficit of $326 million. What are your thoughts on Dropbox filing for IPO of up to $500 million? The Internet-age economy runs on knowledge, with most of that digitally stored in the cloud, according to the startup. Today, knowledge lives in the cloud as digital content, and Dropbox is a global collaboration platform where more and more of this content is created, accessed, and shared with the world.
The smaller question: Which company can we compare it to?
The filing reveals Dropbox has lost more than US$1 billion since its inception.
"We have responded to this event by expanding our security team and data monitoring capabilities and continuing to work on features such as two-factor authentication to increase protection of user information", Dropbox said in the filing.
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