Founded in 2005 by its CEO Aaron Levie, Box offers its users file editing and sharing options, along with 10 gigabytes of free cloud storage, with the option of paying up to $35 each month for more storage space. Box could have filed confidentially for an IPO with the Securities and Exchange Commission because of the new Jumpstart Our Business Startups Act, known as the JOBS Act, which allows companies making less than $1 billion revenue annually to file secretly. The company has been valued at approximately $2 billion by its Japanese investors Mitsui Global Investment, Macnica and Itochu Technology Ventures. Box is used by more than 200,000 businesses.
An IPO would follow the successful debut of Twitter as a public company in November, which may have raised Wall Street's willingness to invest in Internet companies. Twitter closed at around $64 at the end of Friday trading, after first trading on the New York Stock Exchange at $45.10 in November. Mobile payment company Square, started by Twitter co-founder Jack Dorsey, may also be mulling an IPO for 2014 to follow the success of his former company.
It is unclear whether 2014 will have the same opportunity for companies to go public as 2013. Stocks rose to record highs at the end of 2013 but they have not started the new year with the same momentum, as some analysts predict a correction in 2014 and uncertainty overseas has spurred a sell off.