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Dropbox Files for IPO, and Other 'Unicorns' Are Watching
25 February 2018, 01:51 | Audrey Hill
Getty Images Arash Ferdowsi and Drew Houston co-founders of Dropbox
Dropbox, the San Francisco file-sharing company that's been privately valued at $10 billion, filed for an initial public offering, saying it is capable of moving fast.
Dropbox revenue has been increasing for the last three years; in 2015 Company revenues was $603 million, in 2016 it was 6.5 million paying users while in last year it was 1.1 billion. Dropbox has demonstrated impressive growth since 2015, roughly doubling the number of paying users and revenue. The company will trade on Nasdaq under the symbol of DBX.
Drew Houston, chief executive of Dropbox, helped found the company in 2007, initially naming it Even Flow after a song of the same name by the rock band Pearl Jam.
The company made public its filing on Friday, but noted that it submitted documents past year in a confidential filing with the SEC under rules for "emerging" growth companies. The big question over the next few weeks - in advance of the company share price being set by bankers - is whether the company will meet its $10 billion valuation set during its last round of private financing in 2014.
Dropbox put out word in 2016 that encrypted user IDs and passwords of some 68 million clients were stolen four years earlier were freshly leaked online. Or is it more like Atlassian, the successful workplace collaboration company that offers a more friendly point of comparison for Dropbox investors?
Expectedly, the company disclosed in the filing that its business depends on the ability to convert registered users into paying users, and also the ability to retain and upgrade those paying users. Dropbox has incurred losses annually since it has been in business, logging net losses of $111.7 million and $210.2 million respectively last year and the year prior.
What remains to be seen, Enderle noted, was whether Dropbox shrewdly spends the money it raises.
"Our customers include individuals, teams, and organizations of all sizes, from freelancers and small businesses to Fortune 100 companies, Within companies, our platform is used by all types of teams and functions, including sales, marketing, product, design, engineering, finance, legal, and human resources." company said in its filling. That's a statistic that the company acknowledges it needs to improve. It doubled that in two years, to 11 million.
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