Box fills its Bucket with Start-up Confidence While Wall Street Lives in Uncertainty
After a successful dawn of its initial public offering (IPO), the Box’s owners seem singing its praises with a huge confidence.
Speaking here in “Squawk on the Street” of CNBC, Aaron Levie, co-founder and CEO of the company voiced that Box is not wholly relying on the layman consumers but it has a massive backup of 500 colossal companies working with it.
“Box helps manage corporate data and corporate information for the world’s largest companies,” he said.
However, the companies willing to invest in Box should not forget that the company is focused on the profitability of deals with individual customers, Levie said.
Talking about the major surge of the company, Mr. Levie added: “The most important point is that we are participating in once-in-a-lifetime transition from on-premise computing to cloud computing.”
The company’s services have appeared to be a great aid to the business community; management of the corporate data and information has become an easy task for the companies with Box’s help, he further posed.
Box’s main focus continues to lie in digital storage, file sharing and content collaboration. The file sharing system and the folder management tools provided by the company are chiefly praised for their effectiveness and convenient usage.
Despite having many competitors in the field, BOX can continue to sing its praises as 44400 paying organizations continue to reinforce its pride.
While answering a question, he said that the company has high expectations to grow with the same pace as the new and old customers are utilizing its services. In particular, he referred to company’s net retention rate which is an impressive 130%. Mr. Levie validated his company’s position on investing an un-expectable money to make a start-up users community, saying:
“We’re going after a market where tens of billions of dollars are spent every year in the legacy technology, and what we’re trying to do is capture the value there and acquire customers, which is why we’re spending that money.”