Online storage company Box reportedly files for an IPO in secret

Box, the enterprise storage and collaboration company, has reportedly filed for an initial public offering of its stock. Quartz and the Wall Street Journal are reporting that the company has filed confidential paperwork to go public, under a provision of the JOBS Actthat allows companies with less than $1 billion in annual revenue to prepare to go public in secret.

Online storage company Box Inc. has filed for an initial public offering, according to one person briefed on the matter, taking advantage of a law that allows start-ups to quietly file paperwork with the Securities and Exchange Commission without public disclosures. The Los Altos, Calif., which just raised $100 million in December at a valuation of about $2 billion, is gearing up to go public amid intensifying competition in the online storage market. Its closest rival, Dropbox Inc., has also recently attracted hundreds of millions from large institutional investors and a valuation of about $10 billion. Meanwhile, other technology giants, such as Google Inc., have also upped their offerings in online storage.

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