|By Business Wire||
|July 7, 2014 05:25 PM EDT||
Box today announced a $150 million investment from TPG Growth, the middle market and growth equity investment platform of global investment firm TPG, and Coatue Management, L.L.C. As part of the agreement, TPG Growth will also appoint a director to the Box Board of Directors. Terms of the transaction were not disclosed.
"Our mission is to help organizations be more productive, collaborative and competitive by connecting people and their most important information. This focus has been instrumental in building a customer base that includes some of the most influential businesses in the world,” said Aaron Levie, co-founder and CEO, Box. “We’re excited to work with TPG Growth and Coatue as we continue to aggressively invest in our customers, technology, and future growth.”
Box today has more than 27 million individual users at more than 240,000 businesses globally, including 99% of the Fortune 500. Its customers include Chevron, Safeway, Pearson, Nationwide Insurance, and General Electric. Box also announced today that it was positioned as a Leader in Gartner’s first-ever “Magic Quadrant for Enterprise File Synchronization and Sharing (EFSS).” Box was evaluated among 19 vendors in the market on 15 criteria. Box is the only cloud-based provider among the four leaders.
“TPG has a long history in investing in cutting-edge technology companies and Box is no exception,” said Bryan Taylor at TPG. “Box has established a strong leadership position in the transition to the cloud, and we are confident that the Company can continue to scale.”
“We are excited about the differentiated platform that Box has built which is focused on the needs of businesses, and we’re looking forward to helping them continue to grow,” said Jeff Wilson at TPG.
“Cloud and mobile technologies are changing the way people work, and Box is well positioned to help businesses take advantage of this shift,” said Thomas Laffont, a Senior Managing Director who oversees private investments at Coatue Management, L.L.C. “We want to help them reach their full potential in bringing content and collaboration to the cloud and achieve their goal of becoming the next great enterprise software company.”
Morgan Stanley served as financial adviser to Box.
Box’s mission is to make businesses of all sizes more productive, competitive, and powerful by connecting people and their most important information. Content on Box can be securely shared and easily accessed on the web, through iOS, Android and Windows Phone applications, and extended to partner applications, such as Google Apps, NetSuite and Salesforce. Headquartered in Los Altos, CA, Box is privately held and backed by several leading venture capital firms and strategic investors. To learn more about Box, visit www.box.com.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm. With $3.7 billion under management, TPG Growth targets investments in a broad range of industries and geographies, utilizing leveraged buyout, growth equity, and private investment in public equity (PIPE) structures. The firm is backed by the resources of TPG, which has over $59 billion of assets under management. TPG Growth has invested in many well-known technology and software businesses including Uber, Domo, Airbnb, SurveyMonkey, SucessFactors and Red Book Connect. TPG Growth has offices in the United States, China, India and Singapore. For more information visit www.tpggrowth.com.
About Coatue Management, L.L.C.
Coatue is a privately owned investment firm focused on technology, media and telecommunications, in addition to other sectors.
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