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Box Announces $150 Million Investment from TPG Growth and Coatue
|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
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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