It has been over a decade since cloud file storage service Dropbox was founded and amid reports that it was planning to go public, Dropbox has finally confirmed that it’s indeed going for an initial public offering. The company is looking to raise $500 million as part of this IPO and will trade on the Nasdaq under the “DBX” symbol.

Dropbox was founded back in 2007 and the service was opened to the public in 2008. Its core offering has remained the same since then which has always been easy and simple cloud-based file sharing.

Dropbox has had documents unsealed at the Securities and Exchange Commission earlier this week which confirmed its plans for an IPO. Dropbox wants to raise as much as $500 million in this IPO.

The first public filing from the company also reveals that Dropbox’s revenue has been steadily growing for the past three years. It has surged from $603 million in 2015 to $1.1 billion in 2017. Dropbox lost money in all of those years but the losses have been trimmed over the years. The company brought down its losses from $326 million in 2015 to $111.7 million in 2017.

Dropbox’s user growth has been impressive as well, surging from 6.5 million users in 2016 to 11 million users in 2017. The company also reveals that 90 percent of its revenue comes from customers who purchase a subscription on their own which suggests that Dropbox hasn’t really been able to win a lot of enterprise customers so far.

Filed in Web. Read more about Dropbox.

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