Cloud storage and file sharing giant Dropbox has filed confidential paperwork for an initial public offering (IPO) for later this year, according to Bloomberg.
If and when the company goes public, it could be worth more than $10 billion, according to the report. Since its founding in 2007, the company has raised more than $2 billion in venture capital funds.
Along with Box, Dropbox has been at the forefront of bringing easy-to-use cloud technology into the consumer market, as well as the enterprise market, by allowing people to easily share files of all different sizes. Within corporate networks, this had led to the phenomenon of "shadow IT," where applications are added to the infrastructure without IT's knowledge. (See NASA Cloud Computing: Security Concerns Hover.)
The company also faces competition in these markets, not only from Box, but from Microsoft Corp. (Nasdaq: MSFT) and Google (Nasdaq: GOOG), which also take a number of file-sharing tools, as well as cloud services, for collaboration.
If Dropbox goes ahead with the IPO, it would join several other enterprise companies that have gone the public route over the last year.
In October, MongoDB, known for its open source databases as well as cloud services, filed for an IPO. (See MongoDB IPO Shows Upside of Cloud, Open Source.)
Cloud analytics firm Cloudera also filed for an IPO in 2017. (See Cloudera Acquires AI Startup Fast Forward Labs.)
When it goes public, Dropbox will have impressive numbers to show Wall Street. The Bloomberg report noted that the company has about $1 billion in annual sales, along with 500 million customers, which includes 200,000 businesses.
The company has also worked at building out its own infrastructure. It's one of the few companies that left the public cloud -- in this case Amazon Web Services -- to build its own hosted private cloud to support its business. Snap Inc., another big-name IPO from last year, has taken heat for pouring billions into AWS, as well as Google Cloud Platform. (See Snap Pays $2B for Google Cloud Services.)
Goldman Sachs and JPMorgan Chase are assisting with the Dropbox IPO, according to Bloomberg.Related posts:
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