“Dropbox has taken a very unconventional route to an IPO,” Ari Levy reports for CNBC. “Four years ago, the cloud software vendor raised $350 million in private capital at a $10 billion valuation and has since struggled to justify that price.”
“On Friday, Dropbox filed its long-awaited prospectus, providing the first official look at its financials as well as which investors are poised to get rich and which ones need a big stock pop to make any money,” Levy reports. “Dropbox said it plans to raise $500 million, but it didn’t provide a price range, so it’s not possible to know the potential valuation. However, as CNBC reported last month, mutual funds have most recently valued the company at between about $6.6 billion and $8.5 billion in SEC filings.”
“Co-founder and CEO Drew Houston is Dropbox’s biggest shareholder, owning 25 percent of the shares before the offering. Arash Ferdowsi, the other co-founder and former chief technology officer, owns 10 percent,” Levy reports. “Among institutional investors, Sequoia Capital, which led Dropbox’s seed round in 2007 and first venture round the following year, owns 23 percent, followed by Accel at 5 percent and T. Rowe Price at 3.5 percent.”
Read more in the full article here.
MacDailyNews Take: We haven’t used Dropbox for many years now, preferring Apple’s iCloud Drive. Regardless, good luck, Dropbox!
Which is better for file sharing, Apple’s iCloud Drive or Dropbox? – December 6, 2017
Switching from Dropbox to Apple’s iCloud – June 22, 2017
Biting the iCloud storage bullet – June 22, 2017
Apple doubles storage on $9.99/month iCloud tier to 2TB; iOS 11 lets you share single plan with whole family – June 6, 2017
Dropbox responds to Mac ‘security risk’ accusations – September 12, 2016
Edward Snowden’s privacy tips: ‘Get rid of Dropbox,” avoid Facebook and Google – October 13, 2014
Dropping Dropbox: Exploring alternatives – July 7, 2014