SAN FRANCISCO, June 20 Box Inc, the online
storage startup that filed to go public several months ago, is
in discussions to secure a round of financing from private
equity firm TPG, the Wall Street Journal cited people
familiar with the talks as saying.
Box, which had delayed its IPO plans as stocks in
cloud-based companies tanked in recent months, initiated the
discussions in recent weeks, the newspaper cited one of the
people as saying.
The company was not immediately available for comment.
Box, which in its IPO prospectus warned it did not expect to
be profitable for the foreseeable future, has grown rapidly by
spending heavily to secure clients. It was one of a coterie of
companies that rode a migration toward Internet-based storage
and services, and at one point was one of the most-anticipated
debuts of 2014.
However, shares of fellow companies that market
Internet-based services began heading downward around the time
its prospectus was filed, as Wall Street investors reassessed
Box's backers include Draper Fisher Jurvetson, Andreessen
Horowitz and General Atlantic.
(Reporting by San Francisco newsroom; Editing by Bernard Orr)