SAN FRANCISCO Fast-growing cloud storage firm Box, which could go public as soon as 2014, has asked former Symantec CEO Enrique Salem to help it adapt its security infrastructure to a sharp rise in smartphone and tablet use in the workplace.
Box Chief Executive Officer Aaron Levie said in a Tuesday blogpost that Salem, who left the security software giant in 2012, will come onboard as a special advisor, working with security firms and partners to better protect its corporate clients in the mobile era.
Protecting data has become increasingly crucial as corporations continue to drive adoption of the so-called cloud, where data and computing is handled via remote servers. The proliferation of smartphones also mean companies now have to manage security across a more complex network than in the past.
"Enterprises are facing a tremendous shift in information security today," Levie said. (here)
"The proliferation of new devices that are brought in by employees, the global nature of work that ensures collaboration across business boundaries, and the dramatic rise of cloud applications used across an organization all pose new challenges for enterprises in managing their information."
Box, one of Silicon Valley's highly anticipated initial public offering candidates, has selected Morgan Stanley, Credit Suisse and JPMorgan Chase & Co to lead a proposed IPO, sources told Reuters in November.
The eight-year-old company focuses on selling online storage to enterprise clients, and charges them a fee for additional space and services. Like rival Dropbox, it has been able to steadily gain market share through innovative Internet-based products, and despite competition from tech giants like Google Inc, Microsoft Corp and Apple Inc.
The company has been valued at more than $1.2 billion by private investors, according to 2012 venture rounds, although it remains unclear whether the company is profitable.
Salem left a company that once dominated security software but was then struggling to turn around. Its shares fell 19 percent during his tenure.
(Reporting by Edwin Chan; Editing by Bernard Orr)