Dropbox is said to file confidentially for initial offering

Dropbox is said to file confidentially for initial offering

Anonymous sources told Bloomberg today that the cloud storage provider has confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission.

Bloomberg reports Goldman Sachs and JPMorgan will lead the potential listing, which looks to be one of the most significant in the technology space. Meanwhile, other banks will be approached this month for various roles in connection with the IPO.

Sources familiar with the matter said that the San Francisco-based business made the confidential IPO filings with the US Securities and Exchange Commission (SEC) and expects to go public before the end of March.

According to Bloomberg, Dropbox spent hundreds of millions of dollars in recent years on its cloud infrastructure to become less dependent on Amazon's servers, which is hard for a software company with hundreds of millions of users to pull off. Not much is known about Dropbox's financials, other than it hit a $1 billion annual run rate in January 2017.

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Dropbox, Goldman Sachs and JPMorgan declined to respond on the matter.

Silicon Valley has birthed many highly valued and hugely hyped startups in recent years, including Uber, Airbnb and Pinterest. He says the company has been more profitable, which helps the company expand its services. That's when companies planning to go public travel the country making presentations to potential investors just before their shares begin to be traded. The company received a $10 billion valuation after its last funding round in 2014, which venture capital research firm CB Insights opined to be too high. According to CEO Dennis Woodside, the company has spent hundreds of millions of dollars to build data centres, allowing it to cut costs while improving file transfer speeds. That's made it easier for Dropbox to cut costs while speeding file transfers, Chief Operating Officer Dennis Woodside said in an interview a year ago.

Venture capitalist Venky Ganesan said that an IPO by the file storage and sharing company would be seen as a forerunner for start-ups, provided that they are able to realize the need to grow out of what he described as the Peter Pan state of mind.

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