Box.net Triples Enterprise Revenue in H1 2010

Major Product and Platform Enhancements Drive Deals with Large Enterprises

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More than 1.5 million files are shared daily on Box, with 1.5 billion shared to date

Palo Alto, CA (PRWEB) July 8, 2010

Cloud content management provider Box.net today announced that it achieved record growth and momentum in the first half of 2010 as businesses continue to adopt Box to share, collaborate and manage business content online. The company achieved several major milestones during this period, including strategic integrations with Google Apps and NetSuite, $15M in Series C financing, SAS70 certification, and 3X business revenue growth over the first half of 2009, driven by deals with large enterprises such as Coca Cola and Audi.

"Box is experiencing tremendous growth as innovative IT leaders look to cloud content management to address massive information and collaboration challenges that aren't being solved by legacy solutions," said Aaron Levie, co-founder and CEO of Box. "While we've traditionally seen consistent traction among small and medium businesses, 2010 has brought a major spike in adoption of Box by large enterprises looking to replace or supplement on-premise systems like SharePoint with a more agile, user friendly solution. We think that a cloud-based approach to content management and collaboration is incredibly powerful, and we'll continue to invest in the partnerships and platform enhancements that are driving adoption across businesses of all sizes."

Revenue Growth and Investment
Box achieved record business revenue in consecutive quarters, as enterprise revenue in the first half of 2010 tripled that of H1 2009. The company also secured $15M in Series C Financing led by Scale Venture Partners, bringing the company's total venture funding to $29.5M since its launch in 2005.

Customers
Major enterprises such as Panasonic and Nokia Siemens Networks joined the more than 4 million users and companies ranging from small businesses to Fortune 500 companies that use Box to share, collaborate and manage content online. Other significant deployments in 2010 include DIRECTV, Discovery Networks, Meebo, the Oprah Winfrey Network, Coca Cola, Audi, Whiting-Turner Contracting, Columbia University, Ohio State University and Volvo.

Partner and Mobile Strategy
In the first half of 2010, Box made major additions to its OpenBox platform through strategic integrations with Google Apps, SAP StreamWork, NetSuite, SugarCRM, DocuSign, and others. Customers use Box as a central hub for all business content, which can then be extended seamlessly to these best-of-breed business applications, as well as mobile devices. The Box app for iPad was one of the first business applications customized for the iPad; the company also released v2 of its iPhone application, a Blackberry application, and integrated with the QuickOffice Connect Mobile Suite for iPhone, iPad and Android.

Product Enhancements
Box continued to reinvent how users engage with content on its platform in 2010, as well as enhancing security through SAS70 certification. The company launched integrated content viewing as a result of its acquisition of Increo Solutions in 2009, making it easy for users to view all file types directly within Box without the need for corresponding software, and also embed files anywhere on the Web. Box also released Box Sync for businesses, connecting users' desktops to cloud content management and helping organizations break down information silos and extract more value from content previously locked in the desktop environment. Users can also upload content seamlessly to Box with the new drag and drop functionality, powered by the latest HTML5 web-standard.

"More than 1.5 million files are shared daily on Box, with 1.5 billion shared to date," said Aaron Levie. "This number is going to explode as larger enterprises continue to deploy Box and businesses of all sizes cope with unprecedented quantities of information that need to be centralized and managed in real-time. We'll continue to invest aggressively and strategically in building a cloud content management solution that addresses the content and collaboration challenges faced by enterprises today, as well as those they'll face in the future."

For more information, please visit http://www.box.net. .

About Box.net
Founded in 2005, Box provides cloud content management for more than 4 million users and companies ranging from small businesses to Fortune 500 companies. Box's dynamic, flexible content management and collaboration solution empowers users to access and share content online, and gives IT professionals unprecedented visibility into how content moves within their organizations and beyond. Content on Box can be shared internally and externally, accessed through iPad, iPhone and Blackberry applications, and extended to OpenBox partner applications such as Google Apps, Netsuite and salesforce.com. Headquartered in Palo Alto, CA, Box is a privately held company and is backed by venture capital firms Draper Fisher Jurvetson, ScaleVP and U.S. Venture Partners.

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  • DAVID TEMPLETON

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