Dropbox files to go public 10 years after launch

Joy Montgomery
February 25, 2018

In a filing with the Securities and Exchange Commission on Friday, Dropbox said it planned to raise up to $500 million in the offering, and meant to use the money for a variety of purposes, including potential acquisitions. But as Dropbox matured over the years, it shifted its focus to business customers, and has since debuted paid versions of its online storage service as well as work collaboration software meant to make it more attractive to companies.

Dropbox has finally chose to go public 10 years after its launch. That's a sentiment the protagonists of The Emoji Movie - who learn to work together to accomplish their goals and self-actualise while giving back to the community they exist in - could nearly certainly empathise with. Nothing compared to the personal growth of Gene Meh, Jailbreak, and the residents of Textopolis who recognise that just being yourself is what life is all about - but growth nonetheless.

It's official, the Dropbox IPO filing is here. The company shared it has 500 million registered users, with 100 million users having signed up since the beginning of 2017.

The stock will trade under the ticker symbol DBX.

During its early years, Dropbox ran its entire operation on Amazon's cloud computing service. The company said it earned $1.1 billion in revenue previous year, up from $603.8 million in 2015.

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Founded in 2007, Dropbox lets users and businesses store and manage files online or "the cloud".

Dropbox said Friday that it booked $1.1 billion in revenue past year. Dropbox's CEO, Drew Houston went through an intense interaction with Steve Jobs in which the late CEO denoted Dropbox as "a feature, not a product".

According to the company's recent discloser 90% revenue of Dropbox comes from users who purchase their own subscription.

Dropbox boasts about 500 million registered users, but majority do not pay for its service.

The company had reportedly filed confidentially to go public last month, but today, the Securities and Exchange Commission unsealed the plans. Dropbox acknowledged that it had to pay more money to maintain all that extra copied data, but it's since "reduced this practice" over the years. Therefore, the company didn't need to hire a lot of sales and marketing staff.

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