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Box Closes #Epic Quarter, Brings on Enterprise General Manager

(April 12, 2011)

PALO ALTO, CA -- (Marketwire) -- 04/12/11 -- Box today announced that former EMC executive Whitney Tidmarsh Bouck has joined the company as enterprise general manager to drive the next stage of Box's enterprise growth across sales, marketing and deployment. This hire is the latest in a series of moves to target large corporations, and coincides with a record first quarter. Box had a record first quarter, thanks to enterprise revenue that more than tripled over Q1 2010, and a 25% quarter over quarter increase in average deal size as organizations like AAA and Equinix selected Box to manage their content and collaboration in the cloud. Box also closed a $48M round of funding in February to bring Box to businesses of all sizes, all over the world, with a particular focus on the enterprise market. Box continues to hire aggressively across its engineering and sales teams, with 41 new employees in the first quarter, bringing total headcount to 157.

"Box has a powerful vision for the future of cloud content management, and the recent funding and explosive revenue growth have positioned Box to win the market," said Whitney Tidmarsh Bouck, enterprise general manager at Box. "I'm incredibly excited to be joining a company that is redefining how individuals and businesses share and collaborate, and I look forward to helping Box bring its solution to the world's largest enterprises."

"We're focused on building a world class team that will redefine how enterprise software is designed and delivered," said Aaron Levie, co-founder and CEO of Box. "Whitney's impressive experience and industry knowledge will be critical to accelerating Box's adoption in the enterprise, as we help organizations realize the benefits of intuitive, flexible and secure content management and collaboration in the cloud."

New Hires

Prior to joining Box, Tidmarsh Bouck previously served as chief marketing officer for EMC's Information Intelligencer Group, where she led worldwide marketing strategy for the company's enterprise content management, information governance, enterprise capture and customer communications product lines, including Documentum (she also worked for Documentum for eight years prior to acquisition by EMC). She has more than 20 years of experience in enterprise software, and will drive Box's marketing, sales and deployment strategy to increase Box's presence in the Fortune 1000.

In addition to Tidmarsh Bouck, Box brought on more than 41 employees in Q1, including VP of Sales Lesley Young, who previously led enterprise sales efforts at Huddle, Oracle and MySQL. Former Oracle Director of Analyst Relations Joely Urton also joined Box to drive the company's analyst relations strategy. Other key hires came to Box from leading consumer and enterprise companies, including Google, Facebook, Yahoo! and Microsoft.

Revenue and Funding

Box closed a record first quarter, achieving more than 3X enterprise revenue growth over Q1 2010, thanks to a 25% increase in average deal size over Q4 as larger and larger organizations moved their content management and collaboration to the cloud. Additionally, more than 500,000 new users joined the Box platform, bringing the total user base to almost 6 million. The company also closed one of the largest private rounds ever for a cloud enterprise software startup, with $48M in Series D funding from Andreessen-Horowitz, Emergence Capital Partners, Meritech Capital Partners and prior investors.

Product Innovation

Box kicked off 2011 by unveiling an all-new version of its cloud content management solution, bringing enhanced collaboration, real-time capabilities, and a dramatically simplified interface to all users. The new version of Box was the culmination of six months of development and design, intended to streamline the solution's existing workflow and security features and lay the groundwork for bringing new innovations to market faster than ever before. Box also made major updates to its iPad and iPhone apps, designed to bring enterprise-grade security tools and functionality to Box's mobile content management. The company further enhanced its enterprise option with the recent launch of ECM Cloud Connect, helping organizations link more than 40 on-premise ECM systems (such as EMC Documentum, Microsoft SharePoint, IBM FileNet, and Open Text LiveLink) to Box's cloud platform, facilitating broader adoption, easy external collaboration, and access to business content from any mobile device.

Additional Awesomeness

Box is a proud sponsor of the San Francisco Giants in 2011, beginning with sponsorship of Rookie of the Year day on April 10, where CFO Dylan Smith successfully caught the opening pitch from Buster Posey. Giants fans will see Box signage around the stadium, as well as pre-game videos where the Giants talk about their usage of Box's enterprise product.

About Box

Founded in 2005, Box provides cloud content management for almost 6 million users and companies ranging from small businesses to the Fortune 500. 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 Android applications, and extended to partner applications such as Google Apps, NetSuite and Salesforce. Headquartered in Palo Alto, CA, Box is a privately held company and is backed by venture capital firms Andreessen Horowitz, Draper Fisher Jurvetson, Emergence Capital Partners, Meritech Capital Partners, Scale Venture Partners, and U.S. Venture Partners.

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