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Box Triples Enterprise Revenue in 2011100,000 Businesses and 82 Percent of Fortune 500 Lead Cloud Adoption With Box (January 10, 2012)
PALO ALTO, CA -- (Marketwire) -- 01/10/12 -- Box® today announced that it ended 2011 with a 3X year-over-year increase in enterprise revenue as organizations like AAA, Dow Chemical, McAfee and Procter & Gamble selected Box to share, manage and collaborate on content in the cloud. As one of the fastest-growing enterprise services of all time, Box closed out the year with more than 8 million users, and doubled its enterprise customer base. The company closed $129M in funding in 2011 to fuel its enterprise expansion, and hired 215 new employees, bringing total headcount to 340.
"As we head into 2012, organizations are embracing the cloud from the bottom up and the top down," said Aaron Levie, co-founder and CEO of Box. "CIOs of the world's largest companies are bypassing their traditional vendors in favor of enterprise cloud startups that are better positioned to meet the demands of today's and tomorrow's workers. This shift will transform the enterprise software landscape, establishing a new set of technology leaders and an entirely new way of working that's more flexible, mobile and social than ever before."
Trusted by Enterprises
Box saw 3X enterprise revenue growth in 2010 over 2011, driven by deployments in large organizations such as AAA, Dow Chemical, Enterasys Networks, EquinixInternet2, McAfee, Procter & Gamble and Red Bull. The company also experienced huge traction across major industry verticals, with a 370 percent increase in the number of retail customers, a 265 percent increase in the financial sector and a 200 percent increase in healthcare customers by the close of 2011.
In recognition of its enterprise momentum, Box was named a "Cool Vendor" in Gartner's 2011 Report, "Cool Vendors in Content Management."(1) The Enterprise Strategy Group (ESG) also positioned Box as a "major and mature" vendor in their December 2011 Market Landscape report, "Online File Sharing and Collaboration in the Enterprise."
"Box seems to be the cloud content sharing and collaboration vendor to beat in the business market," said Terri McClure, Senior Analyst at ESG. "The company is well funded and focused, and when it comes to the combination of more sophisticated collaboration features, enterprise focus, security, administration, and application integration, Box currently has an advantage over its peers."
Product and Platform Innovation
In 2011, Box unveiled an all-new version of its cloud service, rolled out cross-platform enterprise sync to business customers in the fall, and made a number of security enhancements, reinforcing the company's commitment to provide the highest levels of content security and management for businesses.
Box also saw tremendous mobile traction in 2011, with mobile customer implementations increasing 140% each month and the total number of new mobile users growing by174% each quarter. The company's cross-platform mobile support and adoption helped establish Box as a leader in enterprise mobile collaboration by Forrester Research, Inc. in the August 2011 report, "The Forrester Wave: Mobile Collaboration, Q3 2011."
In November 2011, Box announced the Box Innovation Network® (/bin), a new program designed to foster innovation in enterprise software. /bin consists of leading developer communities and diverse platform partners including Appcelerator, Cloud Foundry, Heroku, Rackspace, SnapLogic, and Twilio. Today, there are more than 130 integrated applications using Box's open APIs and 5,000 developers on the Box platform.
New Hires and Growth
Listed as one of the 2011 Top Small Company Workplaces by Inc. Magazine, Box grew employee headcount from 125 to 340 employees in 2011 and added several industry veterans to its leadership team. Whitney Tidmarsh Bouck joined as enterprise general manager from EMC, Jon Herstein started as VP of customer success, bringing years of experience from NetSuite, Matt Self, previously at Cisco, was brought on as the new VP of platform engineering and Chris Yeh moved from Yahoo! to head up the Box platform team.
With plans to double its team in the next year, the company headquarters will move to a 100,000 square-foot office in early 2012. Box will also expand its presence domestically and internationally. To join the Box team, visit www.box.com/jobs.
Founded in 2005, Box provides a secure content sharing platform that both users and IT love and adopt. Content on Box can be shared internally and externally, accessed through iPad, iPhone, Android and PlayBook 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, Bessemer Venture Partners, Draper Fisher Jurvetson, Emergence Capital Partners, Meritech Capital Partners, NEA, Scale Venture Partners, and U.S. Venture Partners, and strategic investors salesforce.com and SAP.
(1) Gartner, Inc., Cool Vendors in Content Management, 2011, Toby Bell et al, April 19, 2011.
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