Leading Cloud Storage Provider Box.net Turns Down a $500 Million Offer

Box.net, which is a known provider of Cloud storage, has bluntly turned down the acquisition offer worth $500 million on account of their own worth which deserves more than this

box.netThe news has been confirmed with VentureBeat, that the reliable firm which provides users with Cloud storage has turned down an acquisition offer worth $500 million! The firm Box.net is already making quick money with their rapidly expanding cloud networking and have bagged many integral clients in their own company house.

Talking about the company’s financial status and credibility; one can see that Box.net has been making news not because they are providing all with Cloud storage but because they have already risen considerable funding from various sources. Lately, the company has earned $48 million from Emergence Capital in February.

The company has also opened a new office in June and has absolute plans of expanding their team and their ventures. Aaron Levie, the chief executive of Box.net has expressed his opinion about the company expansion while talking to VentureBeat at an interview given earlier, “As you’ve gotten a sense in the past 7 or 8 months, the market is in nearly every variable and metric outperforming our expectations. The market for cloud adoption, our ability to hire great people and our own expectation has been above what we even anticipated a couple quarters ago. he most recent round authorized 4.8 million shares of series D-1 preferred stock sold at $8.03 per share, putting the company’s valuation at around $550 million, venture capital data provider VC experts lead Business Intelligence Analyst Justin Byers told VentureBeat. At the time the company announced its third round of funding, Levie said he intended to take the company as far as possible.”

Box.net is a known name in the world of providing clients with cloud services. It has been dealing with content management and file storage business ever since it has been established.  The firm suffices the needs of its clients who need someone to manage their setups and their infrastructures. Currently the company has around six million users across the world, although it is located in Palo Alto, California. Thus, with a background such as this, the Cloud storage providers did not pay much attention to the acquisition although it was a huge one.

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