Dropbox looking to raise over $648 million from IPO, partners with Salesforce

Posted:
in General Discussion edited March 12
What Dropbox plans to do with the $648 million it will generate in the initial public offering isn't yet clear.




Bloomberg reported the details of the Securities and Exchange Commission filing on Monday morning. The file sharing company, which produces various apps utilized by iOS and other Apple platforms while also competing with iCloud, will offer 36 million shares of Class A common stock for $16 to $18.

That IPO would put Dropbox's valuation, at the high end, in the $7.1 billion to $7.6 billion range. The company was valued at $10 billion during its funding round four years ago. Dropbox will be listed on the Nasdaq Global Select Market.

In a separate transaction, announced Friday, Dropbox said that it has formed a "strategic partnership" with enterprise solutions provider Salesforce, which will include both product integration and a $100 million sale of stock to Salesforce's venture capital arm Salesforce Ventures. The venture arm had been an investor in Dropbox since 2014.

Dropbox was founded in San Francisco in 2007. It currently claims 500 million registered users, 11 million of whom pay for the service.

Famously, Dropbox turned down a pitch from Steve Jobs in 2009, and also rejected a nine-figure buyout from Apple a bit later in the year. More recently, in August 2017, Dropbox joined Apple and several other top tech firms in a Supreme Court brief expressing concern about warrantless location tracking.

Comments

  • Reply 1 of 11
    Stevo should've bought DropBox for $3 billion when he had a chance.

    It would've solved a lot of iCloud problems for Apple. :)

    I know, hindsight....
    SpamSandwichdysamoriaanton zuykov
  • Reply 2 of 11
    LoofLoof Posts: 1unconfirmed, member
    The whole creative industry is using Dropbox.
    Apple should have bought or buy it ASAP.
    With future fiber optic high speed Internet Dropbox would work more and more like our to go hard drive. 
    With less needed space on our computers.

  • Reply 3 of 11
    The one failing of Dropbox is when someone invites me to "share" their folder, their stuff then uses up my storage allowance. (I'm cheap and just have the free version). If all they are trying to do is transfer files, I have to tell them just to send a link, not to share.

    I prefer the way Box.com works, where if a folder is shared by someone, you basically get a link to the owners folder, where it then just shows up as a shared folder on your list of folders.
    dysamoria
  • Reply 4 of 11
    Only 2% of users are paying for the service and you think Apple should’ve bought the business at $3B?  I like Dropbox and I’m one of the 2%, but $3B pays for a lot of iCloud development. I’m interested in how they turn it into an ongoing business. Will they use the IPO money for acquisitions that move them beyond storage?  
    dysamorialolliver
  • Reply 5 of 11
    macxpressmacxpress Posts: 4,365member
    They're probably gonna give out $648 Million worth of bonuses.....
    edited March 12 78Banditdysamoria
  • Reply 6 of 11
    macxpressmacxpress Posts: 4,365member
    Stevo should've bought DropBox for $3 billion when he had a chance.

    It would've solved a lot of iCloud problems for Apple. :)

    I know, hindsight....
    What iCloud problems are there exactly? iCloud works pretty damn well if you ask me. Maybe it didn't at first, but now it works pretty well. 
    lolliver
  • Reply 7 of 11
    SpamSandwichSpamSandwich Posts: 29,269member
    Stevo should've bought DropBox for $3 billion when he had a chance.

    It would've solved a lot of iCloud problems for Apple. :)

    I know, hindsight....
    Well, seeing as this is an IPO, Apple just needs to buy a controlling stake of 51% when their stock goes up for sale.
  • Reply 8 of 11
    Apple could hire some brilliant people to make Apple's cloud storage at least as good as Dropbox for much less than billions of dollars.
  • Reply 9 of 11
    dysamoriadysamoria Posts: 1,712member
    macxpress said:
    Stevo should've bought DropBox for $3 billion when he had a chance.

    It would've solved a lot of iCloud problems for Apple. :)

    I know, hindsight....
    What iCloud problems are there exactly? iCloud works pretty damn well if you ask me. Maybe it didn't at first, but now it works pretty well. 
    I still can't entirely rely on basic functions working consistently. Manually deleting specific items in my desktop Safari history has repeatedly resulted in iOS Safari freezes. AirDrop refuses to work, randomly, despite all necessary parameters being met. Notes still get duplicated. Etc...
  • Reply 10 of 11
    dysamoriadysamoria Posts: 1,712member
    PS: I assume this will be the beginning of the end for DropBox...
  • Reply 11 of 11
    SpamSandwichSpamSandwich Posts: 29,269member
    Apple could hire some brilliant people to make Apple's cloud storage at least as good as Dropbox for much less than billions of dollars.
    I hope so. Their efforts have been a bit flat in comparison thus far.
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