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Box Exploring Potential Sale Amid Shareholder Pressure
Box, the popular file-sharing cloud service, is exploring a possible sale in response to pressure from an activist shareholder.
Box is one of the premier file-sharing cloud services, and one of the main competitors to Dropbox. Unfortunately, Box has not capitalized on the remote work transformation currently underway to the same extent as its rivals. This has led hedge fund Starboard Value LP to threaten a challenge to the board.
Now Reuters is reporting that Box is considering a sale to another company or private equity form. One of the issues Box has faced is the crowded field it competes in, with many of its services matched by larger rivals with more comprehensive offerings. For example, Microsoft 365 comes with a OneDrive account, featuring 1 TB of storage.
Box did not comment on Reuter’s story, and it remains to be seen if a deal will happen. The sources indicated a sale is not certain.
Box Exploring Potential Sale Amid Shareholder Pressure
Matt Milano
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