After reportedly snubbing an acquisition bid from Citrix worth at least $700 million earlier this year, Box, the cloud storage start-up, is raising more money at the tune of a $1.2 billion valuation, the Wall Street Journal reports.
It supposedly has designs on going public next year at a $2 billion-$3 billion valuation.
The seven-year-old outfit that started in a college dorm has raised about $162 million so far from Mark Cuban, Salesforce.com, SAP, Andreessen Horowitz, Emergence Capital Partners, New Enterprise Associates and DFJ Growth at a valuation of more than $600 million, the paper said.
It is focused now on the paying enterprise as opposed to the consumer, who can use it for free. Box, which lets co-workers collaborate on and edit documents, claims 11 million users at 120.000 companies, including the San Francisco Giants football team and Proctor & Gamble.