Dropbox files for Confidential IPO

Dropbox Inc., a file-sharing private company, has filed a confidentially initial public offering, according to sources familiar with the matter, according to Bloomberg. Dropbox’s potential IPO will be one of the biggest technology IPOs in the recent years.

The San Francisco based company founded in 2007, offers cloud storage, file synchronization, personal cloud, and client software. The application creates a folder in the user’s computer where files can be added for storage or to share to others.

The company is now filing for a secret IPO nearly four years after its valuation of $10 billion.

Dropbox draws in more than $1 billion in sales, CEO Drew Houston said in an interview last year. He says the company has been more profitable, which helps the company expand its services.

But in the recent years, Dropbox was overshadowed by Google and Apple by their cloud services, but Houston says that allowed the company to shift its focus, building the company to a base of 200,000 business customers.

According to Gartner, Dropbox still faces competition but it still among the among the leaders in storage services side by side to Microsoft and Box Inc.

According to the sources, Goldman Sach Group and JPMorgan Chase will lead the potential listing, according to the sources. Dropbox is talking to other banks to fill additional roles for the IPO. The company is looking to go public by the first half of this year.

Dropbox, Goldman Sachs and JPMorgan declined to respond on the matter.

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