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General Atlantic stumps up lion’s share of $125m Box financing round

31 Jul 2012

Global growth investor General Atlantic has invested $100m in online file-sharing website Box as part of a $125m financing round.

Other participants in the round included current investors Bessemer Venture Partners, DFJ Growth and New Enterprise Associates, while new investor Social+Capital also came on board.

GA operating partner and former General Electric CIO Gary Reiner will join the Box board as part of the investment, which the company said would be used to grow its customer base, expand globally and develop its technology.

Box says it provides a highly accessible secure content sharing platform, and has picked up high-profile customers including Procter & Gamble, DreamWorks and Netflix.

Reiner said, “We believe Box is on the path to becoming the next great enterprise software company.

“The move to the cloud is one of the most transformative shifts in the history of enterprise technology, and many CIOs are re-evaluating and re-architecting their organizations’ IT strategies to take advantage of this trend.

“Box sits at the center of this shift, and is well positioned to help enterprises make the transition, which is already redefining how people collaborate and businesses compete.”

Reiner co-led the investment with GA’s co-head of internet and technology h Brett Rochkind, who will join the Box board as an observer.

He said, “Enterprise software is a $300 billion market today and with the massive shift from on-premise, legacy technologies to the cloud, we believe Box is poised for phenomenal growth in the years ahead.

“Our experience helping enterprise software companies grow globally led us to observe and admire what Box has done during the last several years.

We look forward to partnering with the management team to scale their success and make Box the preeminent content management and collaboration platform in the cloud.”

Last month GA agreed made more than twice its initial outlay on digital advertising agency AKQA through a $540m sale to WPP Group.

GA first invested in the business through a $250m secondary buyout in 2007.

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