Dropbox Obtains Multi Million Dollar Funding in Anticipation of IPO – BHB Equity

2024-11-01 03:16:10 Computer

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The 600 million dollar credit line secured by Dropbox offers tractability as the data storage business investigates option of an IPO.

According to sources close to the matter, Dropbox Inc. is acquiring a $600 million line of credit from a number of top financial.

?Dropbox is hoping to enter an initial public offering before the end of this year,? Robert Stutgart at China based BHB Equity stated.

Sources who asked not to be identified due to the confidentiality of the deal, which has not yet been finalized, said that the line of credit has guarantees from the financial institutions and is anticipated to finalize this week. The capital gives Dropbox an element of security while it considers pushing towards an initial public offering.

According to the sources, Dropbox, the cloud based storage startup has been in the process of consulting with financial institutions to consider strategies to list on the stock exchange. While the firm has not yet laid out details regarding exact timing, prospective consultants think it will be set to go public close to the end of 2017. Dropbox and its financiers declined to confirm or deny the speculations.

Dropbox has stated that it is not in any rush to take the company public and that the company is very close to reaching profitability.The company reportedly has a yearly revenue of more than $1 billion and could use its line of credit if it wished to make acquisitions or grow more rapidly.

After opening up 10 years ago, Dropbox acquired a faithful following from users wanting to store files like photos and music in the cloud and thereby making them accessible from any device or computer.It?s popularity brought it a $10 billion valuation 2 years ago and as a result was dubbed as one of silicon Valley?s most prized startups.

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