Summary List Placement
Box on Thursday announced a $500 million investment from private equity firm KKR, in a deal that seems to put an end to speculation that the $3.5 billion enterprise cloud storage company will sell itself — at least, for now.
Under the terms of the investment, which the company says will largely be used to finance share buybacks, KKR’s John Park will join Box’s board of directors. (Disclosure: KKR is a major shareholder in Axel Springer, Insider’s parent company.)
Meanwhile, cofounder CEO Aaron Levie will step down as the board’s chairman, to be replaced by independent director Bethany Mayer. Mayer joined the board last year as part of a settlement with activist investor Starboard Value.
Box’s board went through a “comprehensive review of a wide range of strategic options,” independent board director Dana Evan said in a press release about the deal, and determined that “continuing to execute Box’s long-term strategy in combination with a significant share repurchase and the support of KKR, is the optimal path to drive the company’s next phase of growth.”
“The investment from KKR is a strong vote of confidence in our vision, strategy, and continued efforts to increase growth and profitability,” Levie said in the …read more
Source:: Businessinsider – Technology
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