Box gets some financial ammunition against an activist investor, Samsung launches the Galaxy SmartTag+ and we look at the history of CryptoPunks. This is your Daily Crunch for April 8, 2021.
The big story: KKR invests $500M into Box
Private equity firm KKR is making an investment into Box that should help the cloud content management company buy back shares from activist investor Starboard Value, which might otherwise have claimed a majority of board seats and forced a sale.
After the investment, Aaron Levie will remain with Box as its CEO, but independent board member Bethany Mayer will become the chair, while KKR’s John Park is joining the board as well.
“The KKR move is probably the most important strategic move Box has made since it IPO’d,” said Alan Pelz-Sharpe of Deep Analysis. “KKR doesn’t just bring a lot of money to the deal, it gives Box the ability to shake off some naysayers and invest in further acquisitions.”
The tech giants
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