Cloud Customer Relationship Solutions (CRM) giant Salesforce is set to acquire $100 million of
Dropbox stock when the company’s latest Initial Public Offering (IPO) takes place next week. Salesforce, which was established in 1999, has global head offices in San Francisco, California, United States. Recognized as an online CRM power house, the company also offers a range of cloud-based services, including IOT solutions. Salesforce will acquire Dropbox stock in a private placement.
Established in 2007, Dropbox has headquarters in San Francisco, California, United States. To compete with solutions like Microsoft’s Office 365 and Google’s G Suite, the company underscored its collaboration credentials with the launch of ‘Dropbox Paper’ in 2015. It caters to around 500 million subscribers and has around 12 offices globally. The IPO will place a value of $7 Billion on the company, a drop on its 2014 valuation which gave the company a value of $10 Billion. The company will sell shares in the $16-$18 range.
Dropbox was once in the crosshairs of Apple founder Steve Jobs who in 2009 wanted to buy the company, and then wanted it closed when he was told it was not for sale. Jobs started Apple’s iCloud service to compete with Dropbox, but the company now generates $200 million in revenue. It is aiming to generate $648 Million through the IPO.
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