Eyeing an IPO, Dropbox Is Expanding to New York
Dropbox, the San Francisco-based enterprise cloud storage and file-sharing company, is making moves to beef up its business amid rumors of an initial public offering.
Dropbox has just come off a huge funding round, bringing its total to $350 million, at a $10 billion valuation. According to the New York Business Journal, Dropbox is looking for office space in Manhattan and is hosting a hiring event on March 25 to find 25 new software engineers, salespeople, and customer-support employees to focus on the company's enterprise clients.
Dropbox, which has 200 million users of its free service, is looking to increase its business-to-business strength. The company says it already has 4 million business accounts, but the New York City office will help it focus on large local clients there, such as Foursquare, Refinery29, Huge, and Paul Mitchell.
"That's a big part of our investment in New York, to be able to support those large customers and those industries," Ross Piper, Dropbox's senior vice president for enterprise strategy, told the New York Business Journal. "We see New York as such a ripe market for that, with Silicon Alley and all of the new media and design history that's been so rich in the city. And that's what we want to be able to tap into for engineering, which will go across all the products."