You can now purchase Dropbox stock on the open market. On Mach 22, the file hosting service provider announced its initial public offering (IPO) of 36 million stock shares at $21 per share. According to TechCrunch, Dropbox’s stock skyrocketed by almost 43 percent shortly after the IPO was dropped, signaling strong optimism among investors.
Released June 2007 by a group of Massachusetts Institute of Technology (MIT) students, Dropbox is an enterprise company that specializes in file hosting and sharing services. Users create a folder on their computer or device, which automatically syncs with their online Dropbox account. Any files placed in the user’s local folder are automatically uploaded to his or her online storage account.
Dropbox is a versatile tool that can be used in several ways. First, it provides backup protection of the user’s files. One report suggests that 6 percent of all computers will experience data loss in any given year. With Dropbox, the user’s files are safely backed up on the cloud. So, even if the user’s computer was damaged, lost or stolen, his or her files will remain safe. The user can simply re-download their files from the cloud.
Dropbox also makes it easy to share files. Rather than emailing individual files, you can simply place them all in a folder and give the intended recipient permission to the Dropbox folder.
TechCrunch explains that DropBox has attracted both consumers and businesses to its services. When the company first launched, its audience consisted primarily of consumers looking to store and manage their files online. Since then, however, it’s become a key service used by countless businesses.
According to a press release, Dropbox now has more than 500 million users in 180 countries. Given its successful IPO, we’ll probably see more users subscribing to Dropbox’s file hosting service.
Dil Bole Oberoi
