Business

THE NEWS WRAP: Cloud-storage provider Box puts IPO plans on hold until 2015

Kye White /

Cloud-storage provider Box has decided to delay its planned initial public offering until 2015.

 

Sources familiar with the matter told Bloomberg that the IPO, which Box filed for in March, won’t occur until next year because of volatile market conditions.

 

Box chief executive officer Aaron Levie gained some financial flexibility in July by raising $150 million at a valuation of $2.4 billion, after delaying the IPO in May.

 

One of the sources says the next logical time for an IPO is during the company’s fourth quarter, which ends in January.

 

Facebook to refine name authentication process

 

Facebook says that it would be building new authentication tools to verify accounts flagged as fake, amid protests by members of the LGBT community regarding the need to be able to use pseudonyms.

 

The protests arose two weeks ago when Facebook cracked down on several hundred drag performers whose accounts had been reported as fake. The site’s only process for verifying accounts involves asking for some form of ID as evidence of a real name.

 

Facebook’s chief product officer Chris Cox says the policy had done a good job up until recently, and that Facebook wants people to use the name they use in real life, rather than their legal name.

 

Houzz raises $165 million

 

Fast-growing US-based home-remodelling site Houzz says it has raised a $US165 million ($189 million) Series D round, led by Sequoia Capital.

 

The funds will be used to accelerate the startups global expansion plans. It’s already opened offices in Berlin and London, and more recently Sydney.

 

Overnight

 

The Dow Jones Industrial Average is down 238.19 to 16,804.71. The Australian dollar is currently trading at US87 cents.

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Kye White

Kye began his career at a Fairfax daily on the North-West Coast of Tasmania. He has since taken his belongings, and keen interest in technology, to Melbourne. He has a bachelor of Arts majoring in Political Science from the University of Tasmania and a Graduate Diploma in Journalism from RMIT University.

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