Box ( BOX Quick Quote BOX - Free Report) recently announced new integrations with ServiceNow’s ( NOW Quick Quote NOW - Free Report) Legal Service Delivery application to advance legal operations, minimalize manual process and secure confidential legal content on the latter’s Content Cloud. Box’s integration with ServiceNow will help the legal teams to maximize efficiency and eliminate content silos. They can manage their contracts through reviewing, signing and saving their contracts directly to Box. Additionally, Box will provide security and governance to secure legal content. Markedly, ServiceNow's Legal Service Delivery platform allows in-house counsel teams to ensure smooth delivery of legal services. Also, it enables lawyers and legal staff to resolve their legal affairs faster through self service. Moreover, Box will release Box Sign, its e-signature feature, this summer to make signing contracts and legal operations simpler. The latest integration is likely to expand its reach to lawyers and legal staffs, thereby driving top-line growth. Markedly, the company reported revenues of $202.4 million for fiscal first-quarter 2022, up 10% year over year due to growing adoption of Content Cloud with increase in work-from-home trends due to the coronavirus pandemic. Box’s Initiatives Bolster Prospects
Box is making strong efforts to boost its Content Cloud with new and advanced features as well as partnerships. The latest integration is a step forward in that direction.
Box recently announced new integrations with Microsoft’s ( MSFT Quick Quote MSFT - Free Report) Office Software Suite, Microsoft 365. The company’s latest efforts include integrations of Box with Teams and Box Shield with Office 365 as well as new advancements in Box for Microsoft Office Online and Box Connector for Microsoft Graph. In addition, Box introduced Box Shield with advanced security features to prevent accidental data leaks and protect cloud content. It also launched the All-New Box Shuttle for seamlessly transferring large content to the Box Content Cloud. Moreover, Box has teamed up with Cisco’s ( CSCO Quick Quote CSCO - Free Report) Webex for delivery of secured and effective cloud content to customers. Further, Box has strong partnerships with U.S. government agencies. Recently, it collaborated with the U.S. Department of Health and Human Services for providing an advanced technical edge to healthcare services in the country by leveraging its content cloud. In addition, the Washington State Department of Health has partnered with Box to provide critical information related to the ongoing pandemic to healthcare facilities by leveraging the latter’s cloud content management platform. Growing and Competitive Cloud Computing Market
Box’s latest endeavors are expected to boost its competitive prowess in the cloud computing market.
Markedly, the space is witnessing an upswing due to shutdown of offices, schools and enterprises because of the coronavirus pandemic. Cloud computing companies are providing cost-effective and productive digital solutions to customers working from home and learning online. According to Fortune Business Insights report, the global cloud computing market is expected to reach $792 billion in 2028 from $250 billion in 2021, progressing at a CAGR of 17.9% during the forecast period of 2021-2028. The upbeat scenario will benefit Box and other players including Alphabet’s Google Drive, Dropbox, Microsoft Corporation OneDrive and DocuSign. Nevertheless, Box’s latest integration is expected to expand the customer base in the near term. Markedly, for second-quarter 2022, the company expects revenues to rise sequentially. Box currently has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here . Zacks Names “Single Best Pick to Double”
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