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Box Launches G Suite Integration, Enhances Cloud Offerings
Box, Inc. (BOX - Free Report) recently announced the integration of Box’s tools with G Suite for all users.
The new integration will make it easy to create, edit as well as manage Google Docs, Sheets and Slides directly in Box. The service will be available to the company's entire user base, which includes 90,000 paying businesses. The roll-out is currently underway and is expected to be completed by mid-January.
G Suite is an office software tool that includes programs such as Google Docs, Sheets, Hangouts and Calendar, similar to Microsoft’s (MSFT) Office 365.
As thousands of customers use both Google as well as Box’s solutions, the deal should be beneficial, especially for the enterprise customers.
Coming to share price performance, shares of Box have lost 8.9% on a year-to-date basis against the industry’s growth of 4%.
The integration will make Box’s services more beneficial to customers. The users can work on G Suite files, including Google docs, sheets and slides, without having to leave the Box application.
In addition, the integration will help users to benefit from G Suite’s robust editing and real-time collaboration capabilities, together with Box’s productivity, governance, as well as compliance capabilities.
Jeetu Patel, Chief Product Officer at Box said, “Together, Box and G Suite not only help people be more productive, but we also ensure that enterprises can centralize, manage, and secure their data in the cloud.”
Cloud Market Opportunities
Cloud still remains an expanding market with high growth prospects. In a recent report, Gartner projected the public cloud market to reach $411.4 billion by 2020.
Also, per the Markets and Markets report, the market for cloud enterprise content management is expected to witness a CAGR of 28.6% between 2017 and 2022, and reach $34.42 billion by 2022.
We believe that Box is well positioned to take advantage of the projected growth in the cloud segment and moves like this will positively impact the top line.
Box, Inc. Price and Consensus
Box, Inc. Price and Consensus | Box, Inc. Quote
Zacks Rank & Stocks to Consider
Box currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader technology sector include AMETEK, Inc. (AME - Free Report) , QuinStreet, Inc. (QNST - Free Report) and Stamps.com Inc. , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Long-term earnings growth rate for AMETEK, QuinStreet and Stamps.com is currently pegged at 11.18%, 25% and 15%, respectively.
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