File-sharing vendor Dropbox has filed for an initial public offering (IPO) with the US Securities and Exchange Commission.
The vendor, which was founded in 2007, said it will look to raise $500m (£358m) by publicly listing, hinting that some of the cash could be used for acquisitions.
Dropbox said it plans to list on New York's Nasdaq stock exchange under the DBX symbol.
In the filing Dropbox said its revenue for 2017 was $1.1bn, with a net loss of $111.7m. The vendor's revenue has almost doubled over the last three years, while losses in 2017 were a third of what they were in 2015.
However, Dropbox said that just 11 million of its 500 million users have a paid subscription, with the overwhelming majority opting for the free service.
It added that around 90 per cent of its revenue is driven by "self-serving channels" - or users going to its website and selecting a package.
Dropbox said that its lack of a strong sales team could hamper its growth moving forward, highlighting its competitors' strong channel ecosystems as a factor that could see it lose out to its rivals.
When CRN spoke to Dropbox just over a year ago the vendor had 400 UK partners, driven by a partnership with Ingram Micro.
If your partners are not nominating your channel chiefs for CRN's newest award, then it doesn't look that way
EMEA VP calls out competitors as he explains vendor's new cloud-based capabilities
Next-gen security vendor raises $120m, taking total funding to nearly $300m
NHS contract triggers £20m expansion for Novosco