Box, Inc. BOX

The business

Box stores a company's documents in the cloud and controls who can open them. That is a commodity described in a sentence, and the reason it is not a commodity in practice is the second half: retention policies, legal holds, audit trails, industry compliance rules and the workflows built on top. A regulated business that has wired its contract approvals through Box is not moving because storage got cheaper.

The customer is the enterprise information technology department rather than the individual employee, and roughly a third to 40% of revenue comes from outside the United States with Japan unusually heavily weighted. Growth is around 9%, which is what a mature product in a settled category looks like.