If you had any doubt that Box is really serious about its IBM relationship, set it aside.
At least eight of the six-figure contracts that the cloud file and content management company signed in its second quarter ended July 31 were influenced by that alliance, Box CEO Aaron Levie told analysts on its financial briefing this week.
The arrangement has been particularly valuable in markets outside the United States, where Box has fewer sales reps of its own. “More of the transformational deals are happening internationally,” he said.
IBM (IBM) and Box (BOX) disclosed their formal partnership in June 2015. At the most basic level, Box customers can use its file-sharing service as a source for IBM’s content management systems. The two have said they also intend to release entirely new applications for automating document-centric business processes. IBM’s cloud team is also a significant partner for Box Zones, a service that lets multinational companies archive and manage their documents outside the United States. That’s a nod, in particular, to European companies frustrated with the relatively lax U.S. stance on data privacy and surveillance.
During financial updates over the past 12 months, Box executives have hinted that the pipeline of business attributable to that relationship was building. And now, that evangelism is paying off.
Box added more than 4,000 customers during the quarter, bringing its total to 66,000. Approximately 3,000 of those signups were attributable to the company’s “self-service” channel on its website (also a big influence in Box’s first fiscal quarter). But Box also signed new and expanded corporate-wide agreements with companies including Electronic Arts (EA), Pfizer (PFE), and Uber.
Overall, the cloud software company said 45 of the contracts signed during the second quarter were worth more than $100,000, compared with 31 last year. Another five carried a value of at least $500,000. “It all came down to these organizations needing a more modern way to deliver their content,” Levie said.
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Box used its analyst call Wednesday to disclose its acquisition of Wagon Analytics, a software startup co-founded by former Groupon executives that specializes in analyzing and visualizing database information.
The company’s existing service will be shut down on Oct. 3, and the team will focus on developing analytics feature for Box’s core services, Levie tells Fortune. For example, in the future, a company might be able to tell which teams are using specific documents or data resources the most, offering more insight into productivity.
“As companies put more content into Box, there is an unbelievable amount of intelligence that is being produced in that process,” he says.
Box beat analysts’ expectations for the quarter, reporting revenue of $95.7 million, an increase of 30% and about $1 million more than was projected by Wall Street. The company lost 30 cents for the quarter. Box realized a negative cash flow of $5 million, much smaller than the $22 million it reported for the same period one year ago. Also during the analyst call, Box CFO Dylan Smith reiterated the company’s quest to cash-flow break in the January 2017 fiscal quarter.
Box’s stock was up about 1.5% early Thursday at just under $14 per share, which was its IPO price back in January 2015.