Andre Yoskowitz
1 Apr 2014 15:14
OpenText is demanding $268 million in damages from cloud storage company Box, alleging over 200 violations of patent infringement.
The company, which provides enterprise information management software, is also asking for preliminary and permanent injunctions of many of Box's products. The original suit with filed last June, and claims Box is infringing on 12 patents.
Box offers free online storage for consumers and businesses, while charging subscription fees for expanded storage and other premium features.
The company has plans to go public this year, and could be valued in the billions. For the fiscal year ended January 31st, Box saw revenue of $124.2 million, doubling from the year before. Box is not profitable, however, losing money every year since 2005 when it launched.