Box Acquires Crooze To Transform Enterprise Content Management With AI And Metadata-Powered Applications; No Financial Terms Disclosed
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Box, Inc. has acquired Crooze, a provider of no-code enterprise content management applications. Crooze's technology, including a no-code app builder and metadata tools, will be integrated into Box's Content Cloud to modernize enterprise content management (ECM) and enhance business processes like contract management and digital asset management. The acquisition aims to leverage AI and metadata to transform ECM, with Box continuing to offer Crooze products and planning to announce new capabilities later this year. The ECM market is expected to grow from $15.1 billion in 2022 to $23.8 billion in 2027.
January 24, 2024 | 4:00 pm
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Box, Inc.'s acquisition of Crooze is expected to strengthen its Content Cloud with advanced ECM capabilities, leveraging AI and metadata to enhance business processes and customer satisfaction.
The acquisition of Crooze by Box, Inc. is highly relevant and important as it directly impacts Box's product offerings and strategic position in the ECM market. The integration of Crooze's technology is likely to enhance Box's appeal to enterprises seeking modern content management solutions, potentially leading to increased customer engagement and market share. Given the positive outlook for the ECM market and the expected growth, this acquisition could be seen as a strategic move to capitalize on market trends, likely resulting in a positive short-term impact on BOX's stock price.
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