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  "documentTitle": "Box, Inc. (BOX)",
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  "presentationDate": "2021-08-06 00:00:00",
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  "notes": "Uses a quote from CEO Aaron Levie to frame the contradiction.",
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      "text": "Box Announces Strategic Partnership with KKR, including $500 Million KKR-led Investment",
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      "text": "Box attempted to use the Preferred Financing to \"buy\" sponsorship from KKR",
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      "text": "As shown in the previous pages, it is clear that the Preferred Financing was not done for financial reasons.\nBox claims that another key reason for the Preferred Financing was to add an experienced technology investor to the Board.",
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      "text": "However, Box did not need to complete an expensive, dilutive financing to make changes to the Board.\nAdding a director with a specific skillset should not require “buying” their support, doing a financing, or paying them annual dividends.",
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      "text": "We believe Box used the Preferred Financing to “buy” sponsorship and friendly Board representation from a large investment firm.",
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      "text": "“The investment from KKR is a strong vote of confidence in our vision, strategy, and continued efforts to increase growth and profitability. KKR is one of the world’s leading technology investors with a deep understanding of our market and a proven track record of partnering successfully with companies to create value and drive growth.” - CEO Aaron Levie, April 2021",
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      "text": "Source: Company press releases, Company transcripts. Note: Emphasis has been added by Starboard.",
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