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The hedge fund is frustrated over the company's lack of growth over the past year, according to Reuters, which cited anonymous sources.
A Box spokesperson did not immediately respond to a request for comment.
D.A. Davidson & Co. analysts speculated that a deal could fetch interest from industry giants like Salesforce, IBM, Citrix or Google. Box, for example, was featured on a leaked 2016 slide from Salesforce highlighting potential future M&A and IBM is rumored to have tried to buy Box when it was private, per the analysts.
Still, they're betting more heavily on a takeover by a private equity firm.
"Private equity appetite for buying software, specifically in the 'stalled growth' category, has returned," the analysts wrote. "We believe there is still low-hanging fruit at Box that private equity could capitalize on."
Joe Williams is a senior reporter at Protocol covering enterprise software, including industry giants like Salesforce, Microsoft, IBM and Oracle. He previously covered emerging technology for Business Insider. Joe can be reached at JWilliams@Protocol.com. To share information confidentially, he can also be contacted on a non-work device via Signal (+1-309-265-6120) or JPW53189@protonmail.com.