January 20th, 2015
Egnyte CEO Vineet Jain makes no apologies. He handpicked today to reveal that his company is raising the stakes in Enterprise Sync and Share (EFSS), just a few days before Box’s IPO. The latter is expected to start trading on the New York Stock Exchange at the end of the week — on Jan. 23.
Jain said Egnyte initially planned to make its announcement on Jan. 27. But he didn’t want to chance Egnyte getting grouped in with Box should its IPO disappoint. “We don’t want to be defined by the way the market reacts to Box,” he said.
Of course Jain, whose company might be seen as a Box competitor (they are both named in the same Gartner MQ report as well as Forrester Wave), made it clear that though both companies provide solutions around file sharing, they are quite different.
“EFSS is table stakes,” he said. Box co-founder and CEO, Aaron Levie has said this too. Ditto for the CEO’s of a dozen other competing vendors.