Box surges despite Wall Street skepticism

The biggest misunderstanding about enterprise cloud company Box is that the firm is in the consumer space, CEO and co-founder Aaron Levie told CNBC on Friday.

In fact, Box works with about half of Fortune 500 companies at a time when the nature of computing in business is fundamentally changing, Levie said.

“Box helps manage corporate data and corporate information for the world’s largest companies” he said in a “Squawk on the Street” interview. “The most important point is that we are participating in once-in-a-lifetime transition from on-premise computing to cloud computing.”

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Shares of Box traded up as much as 65 percent in its trading debut Friday. The company priced its shares at $14 on Thursday evening, above expectations.

Box focuses on digital storage, file sharing, and content collaboration.

Despite its many rivals, Box remains confident about its own strong competitive advantages. In particular, the company says its tools allowing workers to share files and folders in the cloud are the most secure and easy-to-use.

A lot of companies agree. Box boasts 44,000 paying organizations, including a wide range of industries, from General Electric to Eli Lilly.

–CNBC’s Josh Lipton contributed to this report.

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