Box expects to make more than $200 million in annual revenue

The cloud storage company projects it will double its revenue this year and it may unveil its IPO plans soon, sources tell Bloomberg.

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Box CEO Aaron Levie at BoxWorks 2013 in San Francisco. Donna Tam/CNET

Cloud storage service Box expects to double its revenue this year by making more than $200 million, Bloomberg reported Friday.

Unnamed sources told Bloomberg that Box will publicly unveil its plans for an initial public offering in a few weeks. It was reported in January that the company has secretly filed for an IPO.

Box, which CEO Aaron Levie and his childhood friends started in 2005, has quickly become a well-known provider of cloud enterprise services. The company has a lot of competition, including Dropbox and Microsoft's OneDrive. But, Box has aggressively pursed both individual users and companies, by adding <a href="http://howto.cnet.com/8301-11310_39-57617280-285/how-to-score-50gb-of-free-cloud-storage-from-box/">additional free </a>storage for personal use and increasing its business options.

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