IPO

Tech IPOs show the money is in business services

Dropbox was once seen as one of the hottest consumer internet companies, a place where people could store their pictures, music or digital documents and get to them from any device.

Not any more. It now describes itself as “a leading global collaboration platform that's transforming the way people work together, from the smallest business to the largest enterprise”.

Much more boring, certainly. But it is a clear sign, for other tech companies blazing a similar trail, of where the most dependable profits are likely to be found.

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