Box Revolutionizes Unstructured Data in the Enterprise with Intelligent Content Management

Box AI Studio delivers ability to choose secure AI models for more customization and flexibility

Box Apps makes it easier than ever to create no-code experiences powered by metadata

New Enterprise Advanced plan delivers the full power of Intelligent Content Management in one offering

Box, Inc. (NYSE:BOX), the leading Intelligent Content Management (ICM) platform, today announced a new set of AI-powered innovations to revolutionize how organizations manage content. These announcements include Box AI Studio, which enables businesses to create and deploy powerful Box AI agents that are specifically tailored to their unique requirements, and Box Apps, which makes it easier than ever to build applications for critical business processes like contract management, invoice processing, employee onboarding, and thousands more. Box also introduced Enterprise Advanced, a new plan that combines the full power of the Box Intelligent Content Management platform into a single offering.

"90 percent of the data in an enterprise is unstructured – and the vast majority of that data is content. Innovation in LLMs has transformed our ability to more easily structure that data, freeing it from data silos and connecting it with business processes," said Aaron Levie, Co-founder and CEO of Box. "That's all changing with Intelligent Content Management from Box. For the first time ever, businesses of all sizes will be able to realize the full value of their content and leverage the data inside their files to drive innovation, automate processes, and secure their most important information at a fraction of the cost of legacy systems."

"Box continues to add innovative capabilities to its Intelligent Content Management platform to support the content life cycle including, most recently, metadata management and generative AI, enabling users to generate additional business value from unstructured data," commented Holly Muscolino, Group Vice President, IDC, Workplace Solutions. "Its ease of use, regional deployments, and strong security capabilities make Box a good option for organizations of all sizes that are looking for a modern SaaS intelligent content cloud services platform."

Unlock the Power of Your Content Like Never Before with Box AI Studio

Since the unveiling of Box AI in May 2023, the company has been at the forefront of enterprise-grade AI. Box has built Box AI to be flexible and to securely integrate today's most powerful large language models, including Microsoft's Azure OpenAI Service, AWS Bedrock, Claude via AWS, and Google Cloud's Vertex AI – with more models to come.

Box AI Studio, set to begin rolling out in January 2025, offers enterprises even more customization and control over how they apply AI to their content. With AI Studio, admins can select their preferred AI model from Box's list of trusted providers to create tailored Box AI agents with custom prompts and parameters to match their specific industry needs and workflows—no coding required. This flexibility is unique to Box, and will allow businesses to mix-and-match AI models from different AI providers and deploy specialized AI agents that are customized to address the unique needs of their use cases, in a secure and permissions-integrated manner.

With Box AI Studio, admins will be able to:

• Create, test, and deploy powerful Box AI agents that supercharge workflows across your organization;
• Seamlessly switch between different state-of-the-art AI models using a simple drop-down toggle;
• Develop custom prompts that enhance performance for specific tasks or departments;
• Track and analyze model performance data-driven decisions about which models work best for different use cases;
• Set permissions and access controls for seamless management of who can utilize and customize these intelligent solutions within your organization;
• Effortlessly integrate Box AI Studio into your existing tech stacks and workflows without any disruptions.

The opportunity for enterprises to drive and automate powerful, intelligent workflows with Box AI Studio is unprecedented and includes applications throughout the enterprise. For example:

• Sales: A Box AI Sales agent that is customized with prompt instructions will be able to help sales teams standardize the format for AI-generated contracts summaries, answer relevant and targeted questions on past contracts, customer data insights, while improving sales efficiency;
• Marketing: A Box AI Marketing agent that is customized with brand guidelines, target audience preferences, and content formats will be able to generate blog posts, social media content, and marketing copy that aligns with the company's messaging, and brand guidelines;
• Customer Service: A Box AI Service agent that is customized with prompt instructions will be able to give employees accurate answers immediately based on product catalogs, customer data insights, and past interactions, while reducing response times dramatically;
• HR: A Box AI People agent that is customized with company values and employee guidelines will be able to enhance the candidate experience with timely follow-ups and provide insights from employee feedback and performance data;
• Product: A Box AI Product agent that is customized with product information – including current and future product offerings – will be able to ingest feedback from customers, summarize gaps, and offer recommendations of knowledge-base articles that can help address customer questions.

Accelerate Business Processes Across the Enterprise with Box Apps

Every team and department in the enterprise runs multiple processes that rely deeply on content. However, the technology available for enabling and automating them is often insufficient: emails and spreadsheets are underpowered and manual, while legacy Enterprise Content Management (ECM) systems are overly complex and difficult to use. As a result, IT and department leaders find themselves unable to drive transformation or enhance the productivity of their teams and processes.

Box Apps, available in Beta today, is a no-code solution that makes it easier than ever to create intelligent applications that manage content-centric business processes throughout the enterprise. With Box Apps, people can craft purpose-built applications that include powerful dashboards, tailored content views, and integrated workflow automation. Specifically, Box Apps can run AI-powered metadata extraction that revolutionizes running content-centric business process automation at scale.

Box Apps will transform how people manage content-centric workflows, including:

• HR teams will be able to create policy Apps that intelligently apply metadata to employee policies, internal procedures, and benefits information to systematically manage the processes around creating, updating, and maintaining these heavily used documents;
• Marketing teams will be able to create asset Apps to manage rich media assets like graphics, images, videos and more, making it easier to ingest, store, search, retrieve, and collaborate with users;
• Legal teams will be able to create contract Apps to automate the extraction of metadata on agreements stored centrally on Box, with built-in expiration alerts and standardized processes to generate, review, approve and send contracts out for signature;
• Accounting teams will be able to create transaction Apps that intelligently extract metadata from invoices, help map them to existing purchase orders, and efficiently manage the process of tracking transactions from approval to payment;
• Sales teams will be able to create account management Apps that speed up deal cycles, enabling sellers to quickly find and retrieve NDAs, proposals, quotes, and contracts.

To help businesses further develop complex workflow automation solutions, Box also introduced two new features, Box Forms and Box Doc Gen, available in Beta today. Box Forms allows users to easily design and publish engaging web and mobile forms, while Box Doc Gen automatically creates custom documents within Box by pulling data from Box Forms, third-party apps, custom apps, and metadata. Together with Box Apps, Box Relay, and Box Sign, customers are already seeing the value of using a powerful, integrated workflow automation solution within the Box platform, while others are strongly considering moving to the cloud with Box and retiring legacy on-premise ECM systems.

Security and Compliance Enhancements

Box also announced a new suite of advanced data security and compliance features including Box Archive, which simplifies long-term content preservation so that enterprises can meet their regulatory and compliance obligations, and Content Recovery, which can help organizations recover content from ransomware attacks rapidly and with precision, restoring thousands of files in hours instead of days.

With Box Archive, available in Beta starting in January, admins will be able to:

• Ensure controlled access to archived content by maintaining enterprise ownership and removing it from user files and search results to allow users to focus on active, collaborative work while reducing the risk of content loss during employee turnover;
• Access archived content in Box instantly and from anywhere to give users the same response time as active files – unlike competitors where retrieving or restoring archived data can take hours or even days;
• Enforce controls and policies with end-to-end content lifecycle management to help users effortlessly maintain governance and compliance standards from creation to disposal while addressing preservation requirements for regulated industries, including document control in life sciences, FINRA retention mandates in financial services, and NARA archiving requirements in the public sector;
• Address regulatory requirements by leveraging Box Zones and Box Archive to support an organization's in-region storage requirements by storing archived content in the geographic region of choice;
• Preserve content by ensuring the final version is unable to be altered to help meet compliance requirements and speed up processes during audits.

Ransomware continues to be the preferred method of attack for cybercriminals seeking to breach and compromise organizations, with devastating consequences. Recent reports indicate that ransomware attacks surged by 62 percent in 2023, underscoring the growing threat to enterprises. Box's Content Recovery provides an advanced solution for mitigating the impact of ransomware, allowing organizations to swiftly and precisely restore compromised files, whether on an individual basis or at scale, ensuring business continuity.

With Box's Content Recovery features, set to begin rolling out in January, enterprises will be able to:

• Accelerate recovery by significantly reducing the time needed for file restoration, cutting recovery from days or weeks to just a few hours, regardless of the scale of the incident;
• Gain insight into potential ransomware incidents by providing a dashboard that shows full visibility of files modified or disposed of during the identified timeframe;
• Restore with precision by empowering admins to precisely target which files to restore using customizable date ranges, segmenting files by the actions taken on them, or searching by file name, instead of simply rolling back the system to a snapshot;
• Restore at scale by streamlining the restoration process, which allows admins to select the content they'd like to recover and restore it in a matter of clicks;
• Rapidly sync to Box Drive by having restored content automatically saved back to Box, ensuring minimal business disruption.

Introducing Enterprise Advanced

Today, Box also introduced a new plan, Enterprise Advanced, to allow customers to access the full power of the Intelligent Content Management platform in one package. Enterprise Advanced will include all of the capabilities currently in the Enterprise Plus plan, along with the following new Intelligent Content Management capabilities announced today at BoxWorks including:

• Box AI Studio
• Box Apps
• Box Forms
• Box Doc Gen
• Box Archive
• 500GB file uploads
• Enhanced developer tools and higher API allocation

The new Enterprise Advanced plan will be available for purchase starting in January.

The Box Impact Fund

In its fourth year, the Box Impact Fund supports organizations pursuing digital transformation projects in one of our three Box.org theme areas: child welfare, crisis response, and the environment. Each grantee will receive a $25,000 grant for a total of $150,000 to help fuel critical missions and digitally transform the nonprofit workplace. New this year is a focus on projects that involve AI as part of the digital transformation proposal. Past winners include Foster America, NatureServe, Sesame Street, and the International Refugee Assistance Project.

Applications open November 12 - December 9, 2024. To learn more and to apply go to https://www.box.org/impact-fund.

For more information on today's announcements check out the BoxWorks keynote and visit the Box Blog.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding Box AI Studio, Box Apps, Box Archive, Box Forms and Box Doc Gen, their planned product introduction and product features, and the market adoption and benefits of such product introduction and features. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: (1) adverse changes in general economic or market conditions; (2) Box's ability to partner with third parties to integrate AI technologies with the Box Intelligent Content Management platform; (3) delays or reductions in information technology spending; (4) the risk that Box's customers do not renew their subscriptions, expand their use of Box's services, or adopt new products or features offered by Box on a timely basis, or at all; (5) Box's ability to provide timely and successful product introductions, enhancements, new features and modifications to its platform and services; and (6) actual or perceived security vulnerabilities in Box AI or other Box services or any breaches of Box's security controls. Any unreleased services or features referenced in this or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase Box products should make their purchase decisions based upon features that are currently available. Additional information on potential factors that could affect Box's financial results is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings Box makes with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings section of Box's Investor Relations website located at www.box.com/investors. Box does not assume any obligation to update the forward-looking statements contained in this press release to reflect events that occur or circumstances that exist after the date on which they were made.

About Box

Box (NYSE:BOX) is the leading Intelligent Content Management provider, a single platform that enables organizations to fuel collaboration, manage the entire content lifecycle, secure critical content, and transform business workflows with enterprise AI. Founded in 2005, Box simplifies work for leading global organizations, including AstraZeneca, JLL, Morgan Stanley, and Nationwide. Box is headquartered in Redwood City, CA, with offices across the United States, Europe, and Asia. Visit box.com to learn more. And visit box.org to learn more about how Box empowers nonprofits to fulfill their missions.

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