Cloud storage and file sharing service Box may be getting ready to go public before Dropbox -- its top competitor in the space.

According to a Quartz report on Thursday, Box "secretly filed paperwork for an initial public offering."

To keep the filing quiet, the company leveraged a provision of the JOBS Act that allows companies with annual revenue of less than $1 billion to confidentially file their IPO prospectus, the report said.

The Quartz report also said that Box has already selected Morgan Stanley, Credit Suisse and JP Morgan Chase to lead the underwriting of its stock offering -- possibily looking to raise $500 million in an IPO.

A spokesperson for Box said in an emailed statement: "We don't have anything to share at this time. We're focused on continuing to build our business and expand our customer relationships globally."

Some expected Box to file for an IPO early in 2014 after the company secured $100 million in new funding from new strategic partners to assist the company with international expansion.

Not only has Box been raising capital, but it also has done some recent upgrades to its channel partner program. It expanded its partner network in December 2013 by adding a new program designed for systems integrators (SIs) and consultants.

Dropbox recently raised $250 million in a funding round led by a BlackRock investment fund.

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