Enterprise Plus, with agent.
The bundle holds ARPU for six quarters. Then renewal season. The CIO who called you in 2026 consolidates: one agent, and the agent is Copilot, and Copilot needs a store, and SharePoint is already paid for. Box is now a line item under "redundant content platforms" in a cost-cutting deck you will never see.
Microsoft calls. The offer is a 19% premium. The board takes it. Box becomes a tab in Copilot's file picker, then not even that.
You priced the agent as an add-on to seats, which was the only move that didn't cannibalize the core, and the only move that guaranteed the core got cannibalized by someone else. The innovator's dilemma didn't need you to be slow. It needed you to be rational.
One path that gets here
A · Ship the agent as a per-seat add-onA · Bundle it. Fold the agent into Enterprise Plus and raise the tier price