Dropbox, one of the most popular cloud storage solutions in the world, today announced it has entered into a definitive agreement to buy DocSend, a secure document sharing and analytics company with more than 17,000 customers.
Under the terms of the agreement, Dropbox will acquire DocSend for $165 million (R2.5 billion) in cash subject to customary purchase price adjustments and closing conditions.
“Given the dramatic rise in remote work, there’s increased demand for digital tools that help people organize their content and seamlessly collaborate with each other,” Dropbox Co-Founder and CEO Drew Houston, said in a statement.
“DocSend is a perfect complement to our product roadmap and we’re thrilled to welcome them to our team. By bringing Dropbox, HelloSign, and DocSend together, we’ll be able to offer a full suite of secure, self-serve products to help them manage critical document workflows from start to finish.”
As work becomes more distributed, effective collaboration with external parties feels more siloed and results can be difficult to measure.
DocSend gives customers visibility into what happens to their documents after they send them, adding a layer of intelligence on top of the scale and distribution of the Dropbox content platform.
For example, client services teams and creative professionals who already rely on Dropbox to organize and collaborate on presentations and projects can use DocSend to deliver proposals and track engagement, and HelloSign to manage contracts and invoices.
The combination of Dropbox, HelloSign, and DocSend will help customers across industries manage end-to-end document workflows—from closing deals to onboarding teams—giving them more control over their business results.
“Our roots are in helping startups navigate the fundraising process and empowering entrepreneurs to chase their dreams by giving them more visibility and control over the pitch process. As we’ve grown, we’ve realized that the ability to securely share content and engage with documents after they are sent offers powerful benefits to a variety of customer segments,” Russ Heddleston, DocSend Co-Founder and CEO, said in a statement.
“By joining Dropbox, we’ll be able to rapidly scale, bringing our vision and capabilities to the hundreds of millions of people around the world who already trust Dropbox with their most important content.”
The acquisition is expected to close in Q1 2021 and is expected to have an immaterial impact on 2021 operating results.
DocSend was founded in 2013 with a goal of improving the way we share content.
