Dropbox said on Wednesday it has entered into a definitive agreement to acquire DocSend for US$165 million in cash subject to customary purchase price adjustments and closing conditions.
The acquisition is expected to close in Q1 2021 and is expected to have an immaterial impact on 2021 operating results.
“Given the dramatic rise in remote work, there’s increased demand for digital tools that help people organise their content and seamlessly collaborate with each other,” said Dropbox Co-Founder and Chief Executive Officer, Drew Houston.
“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.”
According to Dropbox, as work becomes more distributed, effective collaboration with external parties feels more siloed and results can be difficult to measure - and 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 organise and collaborate on presentations and projects can use DocSend to deliver proposals and track engagement, and HelloSign to manage contracts and invoices,” notes Dropbox.
“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,” said Russ Heddleston, DocSend Co-Founder and Chief Executive Officer.
“As we’ve grown, we’ve realised that the ability to securely share content and engage with documents after they are sent offers powerful benefits to a variety of customer segments.
“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.”