Dropbox announced that it has acquired FormSwift, a cloud-based platform designed to help businesses create, edit, approve, distribute and print personalized documents, for $95 million.
Dropbox said in a press release that FormSwift will expand existing document storage, signing, and sharing capabilities, including Dropbox Sign, Dropbox Forms, and DocSend, and move Dropbox closer to its primary goal of creating “end-to-end consistency across the whole the whole workflow”.
“At Dropbox, we’re building the tools to help our customers succeed in today’s virtual world by modernizing manual workflows and digitizing tasks,” Chetan Dandekar, group vice president and general manager, said in a statement. Dropbox document workflows.
Because the acquired company has a “similar customer base of small businesses and freelancers” and an extensive library of frequently used agreement forms and templates, Dropbox is confident that FormSwift “will be a great addition” to its current suite of products. workflow and will help “deliver even more value”. customers”.
There is no information in open data that FormSwift received external funding prior to the deal.
The San Francisco-based startup was founded by David Becker and Satvik Tantri in 2012 with the goal of reducing the time companies spend filling out commonly used forms, recalls TechCrunch.
The platform allows corporate clients to use ready-made templates to develop forms such as registration waivers, lease agreements, and more.
With accessible and intuitive editing tools, you can create reusable public forms with custom user fields.
Representatives of the service claim that to date more than 10 million documents have been created with their help for small business owners and contractors.
Earlier this year, Dropbox acquired the assets of Boxcryptor, a startup that protects company data with multiple cloud services.
Both deals appear to be part of an overall strategy to acquire small companies to improve their own service while also “saving” startups from losses in the ultra-competitive cloud storage market.
According to Crunchbase, Dropbox has made 28 such acquisitions in recent years, with the largest being the $230 million purchase of HelloSign in 2019.
In addition to expanding existing offerings, the acquisitions prompted the launch of new Dropbox services, such as the Dropbox Shop, to sell digital content.
In the coming weeks, the company will announce earnings for the fourth quarter of 2022, with experts reminding that in the previous reporting period it beat analyst estimates, increasing the paid user base to 17.55 million and revenue in 7% yoy to $591. million.
Net income in the third quarter of 2022 was $83.2 million compared to $75.6 million in the same period last year.
Author:
Ekaterina Alipova
Source: RB
I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.
