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Dropbox has announced plans to acquire DocSend, a secure document sharing and tracking platform, in an all-cash deal worth $165 million.
Founded out of San Francisco in 2013, DocSend serves to bypass clunky attachments through a link-based document sharing approach that enables businesses to control file downloads and deactivate access any time, while also gleaning real-time insights on engagement. Moreover, it allows companies to ensure that the version of a file it has shared is always up-to-date given that users access it from a location in the cloud.
Dropbox has been doubling down on its enterprise product of late, including pushing tighter integrations with other business-focused services including Salesforce, while last year it unveiled a partnership with Google to allow G Suite users to store their files in Dropbox. DocSend actually represents its second acquisition in as many months, after it doled out $230 million for e-signature startup HelloSign in January.
DocSend is fairly complementary to HelloSign, as both platforms are ultimately concerned with the management and distribution of documents remotely — in fact, DocSend already offers built-in e-signature functionality. Indeed, it seems the plan here is to package Dropbox, DocSend, and HelloSign together as an “end-to-end suite” of products spanning collaboration, sharing, and e-signatures, with cofounder and CEO Drew Houston noting that this will help businesses “manage critical document workflows from start to finish.”
It’s also worth adding here that DocSend already claims some 17,000 customers, including a number of notable enterprise clients such as Airtable and Gartner, which could give Dropbox an easier inroad to cross-sell and upsell its suite of products.
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