Dropbox acquires document sharing platform DocSend for $165 million
Dropbox announced Tuesday that it has signed an agreement to acquire DocSend, makers of a document sharing and analytics platform, for $165 million.
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What's unique about DocSend is that it enables businesses to share documents through a secure link sent via email rather than an attachment. The platform also provides analytics on engagement and access, allowing users to track views and time spent on each document.
With DocSend, along with its 2019 acquisition of HelloSign, Dropbox is attempting to build out its suite of products for managing document workflows -- a key component of the company's growth strategy and its shift toward serving the enterprise.
"DocSend's secure sharing and powerful document analytics are a great complement to our expertise in content management at scale," Dropbox said in a blog post. "And once combined, Dropbox, DocSend, and HelloSign will offer a full suite of self-serve products to help businesses around the world manage end-to-end critical document workflows and drive meaningful business results."
Both the DocSend and HelloSign acquisitions illustrate how Dropbox is working to expand beyond online file storage and cement its longterm viability. The company is also in the midst of streamlining its team structure in an effort to focus on top priorities, which include improving the core Dropbox experience and investing in new products for distributed teams.