Qualcomm's Paul Jacobs joins Dropbox board

Qualcomm's executive chairman and former CEO Paul Jacobs is joining Dropbox's board of directors, Dropbox CEO Drew Houston announced in a blog post Monday.

Jacobs joins the board at a "pivotal moment" in Dropbox's history, Houston wrote, noting that the cloud-based file storage company recently hit half a billion users. Still, as the company grows its enterprise business, Dropbox faces a number of competitors already in that space, such as Box. It also faces growing competition from giants like Google and Amazon. As Houston noted, Jacobs knows a thing or two about taking on heavy hitters.

"We admire Paul's accomplishments and tenacity," he wrote. "During his tenure as CEO, Paul successfully challenged big, established companies time and again. Not only did he help grow Qualcomm to a global technology leader, but he also helped develop inventions and technical breakthroughs that many thought were impossible."