The file-hosting service is bringing more document management offerings into its ecosystem. We use CB Insights data to anticipate its next move.
On its February 19, 2021 earnings call, Dropbox CEO Drew Houston foreshadowed an acquisition the company announced yesterday. Houston stated:
“So in addition to being able to store and share and access your content, being able to handle the e-signature workflows and more broadly document workflows, is a natural adjacency for us. So we’ll continue to look for opportunities and grow the portfolio through M&A.”
A few weeks later, Dropbox announced the acquisition of DocSend for $165M in cash. This marked a near doubling of DocSend’s valuation from its July 2019 Series B financing.
We look at Dropbox’s business relationships to identify its next M&A target, but before we get to that, let’s break down the DocSend deal.