Acquisition to help Dropbox provide a suite of products for content collaboration, sharing, and e-signature

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DocSend to be acquired by Dropbox for $165m. (Credit: Pete Linforth from Pixabay)

File hosting service provider Dropbox has agreed to acquire DocSend, a US-based secure document sharing and analytics firm, for $165m.

Using the DocSend platform, companies can share business-critical documents such as pitch decks, pricing sheets, and contracts.

Besides, the platform provides document tracking and analytics. It also allows document uploaders to track how their targeted readers engage with the document in real-time.

The document sharing platform is said to be used by more than 17,000 customers of all sizes for business development and sales, fundraising, merger and acquisition deals, investor relations, and other purposes.

DocSend co-founder and CEO Russ Heddleston said: “Our roots are in helping startups navigate the fundraising process and empowering entrepreneurs to chase their dreams by giving them more visibility and control over the pitch process.

“As we’ve grown, we’ve realised that the ability to securely share content and engage with documents after they are sent offers powerful benefits to a variety of customer segments.

“By joining Dropbox, we’ll be able to rapidly scale, bringing our vision and capabilities to the hundreds of millions of people around the world who already trust Dropbox with their most important content.”

DocSend’s ability to allow customers to see what happens to their documents after they send them, adds a layer of intelligence in addition to the scale and distribution of its own content platform, said Dropbox.

Dropbox co-founder and CEO Drew Houston said: “Given the dramatic rise in remote work, there’s increased demand for digital tools that help people organise their content and seamlessly collaborate with each other.

“DocSend is a perfect complement to our product roadmap and we’re thrilled to welcome them to our team. By bringing Dropbox, HelloSign, and DocSend together, we’ll be able to offer a full suite of secure, self-serve products to help them manage critical document workflows from start to finish.”

Dropbox said that its customers can use DocSend for delivering proposals and track engagement, while HelloSign can be used for managing contracts and invoices.

The combination of the three platforms is expected to help customers manage end-to-end document workflows, thereby getting more control over their business results.

The transaction is anticipated to be completed in the first quarter of this year, said Dropbox.