Dropbox to Buy Tigris Data for $350 Million, Its Largest Deal Ever

Dropbox said Thursday it plans to buy Tigris Data, a Sunnyvale, California, storage startup, for $350 million. The company told Crunchbase News it would be the largest acquisition in Dropbox’s history, which dates back to its founding in 2007.

The purchase gives Dropbox a ready-made product for a new group of customers: developers building AI applications that run across several cloud providers. It comes alongside a new Dropbox product line aimed at that market.

What Tigris builds

Tigris was started in 2021 by former Uber engineers. It is building a network of local data storage centers that it says can handle the spread-out computing needs of modern AI workloads. Its platform is designed for developers whose apps use more than one cloud provider.

The startup has raised about $31.9 million, according to Crunchbase data. Its Series A in October 2025 brought in $25 million, led by Spark Capital with Andreessen Horowitz and Basis Set Ventures joining. General Catalyst backed it earlier. Co-founder and CEO Ovais Tariq told TechCrunch at the time that Tigris had grown 8x each year since its founding in November 2021.

DBX Agent Cloud and Dropbox’s new market

San Francisco-based Dropbox described the move as a major change in its AI strategy. The publicly traded company is expanding from storing and sharing files into selling the infrastructure companies use to build AI products.

It also announced DBX Agent Cloud, which will start with standalone object storage. Object storage is a way to keep and retrieve large collections of data such as images, video and the files used to train and run AI models.

Eric Webster, Dropbox’s chief business officer, told Crunchbase News that Tigris brings a product already in production, an experienced team and existing ties with AI developers. He said that mix would speed Dropbox’s entry into AI infrastructure through DBX Agent Cloud.

What it means for Dropbox customers

The company is running two AI tracks. Existing users get AI tools inside their Dropbox files to find, understand, create, edit and organize content, Webster said. They can switch between supported AI models and work with their files in tools such as ChatGPT and Claude, with the results saved back to Dropbox.

DBX Agent Cloud targets a different buyer: companies and developers building AI applications and agents. Webster said the new product “opens a new developer and infrastructure market for Dropbox,” while AI features in the main product are meant to keep current customers engaged and spending.

A large bet after years of smaller deals

Dropbox has made 35 known acquisitions, according to Crunchbase, most of them early on. It closed 23 publicly reported deals between 2012 and 2015, including nine in 2014. Across 2024 and 2025 it made four, an average of two a year and about 65% below its earlier pace.

Those recent purchases centered on AI productivity, search and security: scheduling startup Reclaim.ai and document security company Nira in 2024, then Promoted.ai and Mobius Labs in 2025.

Dropbox’s previous biggest deals were e-signature company HelloSign in 2019 for $230 million, document-sharing platform DocSend in 2021 for $165 million and business forms provider FormSwift in 2022 for $95 million. At $350 million, Tigris would top all of them.

Still a planned deal

Dropbox described the Tigris purchase as planned. The sources do not give an expected closing date or say whether regulatory approval is required.

Source: Crunchbase News