Dropbox announced the acquisition of document management software developer FormSwift.
Dropbox bought the company for $95 million (about €90 million). The acquisition was completed on December 15. FormSwift’s team and technology have been part of Dropbox since then.
The storage provider plans to use FormSwift to further develop three existing document management solutions: Dropbox Sign, Dropbox Forms and Dropbox DocSend.
FormSwift’s current software allows users to edit, sign, approve and share documents. The features overlap with Dropbox’s solutions. The storage provider wants to expand its offering into an “end-to-end agreement workflow”.
This means users will have the necessary tools for the entire lifecycle of a document, including creation, storage, sharing, editing, approving and signing.
Dropbox already makes it possible, but FormSwift’s additional manpower is welcome. The company also brings a customer base of small businesses and freelancers. “We believe that FormSwift is a strong addition to our document workflows product suite”, Dropbox said.
Dropbox and FormSwift
FormSwift was founded in 2012. The company is based in San Francisco. According to FormSwift, its software has been used to create more than 10 million documents. Few companies can say they were acquired for nearly $100 million after ten years. FormSwift made it happen.
According to Crunchbase, Dropbox has made 28 acquisitions in its lifetime. Many led to new products or product improvements. The cloud storage market is competitive. Dropbox needs to keep up to compete.
The company’s most recent quarterly figures indicate its serving 17.6 million users today, a million more than in the third quarter of 2021. Revenue rose seven percent and profit totalled $83 million, up $8 million from the same period last year.