The file hosting service platform, Dropbox has acquired HelloSign, a San Francisco-based company that offers lightweight document workflow and eSignature services. For this acquisition, Dropbox has invested USD230 million funds which are expected to close in Q1.
In the statement, Co-founder and CEO of Dropbox, Drew Houston stated that HelloSign has developed a thriving business focused on eSignature and document workflow products that their users are keen on. After the HelloSign acquisition, Dropbox can deliver an even better experience to their users, simplify their workflows, and expand the market what they serve. In the same context, Dropbox’ SVP of engineering, Quentin Clark said that the HelloSign’s workflow capabilities added in the year 2017 was key to the buy. He called their investment in APIs as distinctive and that their workflow products are associated with Dropbox’ long-term direction where the company will pursue a broader vision. This deal appeared as an extension to a partnership that Dropbox established with HelloSign last year, to utilize two of HelloSign technologies, to provide eSignature and electronic fax solutions to Dropbox users.
As noted by HelloSign CEO Joseph Walla, being part of Dropbox would give his company the access to resources of a much larger public company, thereby enabling them to reach a large marketplace than it could on a standalone basis. He further said that accompanied by Dropbox, the company can bring more flawless document workflows to even more customers and significantly speed up HelloSign’s impact. After this acquisition, the company will stay an independent unit and will keep on functioning with its existing management structure as part of the Dropbox family, Whitney Bouck, COO of HelloSign noted.