Dropbox to Buy Tigris Data for $350 Million in Push Into AI Storage

In a filing with the US Securities and Exchange Commission, Dropbox said it signed the agreement on November 3 to acquire all of Tigris's outstanding equity, subject to customary purchase price adjustments and closing conditions. It expects the deal to close in the fourth quarter of 2026. Dropbox told Crunchbase News it would be the company's largest acquisition since its founding in 2007, well above the $230 million it paid for e-signature company HelloSign in 2019.

The deal gives Dropbox a way into a part of the AI market where it has no presence. Its products have been built for people and businesses that store and share files. Tigris sells storage to software developers whose applications run across several cloud providers, and to the AI workloads behind them: model training, inference and autonomous agents.

Dropbox also launched DBX Agent Cloud, which it describes as a storage and data layer for companies building AI applications and agents. In its press release, the company said the service starts with standalone object storage that works with tools built for Amazon S3. Customers can buy it on its own and use it alongside the clouds, compute providers and developer platforms they already use. Dropbox said it plans to add filesystem and content-processing features later. It did not give pricing.

Tigris, based in Sunnyvale, California, was founded in 2021 by former Uber engineers. Its platform spreads stored data across locations so applications can reach it quickly anywhere in the world, without customers having to manage replication and caching. The company says customers can move data between clouds without lock-in or egress fees. According to Crunchbase data, Tigris has raised about $31.9 million, including a $25 million Series A in October 2025 led by Spark Capital, with Andreessen Horowitz and Basis Set Ventures taking part.

Eric Webster, Dropbox's chief business officer, told Crunchbase News that Tigris brings a product already running in production, an experienced team and existing relationships with AI developers. He said that combination would speed Dropbox's entry into infrastructure for AI applications.

"The value of AI depends on the content and context it can work with," Ashraf Alkarmi, Dropbox's co-chief executive, said in the release. Tigris co-founder and chief executive Ovais Tariq said: "Our customers depend on Tigris to keep their applications running, and their needs keep growing."

Dropbox is also adding AI to its main product. Users can describe a goal, and the software finds the relevant files, proposes a plan and carries out supported actions once the user approves. These include summarising folders, comparing document versions, drafting documents, editing PDFs and images, and transcribing recordings. Users can switch between AI models during a session and work on Dropbox files inside ChatGPT, Claude and Muse without uploading them again. The company said the new features have reached more than 70,000 teams, starting with eligible Standard and Advanced customers in the US, UK and Australia, in English. Wider availability is planned for 2027.

The purchase breaks from a slower pace of deals. Crunchbase counts 35 Dropbox acquisitions, 23 of them between 2012 and 2015. The company made four in 2024 and 2025: Reclaim.ai, Nira, Promoted.ai and Mobius Labs.

Dropbox reports more than 700 million registered users in about 180 countries. Its filing says the deal may not close on schedule, or at all, if the closing conditions are not met.