Dropbox acquires Tigris Data for $350M to bolster its AI infrastructure

Summary

• Dropbox acquires cloud technology company Tigris Data for $350 million, marking its largest acquisition to date.
• The transaction is expected to close in the fourth quarter of 2026.
• Dropbox has no plans to reduce headcount as part of the acquisition despite a 9% global workforce cut last month.
• The deal aims to strengthen AI infrastructure capabilities & support the development of DBX Agent Cloud, a new storage platform for businesses & developers building AI models.
• DBX Agent Cloud will initially offer object storage as a stand-alone product compatible with tools built for Amazon S3.
• Dropbox is adding AI capabilities to its core product, allowing users to ask AI to perform tasks on files, choose between AI models, & connect content to third-party tools like ChatGPT, Claude, & Muse.
• Planned expansions for DBX Agent Cloud include features for handling documents, images, audio, & video, as well as filesystem capabilities for AI agents to manage files & maintain continuity.
• The updated experience has reached more than 70,000 teams, with an initial rollout available to eligible Standard & Advanced customers in the U.S., U.K., & Australia.
• Broader availability for the updated experience is planned for 2027.
• Tigris Data was founded by former Uber engineers & provides cloud storage technology that positions data closer to users & computing resources to reduce access times.
• Tigris Data raised $25 million in a Series A funding round last year.
• Dropbox has previously acquired AI-focused companies including Reclaim.ai, Promoted.ai, & Mobius Labs.