Dropbox to Acquire Tigris Data for $350 Million, Marking Its Largest Deal

Dropbox announced Thursday that it will buy Tigris Data for $350 million, the biggest transaction the company has completed since its founding in 2007. The deal is intended to give Dropbox a ready-made storage platform designed for developers building artificial-intelligence applications that run across multiple cloud environments.

Tigris, a Sunnyvale-based startup founded by former Uber engineers in November 2021, is constructing a network of localized data storage centers that it says can satisfy the distributed compute requirements of modern AI workloads. Since its inception, the company has raised roughly $31.9 million. Its most recent financing round, a Series A in October 2025, brought in $25 million led by Spark Capital with participation from Andreessen Horowitz and Basis Set Ventures, the latter of which also led the seed round. Earlier investors include General Catalyst. Co-founder and CEO Ovais Tariq has told reporters that Tigris has grown eightfold each year since launch.

The acquisition arrives as Dropbox describes a “significant shift” in its AI strategy, moving beyond its traditional file-sharing and collaboration tools toward selling the infrastructure that powers AI applications. In tandem with the announcement, the public-company unveiled DBX Agent Cloud, a service that initially offers standalone object storage for large data sets such as images, video, and the files used to train and run AI models. Eric Webster, Dropbox’s chief business officer, said the Tigris purchase provides a product already in production, an experienced team, and existing relationships with AI developers, all of which will accelerate Dropbox’s entry into the AI-infrastructure market through DBX Agent Cloud.

Dropbox’s acquisition pace has slowed dramatically in recent years. According to Crunchbase, the firm has completed 35 known purchases, with 23 of them occurring between 2012 and 2015. By contrast, only four acquisitions have been announced across 2024 and 2025, roughly 65 percent fewer than in its early growth period. Recent deals have centered on AI-enhanced productivity, search, and security, including the 2024 acquisitions of scheduling startup Reclaim.ai and document-security firm Nira, followed by Promoted.ai and Mobius Labs in 2025. Prior large-scale purchases include HelloSign for $230 million in 2019, DocSend for $165 million in 2021, and FormSwift for $95 million in 2022.

For existing Dropbox customers, the company plans to embed AI directly into its file-management suite, enabling users to locate, understand, create, edit, and organize content with the help of large language models such as ChatGPT and Claude. Users will be able to toggle between supported models while working with their Dropbox files, with results returned to the platform. For developers and enterprise customers, DBX Agent Cloud extends Dropbox’s storage capabilities into the backend of AI applications, opening a new market segment for the company. Webster said the dual approach, AI features inside the core product and a separate infrastructure offering, aims to deepen engagement, improve retention, and drive expansion among both individual users and corporate developers.

Looking ahead, Dropbox will need to integrate Tigris’s technology and team while competing with entrenched cloud providers that already dominate AI infrastructure. The success of DBX Agent Cloud will hinge on how quickly Dropbox can translate Tigris’s localized storage model into a scalable service that meets the performance and cost expectations of AI developers. The acquisition marks a bold step, but the market’s response will determine whether Dropbox can transform from a file-sharing leader into a credible player in the AI-infrastructure space.