DropBox (NASDAQ: DBX), a popular document and file sharing platform, acquired the digital document signing platform DocSend in a $165 million dollar deal this week. The acquisition enables DropBox to offer greater services, as the DocSend infrastructure will add to its existing document sharing platform to allow users to send, sign, and share documents easily and all within the same overall brand.
DropBox announced the acquisition in a blog post this week, revealing that the decision to acquire DocSend was inspired, in part, by the increase in remote work amid the pandemic. As more businesses were forced to suddenly move their operations remote, getting used to the change meant that things often felt chaotic as documents were sent through email to be signed and sent back, often creating a disorganized work environment.
The company says that its acquisition of DocSend will enable it to add to its existing suite of services, which currently enables end-to-end document sharing between parties to streamline workflow and maintain organization. DocSend, which allows entrepreneurs and workers to send legally binding documents easily and quickly, adds features to DropBox that were not there before.
Additionally, the company acquired HelloSign back in 2019 in a move that enabled users to easily sign legally binding documents digitally—freeing up time that used to be spent printing documents, signing them, and scanning them back into a computer to send digitally.
The addition of the DocSend suite of services enables DropBox to add to that, offering a complete way for users to share, save and sign documents all on one platform. For freelance and contract workers, the new suite of services will allow them to streamline projects by offering one place to store and send work, sign and share contracts and invoices, and store other critical information for their day to day business.
DropBox clarified in its blog post that it does plan on combining the services all into one, but did not mention a precise timeline for when that will be.