San Francisco, USA-based Dropbox announced the acquisition of Formswift. The company announced the acquisition on December 16, 2022. The cost for the cash deal stands at USD 95 million.
FormSwift, launched in 2012, offers a cloud-based service providing individuals and businesses with a simple solution to create, complete, edit, and save critical business forms and agreements.
Purpose of acquisition for Dropbox
The recent acquisition of FormSwift enables Dropbox to bring the former’s vast library of templates, i.e. from employee onboarding waivers to rental agreements, to NDAs and to its customers, giving them the ability to find, edit, sign and share the documents they need, all from Dropbox.
The integration of Dropbox’s already robust document storage, signing and sharing capabilities with FormSwift’s extensive template library and intuitive self-serve platform aids the latter in making progress against its goal of building an end-to-end agreement workflow capability.
What the Dropbox official has to say
Dropbox Vice President, Chetan Dandekar, said, “At Dropbox, we’re building tools to help our customers succeed in today’s virtual-first world by modernizing manual workflows and digitizing tasks. As part of this, we’re focused on building an end-to-end agreement workflow experience. For instance, most recently with simple, secure tools like Dropbox Sign, Dropbox Forms, and DocSend. With a similar customer base of small businesses and freelancers and a library of commonly used forms and agreement templates, we firmly believe that FormSwift is a strong addition to our document workflows product suite and will help us bring even more value to our customers.”
What the FormSwift official has to say
In addition, Vik Tantry, FormSwift Co-Founder and Chief Executive Officer, said, “Over the last decade, FormSwift has become a leading provider of tools. It helps people to easily create, edit, sign, and collaborate on documents and workflows in the cloud. Further aids in eliminating unnecessary printing, faxing, and snail mail. However, many people are still spending valuable time and money searching for and drafting business agreements and other templates necessary to complete their work and are looking for more ways to streamline their workflows and improve efficiency. By joining forces with Dropbox, we can better scale our capabilities. We seek to make work easier for a larger number of small businesses and freelance customers.”
About Dropbox
Drew Houston and Arash Ferdowsi founded the company in 2007. The company boasts more than 700 million registered users across 180 countries. The company has headquarters in San Francisco, California.
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