Dropbox plans to acquire AI storage startup Tigris Data for $350M, its largest acquisition to date; Tigris raised ~$31.9M from Spark, a16z, and others (Mary Ann Azevedo/Crunchbase News)
The transaction will bring the specialized artificial intelligence storage firm under the cloud giant's corporate umbrella for $350 million. To date, this proposed deal stands as the largest takeover ever conducted by the purchasing company. Prior to entering this sale agreement, the startup had raised approximately $31.9 million in outside capital from prominent venture firms.
Key points
The agreement establishes a new record for the highest valuation Dropbox has paid for an…: The agreement establishes a new record for the highest valuation Dropbox has paid for an acquisition.
Early institutional investors including Spark Capital and Andreessen Horowitz are set to…: Early institutional investors including Spark Capital and Andreessen Horowitz are set to exit their positions.
Tigris Data will transition from an independent venture-backed startup into a core part o…: Tigris Data will transition from an independent venture-backed startup into a core part of Dropbox.
Sources checked by our analysis pipeline: 1
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Carl Franzen / VentureBeat: |
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Marcus Mendes / 9to5Mac: |
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Tom Warren / The Verge: |
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Ivan Mehta / TechCrunch: |
Charles Rollet / Business Insider: |
Kelly Cloonan / Wall Street Journal: |
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Jay Peters / The Verge: |
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