Correction issued: An earlier version of this article was published with a different company in the title instead of HelloSign. This article has been updated with the right information and we apologize for the mistake.
File hosting company Dropbox is acquiring eSignature company HelloSign for $230 million in cash, according to CNBC. HelloSign has built a platform around electronic signatures and document workflow.
HelloSign will continue to operate as normal within Dropbox. And with Dropbox’s resources, HelloSign will be able to accelerate its rate of innovation for their products. Here is a video of how HelloSign works:
“We started HelloSign with the belief that customers should always be the top priority, tools should be easy-to-use, and getting work done should be simpler and Dropbox shares that philosophy. Dropbox is one of the largest collaboration platforms in the world, so our best-in-class eSignature and document workflow capabilities are a natural value-add for their users, and vice-versa. In fact, we’ve already been working together on integrations!” wrote HelloSign CEO Joseph Walla in a blog post. “Our goal has always been to get as many people as possible using our products, and Dropbox’s more than 500 million users will help us scale our reach and have a bigger impact than we could ever have imagined. Together, we can accelerate digital transformation across businesses of all sizes and deliver the best product experiences that make workflows even smoother for our users.”
Prior to the acquisition, HelloSign raised about $16 million in funding. According to Crunchbase, investors include Zach Coelius, Paul Buchheit, Joshua Reeves, Semil Shah, Greylock Partners, U.S. Venture Partners, Khosla Ventures, Foundry Group, and Webb Investment Network. HelloSign has more than 80,000 customers. And some of HelloSign’s competitors include DocuSign and Adobe Sign.
In Dropbox’s third quarter of 2018, the company reported that it had $1.04 billion in cash and cash equivalents. And Dropbox’s revenue for the quarter was $360.3 million, up 26% from the same period a year prior.
“With over an exabyte of data on our platform, millions of people already use Dropbox as a place to collaborate on their most important content,” added Dropbox co-founder and CEO Drew Houston. “We’re thrilled to welcome HelloSign’s talented team to Dropbox and add their capabilities to our product suite. HelloSign has built a thriving business focused on eSignature and document workflow products that their users love. Together, we can deliver an even better experience to Dropbox users, simplify their workflows, and expand the market we serve.”