Dropbox Invests $350M in Tigris Data for DBX Agent Cloud

Dropbox plans to acquire Tigris Data for $350 million to enhance its AI infrastructure and support the launch of DBX Agent Cloud, an S3-compatible object storage solution. The updated experience is already impacting over 70,000 teams, with a broader availability expected in 2027. The deal is targeted for closure in the fourth quarter of 2026, and no job cuts are planned as part of this acquisition.

70,000 teams affected and broader rollout expected in 2027

Dropbox states that the updated experience has already been adopted by more than 70,000 teams. The initial rollout is focused on eligible Standard and Advanced customers in the United States, the United Kingdom, and Australia, with plans to expand to other markets in 2027. At the same time, Dropbox is enhancing its core product with new AI features: users will be able to ask the AI to perform tasks on their files, select different AI models, and connect their Dropbox content to third-party tools like ChatGPT, Claude, and Muse.

A $350 million acquisition to build S3-compatible object storage

Dropbox announced the acquisition of Tigris Data for $350 million, aiming to strengthen its AI infrastructure and support the launch of DBX Agent Cloud, a storage platform designed for businesses and developers of AI models and agents. DBX Agent Cloud will initially offer an independent object storage solution that can be used with tools and applications compatible with Amazon S3, a cloud service dedicated to storing and retrieving large volumes of data. Dropbox plans to add features that will allow AI systems to process various types of content, such as documents, images, audio, and video, as well as file system functions for managing and maintaining AI agents. The transaction is expected to be finalized in the fourth quarter of 2026. This acquisition appears to be the largest ever made by Dropbox.

The profile of Tigris and Dropbox's acquisition history

Tigris Data was founded by former Uber engineers who contributed to the development of the ride-sharing company's storage infrastructure. Its cloud storage solution provides businesses with the ability to store and access their data across multiple regions, automatically placing information closer to users and computing resources to reduce latency and optimize performance. Last year, Tigris Data raised $25 million in a Series A funding round. Dropbox has previously acquired various companies specializing in AI, including Reclaim.ai, Promoted.ai, and Mobius Labs. The company emphasizes that no job cuts are planned as part of this acquisition, following a 9% reduction in its global workforce the previous month, according to the WSJ.