Dropbox, Inc. (NASDAQ: DBX), today announced it has acquired FormSwift, a cloud-based service that gives individuals and businesses a simple solution to create, complete, edit, and save critical business forms and agreements.
“At Dropbox, we’re building tools to help our customers succeed in today’s virtual-first world by modernizing manual workflows and digitizing tasks,” said Dropbox Vice President and General Manager of Document Workflows Group, Chetan Dandekar. “As part of this, we’re focused on building an end-to-end agreement workflow experience, 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.”
As work becomes more distributed, Dropbox customers are looking for ways to streamline their workflows, simplify their tasks, and save valuable time. With FormSwift, Dropbox aims to bring FormSwift’s vast library of templates — from employee onboarding waivers, to rental agreements, to NDAs — to its customers, giving them the ability to find, edit, sign and share the documents they need, all from Dropbox. The combination of Dropbox’s already robust document storage, signing and sharing capabilities with FormSwift’s extensive template library and intuitive self-serve platform, will help Dropbox make progress against its goal of building an end-to-end agreement workflow capability.
“Over the last decade, FormSwift has become a leading provider of tools to help people easily create, edit, sign, and collaborate on documents and workflows in the cloud, eliminating unnecessary printing, faxing, and snail mail,” said Vik Tantry, FormSwift Co-Founder and Chief Executive Officer. “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 waysstreamline their workflows and improve efficiency. By joining forces with Dropbox, we can better scale our capabilities to make work easier for a larger number of small businesses and freelance customers.”
Under the terms of the agreement, Dropbox acquired FormSwift for $95 million in cash subject to customary purchase price adjustments. The acquisition closed on December 15, 2022. Dropbox plans to discuss the relevant impact of the FormSwift acquisition on Dropbox’s financial metrics during its fiscal Q4 2022 quarterly earnings call.