Dropbox announced Monday its plans to purchase electronic signature startup HelloSign for $230 million in cash.
The acquisition will expand Dropbox’s workflow products, which HelloSign started developing two years ago with its mobile-first, user-friendly HelloWorks portal. Its capabilities include e-signature and online faxing, as well as other customizable options.
The business deal—Dropbox’s biggest acquisition since its founding in 2007—will set up the company as a competitor with other workflow and software companies, including Adobe and DocuSign, CNBC reported.
“What is unique about HelloSign is that the investment they’ve made in APIs and the workflow products is really so aligned with our long term direction,” Dropbox’s SVP of engineering, Quentin Clark told TechCrunch. He added that the business deal would help the company “pursue that broader vision,” including its goals of expanding its storage capacity.
HelloSign, which was established in 2010 and is based in San Francisco, will remain an independent operation for now, with CEO Joseph Walla reporting to Clark, according to CNBC. The company presently boasts more than 80,000 customers and will bring some big names to Dropbox, including Lyft, Samsung, and Twitter.
“We’re thrilled to welcome HelloSign’s talented team to Dropbox and add their capabilities to our product suite,” said Dropbox co-founder and CEO Drew Houston, in a press release. He added that Dropbox, with HelloSign’s help, will strive to “deliver an even better experience to Dropbox users, simplify their workflows, and expand the market we serve.”