Digital mortgages and electronic documents are becoming more commonplace, and now, there’s a big name in business that wants a piece of the action.
Dropbox, the business collaboration platform, announced Monday that it is buying HelloSign, an eSignature and document workflow platform, for $230 million.
According to Dropbox, HelloSign currently has more than 80,000 customers using its eSignature, electronic fax, and other solutions.
And soon, those offerings will be integrated into Dropbox.
“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,” Dropbox Co-founder and CEO Drew Houston said.
“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,” Houston continued. “Together, we can deliver an even better experience to Dropbox users, simplify their workflows, and expand the market we serve.”
According to Dropbox, the company is paying $230 million in cash to acquire HelloSign and its various services.
“Over the past 10 years, Dropbox has built a trusted global brand focused on transforming people’s working lives,” HelloSign Co-founder and CEO Joseph Walla said. “We share a design philosophy based on building the best experience for end-users, fueling our efficient business models and sales strategies. Together with Dropbox, we can bring more seamless document workflows to even more customers and dramatically accelerate our impact.”
Dropbox hinted at the acquisition’s usefulness for the real estate industry, noting that “buying an apartment” is still one of the transactions that require a significant number of paper documents that need to be signed by hand. But maybe not for much longer.
The companies say they expect the deal to close in the first quarter of this year.