Dropbox acquires Tigris Data for $350M to bolster its AI infrastructure

Dropbox has agreed to buy cloud storage company Tigris Data for $350 million, in what appears to be its largest acquisition to date. The deal is intended to strengthen the infrastructure behind DBX Agent Cloud, a storage platform for businesses and developers building AI models and agents.

The transaction is expected to close in the fourth quarter of 2026, and Dropbox says it has no plans for acquisition-related job cuts, after reducing its global workforce by 9% last month. DBX Agent Cloud will initially offer object storage compatible with tools built for Amazon S3. Dropbox says its expanded AI experience has reached more than 70,000 teams, with an initial rollout for eligible customers in the U.S., U.K. and Australia and broader availability planned for 2027.