Dropbox buys Tigris Data for $350 million, its biggest deal yet

Dropbox is acquiring cloud technology company Tigris Data for $350 million in what appears to be its largest acquisition to date, TechCrunch reports. Announced Thursday, the deal is meant to strengthen Dropbox's AI infrastructure and support DBX Agent Cloud, a new storage platform for businesses and developers building AI models and agents. It is expected to close in the fourth quarter of 2026. Dropbox told TechCrunch it has no plans to cut headcount as part of the deal; the company already cut 9% of its global workforce last month, according to the WSJ. DBX Agent Cloud will initially sell object storage as a stand-alone product compatible with tools built for Amazon S3. Dropbox is also adding AI to its core product: users will be able to ask AI to perform tasks on their files, choose between models and connect Dropbox content to third-party tools.