9:34 AM, Jan 28, 2019 — Dropbox (DBX) is paying $230 million to acquire HelloSign, an electronic signature platform, adding the digital document capabilities to the suite of offerings available from the work collaboration company.
The deal to acquire HelloSign is expected to close in the first quarter of this year, the companies said in a statement on Monday. HelloSign allows users to sign documents themselves or send out requests for signatures and it has more than 80,000 customers, the firms said.
It also offers a browser extension for Alphabet’s (GOOGL) Chrome for Gmail and the HelloWorks service to allow companies to fill out paperwork faster, as well as online fax services.
Dropbox’s shares were slightly weaker in early trading. Rival e-signature company DocuSign (DOCU) was down more than 2% and Adobe (ADBE), which also offers digital document services, was about 0.5% lower.
“We waste so much time using clunky tools that were designed for yesterday’s work environment,” HelloSign’s co-founder and chief executive, Joseph Walla, said in the statement. “Together with Dropbox, we can bring more seamless document workflows to even more customers and dramatically accelerate our impact.”
Walla said they “share a design philosophy” with Dropbox, which aims for more efficiency in its business models and sales strategies.
Dropbox’s CEO Drew Houston said bringing in HelloSign will “deliver an even better experience to Dropbox users, simplify their workflows, and expand the market we serve.”
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