Dropbox to acquire object storage service Tigris Data for $350m

Dropbox has agreed to acquire Tigris Data, a US-based cloud technology and storage startup, in an all-cash deal worth around $350m.

Tigris provides object storage for AI applications, with data available across multiple cloud environments through an S3-compatible interface.

Established by former Uber engineers, the service is intended to help organisations avoid dependence on one cloud provider and charges for moving data out. It automatically determines where data is held to improve access times in different regions, reducing the need for users to configure copies or caches themselves.

The Tigris platform can be used for tasks such as training models, running inference and supporting autonomous agents.

Dropbox’s proposed purchase of Tigris is expected to support its move into AI infrastructure, drawing on almost 20 years of experience managing large-scale storage systems.

The deal is expected to close in the fourth quarter (Q4) of 2026, pending standard closing conditions.

In line with the deal, Dropbox has introduced DBX Agent Cloud, a new storage and data infrastructure product aimed at companies and developers working on AI applications.

The offering begins with standalone, S3-compatible object storage available for independent purchase and use with tools designed for Amazon S3.

Dropbox intends for this platform to provide a consistent foundation for content used in model training, application deployment, and AI agent operation across various cloud and computing environments.

Through these moves, Dropbox is seeking to expand its product range beyond traditional file storage and sharing, offering AI-powered features directly to customer files and workflows.

Users will be able to interact with Dropbox to carry out tasks such as finding information, summarising folders, drafting documents, editing media, and managing files without leaving the platform.

Dropbox says its content-processing and planned filesystem capabilities are designed to help customers extract value from their stored documents, audio, images, and video, while keeping files connected to the original permissions and sharing structure.

Tigris co-founder and CEO Ovais Tariq said: “Our customers depend on Tigris to keep their applications running, and their needs keep growing.

“Dropbox brings nearly two decades of experience operating storage infrastructure at scale. Combining that experience with our product and close relationships with developers would help us support larger workloads while keeping our focus on reliability, developer experience, and direct technical collaboration.”

Dropbox customers will have the option to select and switch between supported AI models within the platform, maintaining workflow context. They will also be able to use services such as Claude, ChatGPT, and Muse on Dropbox files without re-uploading.

The company stated that these integrations enable collaborative review and ongoing management within existing Dropbox workflows.

Separately, Dropbox reported its third quarter (Q3) 2026 financial results with total revenue at $637.3m, an increase of 0.5% over the same period in 2025. The company’s GAAP net income was $116.1m in the reported quarter, down 6.2% from $123.8m in Q3 2025.