Dropbox has announced a $350 million deal to acquire cloud technology firm Tigris Data, a move that stands as what appears to be the company's biggest acquisition yet. The purchase, revealed on Thursday, is designed to bolster Dropbox's AI infrastructure and fuel the creation of DBX Agent Cloud — a new storage platform tailored for businesses and developers who are building AI models and agents.

According to the company, there are currently no plans to cut jobs as a result of the acquisition. This comes after Dropbox trimmed 9% of its global workforce last month, as reported by WSJ.

DBX Agent Cloud will debut with object storage offered as a standalone product, letting businesses buy storage on its own and pair it with existing tools and applications built for Amazon S3 (Simple Storage Service), a cloud storage service that lets companies store and retrieve large amounts of data.

Alongside its infrastructure ambitions, Dropbox is adding more AI features to its core product. Users will be able to ask AI to carry out supported tasks using their files, pick between different AI models, and link their Dropbox content to third-party tools such as ChatGPT, Claude and Muse.

The company also intends to grow DBX Agent Cloud with extra capabilities aimed at helping AI systems handle various content types, including documents, images, audio and video. Other planned additions include filesystem features that will let AI agents manage files and keep continuity across tasks and sessions.

Dropbox says the refreshed experience has already reached over 70,000 teams. The first rollout is available to eligible Standard and Advanced customers in the U.S., U.K. and Australia, with wider availability slated for 2027.

Tigris Data was started by former Uber engineers who helped build the ride-hailing company's storage infrastructure. The company offers cloud storage technology that helps businesses store and access data across different regions. Its platform automatically places data closer to the users and computing resources that need it, which helps cut access times and boost performance. Tigris Data raised $25 million in a Series A funding round last year.

While the Tigris deal looks like Dropbox's largest acquisition, it isn't the company's first effort to expand its AI capabilities through M&A. Dropbox has previously bought several AI-focused companies, including Reclaim.ai, Promoted.ai and Mobius Labs.