Dropbox has announced a $350 million acquisition of cloud technology firm Tigris Data, a move that appears to be the company's largest acquisition to date. The deal, revealed on Thursday, is designed to bolster Dropbox's AI infrastructure capabilities and support the development of DBX Agent Cloud—a new storage platform targeting businesses and developers who are building AI models and agents. Dropbox also stated that it has no current plans to reduce headcount as part of the acquisition, though the company did cut 9% of its global workforce last month, according to WSJ.

DBX Agent Cloud will launch with object storage as a standalone offering, letting businesses purchase storage independently and pair it with existing tools and applications built for Amazon S3, the cloud storage service that allows organizations to store and retrieve large volumes 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, select between different AI models, and link their Dropbox content to third-party tools such as ChatGPT, Claude, and Muse.

The company also intends to expand DBX Agent Cloud with further capabilities aimed at helping AI systems work with various content types, including documents, images, audio, and video. Additional planned features include filesystem functionality that will let AI agents manage files and maintain continuity across tasks and sessions. Dropbox reports that the updated experience has already reached more than 70,000 teams. The initial rollout is available to eligible Standard and Advanced customers in the U.S., U.K., and Australia, with broader availability slated for 2027.

Tigris Data was founded 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, automatically positioning data closer to the users and computing resources that need it—reducing access times and improving performance. Tigris Data raised $25 million in a Series A funding round last year.

While the Tigris deal appears to be Dropbox's largest acquisition, it is not the company's first move to expand its AI capabilities through M&A. Dropbox has previously acquired several AI-focused companies, including Reclaim.ai, Promoted.ai, and Mobius Labs.