Dropbox agrees to buy Tigris for $350M and unveils AI object storage

Dropbox announced an agreement to buy AI storage company Tigris Data for approximately $350 million in cash and introduced DBX Agent Cloud on November 5. The new infrastructure business starts with standalone, S3-compatible object storage. Developers can buy that storage separately and use familiar tools and supported applications built for Amazon S3.

A securities filing dates the definitive agreement to November 3. It covers all outstanding Tigris equity, with customary purchase-price adjustments. Dropbox expects closing in the fourth quarter of 2026, subject to closing conditions being satisfied or waived. The announcement concerns an agreed transaction awaiting completion.

Tigris co-founder and CEO Ovais Tariq told existing customers they would retain the product, S3-compatible API, pricing with zero egress fees, team and support channels. The service would continue alongside their chosen clouds and compute platforms. Tigris said it would keep customers informed as the transaction progressed.

The product being acquired already offers location choices per storage bucket: a single region, multiple regions or global placement. Its feature page describes placing data near readers, bucket snapshots and recovery of soft-deleted objects within a chosen retention window. These are existing Tigris capabilities, rather than features newly released with the acquisition announcement.

DBX Agent Cloud is designed to sit alongside customers' existing clouds, compute providers and development platforms. Dropbox identifies training datasets, model artifacts, images and video among the content those applications need. Its infrastructure plan gives that content a consistent home as customers choose where their applications run.

Filesystem and content-processing capabilities are planned next. Tigris describes the former as a filesystem interface onto data stored in its service; processing would turn documents, images, audio and video into AI-ready inputs. Dropbox says persistent file access would let agents continue work across tasks and sessions. The announcement provides no release date for those additions.

AI actions inside existing Dropbox folders

Dropbox also announced AI capabilities for its existing file service. Customers describe an outcome, and Dropbox finds relevant content, proposes a plan and performs supported actions after approval. The company says it preserves existing permissions and sharing context, records its actions and lets users undo supported changes.

Announced tasks include summarizing folders, comparing versions, drafting documents from project material, editing PDFs and images, transcribing recordings and refining video clips. Dropbox can also create folder structures and rename files in bulk. Results stay connected to the existing folders for teams to review and share.

Users can switch supported models within a session while keeping context. Dropbox says using those models inside its service requires no separate account or paid subscription with the model provider. Supported external AI tools, including ChatGPT and Claude, can also work with connected Dropbox content and return results to storage.

The company says the new experience has reached more than 70,000 teams. Initial deployment focuses on eligible Standard and Advanced teams in the US, UK and Australia, in English, with broader availability planned for 2027.

Its help page specifies billing-address and language requirements, and excludes teams with a HIPAA business associate agreement, managed encryption keys or Replay. Some AI features consume a shared team credit balance. Team administrators can turn the new experience off or back on for their teams. According to the help page, existing Dash chat, search and app connections move into Dropbox. Connected apps retain their permissions, and AI can use content the person already has access to.