US cloud storage company Dropbox has acquired Israeli company CloudOn. No financial details about the deal have been disclosed but sources estimate the sale was four about $100 million.
CloudOn's cloud-based free services enable smartphone and iPad owners to use Microsoft Office and Adobe by creating Word, Excel, and PowerPoint documents
CEO Milind Gadekar, CTO Shuki Binyamin and VP engineering Meir Morgenstern founded CloudOn in 2009. The company has offices in Palo Alto and Herzliya. CloudOn has raised $26 million from investors including The Social+Capital Partnership, TransLink Capital, Foundation Capital and Rembrandt Venture Partners.
Dropbox head of product, business and mobile Ilya Fushman said that CloudOn’s more than 30 employees will join Dropbox and the Israeli office will become a base for the company’s “aggressive hiring” in the region, the "Wall Street Journal" reported.
Gadekar said in a statement, "From the beginning, my co-founders and I built CloudOn to change the way people edit, create, organize and share docs on any platform. And we’ve spent the past three years doing just that. What we’ve achieved alongside our 9 million users - the driving force behind CloudOn - has been pretty incredible: over 90 million documents have been edited, created or shared on CloudOn. We want to thank you for the support and appreciate your participation in CloudOn - making it a top 10 productivity app in 120 countries. We could not have done it without you."
He added, "Today, we’re taking the next step toward our vision of reimagining docs by joining the Dropbox team. Our companies share similar values, are committed to helping people work better, and together we can make an even greater impact."
In the short term, we’ll be shutting down the CloudOn service on March 15, 2015 and won’t be accepting any new users as of today. We apologize for any inconvenience this may cause you and we’re here to help make this transition painless for you. We’re thrilled to continue building things that help people work better - and we’re proud and excited to join the Dropbox team to help people be more productive every day."
Published by Globes [online], Israel business news - www.globes-online.com - on January 21, 2015
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