Dropbox, the file management and collaboration company, has acquired Reclaim.ai, an AI-powered scheduling tool startup.
The acquisition, announced on August 22, 2024, brings together Dropbox’s file management expertise with Reclaim’s intelligent scheduling capabilities.
Reclaim.ai, founded in 2019 by Henry Shapiro and Patrick Lightbody, has gained significant traction in the productivity space.
The startup boasts over 320,000 users across 43,000 companies worldwide, including notable clients such as PagerDuty, Zapier, and GitHub.
Reclaim’s technology uses artificial intelligence to help users manage their time more effectively, find optimal meeting slots, and balance tasks with personal habits and breaks.
The Portland, Oregon-based startup had previously raised $9.5 million in funding from investors including Calendly, Index Ventures, and Gradient Ventures. While the financial terms of the acquisition were not disclosed, Dropbox’s move signals its intent to expand its productivity offerings.
Reclaim’s entire team of 22 people, including the co-founders, will be joining Dropbox as part of the deal. This integration of talent and technology is expected to bolster Dropbox’s capabilities in the productivity and time management space.
In a blog post announcing the acquisition, Reclaim’s founders expressed their alignment with Dropbox’s mission to “design a more enlightened way of working.”
They emphasized their shared goal of helping people make time for what matters and exploring new ways AI can improve work processes.
For existing Reclaim users, the company has assured that there will be no immediate changes to pricing or customer support. The Reclaim team plans to continue developing their product under Dropbox’s ownership, with upcoming features including support for Microsoft Outlook calendar integration.
The acquisition comes at a time when productivity companies are increasingly focusing on integrating calendar management and scheduling tools into their solutions. Earlier this year, ClickUp acquired calendar startup Hypercal, while Notion introduced its own calendar product based on its acquisition of Cron in 2022.
Dropbox’s latest financial results, released earlier this month, showed a revenue of $634.5 million for Q2 2024, representing a 1.9% year-on-year increase. The company also reported 18.22 million paying users, up from 18.04 million the previous year.
The Reclaim acquisition is part of Dropbox’s strategy to enhance its productivity offerings.
In recent years, Dropbox has made several acquisitions in this space, including document sharing startup DocSend and universal search company Command E in 2021, and form management platform FormSwift for $95 million in 2022.
SOURCE: MoneyCheck