Cloud storage company
Dropbox has acquired mobile-app company Endorse. San Francisco-based Dropbox did not release information related to the cost of the acquisition.
Established in 2010, Endorse is the brainchild of founder Steven Carpenter. The system provides a free mobile app that offers users a refund of between 10% and 100% on purchases made in shops and stores. It provides an alternative to the coupons people collect to retrieve product discounts. Users simply take a photo of a receipt and upload it to Endorse to receive their refund. Every time they use the system, users earn points that go towards further discounts. Endorse has previously worked with companies like Pepsico and Proctor & Gamble to provide customer incentives and was backed by investment firms SV Angel and Accel Partners. It had raised investment of $4.25 million.
A message on the Endorse website suggested: "Just to let you know that as of June 19, 2013, we are closing the Endorse service. You will no longer be able to receive product offers, to upload receipts, and to earn cash back and points using the Endorse mobile app."
No information has been provided regarding the background to the acquisition. Dropbox may have acquired Endorse to utilize its product, alternatively, the company may just have waned to absorb its talent. However, Endorse's blog suggested that they were happy to join "an incredible team with ambitious goals" and that they were "pleased to have the opportunity be a part of (Dropbox's) journey".
Dropbox's purchase comes on the heels of its purchase of email app Mailbox in March 2013 and the music streaming service Audiogalaxy in December 2013.
Do you know of any other companies involved in acquisitions? Let us know the details. Add your comments below.
