Mobile coupon startup, Endorse, shut down its service about a month ago but made it known on Saturday, July 20th that it has been acquired by Dropbox. The Endorse team made this announcement through a post on their blog and said that they are “thrilled” with the move. With this acquisition Dropbox has now added another group of talented people to its staff in today’s constrained talent market. However, both companies have not so far revealed the details regarding the acquisition. Therefore, it is hard to predict how much money Dropbox has spent to make this acquisition, but one thing is for certain that this was not an acqui-hire for Endorse’s talent.
It is speculated that Endorse had about 12 or less employees, including the founder of the startup, Steve Carpenter, who is now expected to join the Dropbox team along with the majority of its staff members. Back in 2010, Carpenter and his team managed to secure 4.25 million funds from Accel and SV Angel that enabled them to launch the web edition of the product after which they released the iPhone app in August 2012. Later during this year, the mobile coupon startup closed its app down and announced that customers, from whom Endorse had accrued money, have until the end of June to transfer their funds back into their accounts.
As far as Dropbox is concerned, it has been another successful acquisition by them after getting hold of services like Mailbox and Snapjoy. Below is the official announcement regarding the acquisition that Endorse team has made over their blog:
“Today, we’re thrilled to announce that Endorse has been acquired by Dropbox!
Since we began in November 2010, the Endorse team has been obsessed with developing and scaling innovative mobile applications and changing the way large industries do business. Just as important as what we’ve been working on, we’ve been similarly passionate about the how – and we purposefully built a team and company culture that values intellectual curiosity, risk-taking, teamwork, and customer service.
We have known and long-admired the Dropbox team for years. Dropbox has that rare combination of talent, teamwork, and vision. We are joining an incredible team with ambitious goals and lots of difficult and exciting technical and business challenges ahead, and we could not be more pleased to have the opportunity be a part of the journey.
A special thank you to everyone who helped in building Endorse along the way.
Onward!
The Endorse Team”
Source: Techcrunch, TheEndorseBlog
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