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Dropbox rejected Steve Jobs/Apple's acquisition offer of $250 million

Dropbox said no to Apple's $250 million bid to acquire them

| Business, Financial & Legal News | Posted: Oct 20, 2011 12:42 am

Dropbox back in 2009, reportedly turned down a nine-digit, rumored to be $250 million, from Steve Jobs and Apple. Back in 2009, Dropbox was only two years old, but Steve Jobs could see the use in Dropbox before there was iCloud. Steve Jobs led the first and only meeting with the Dropbox founders, Arash Ferdowsi and Drew Houston, telling them they should sell to Apple because Apple would crush their company with a competing product.

 

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That recently product is the recently launched iCloud service... the following quote is from the Forbes article (and cover story) written by Victoria Barrett:

 

In December 2009 Jobs beckoned Houston (pronounced like the New York City street, not the Texas city) and his partner, Arash Ferdowsi, for a meeting at his Cupertino office. "I mean, Steve friggin' Jobs," remembers Houston, now 28. "How do you even prepare for that?" When Houston whipped out his laptop for a demo, Jobs, in his signature jeans and black turtleneck, coolly waved him away: "I know what you do."

 

What Houston does is Dropbox, the digital storage service that has surged to 50 million users, with another joining every second. Jobs presciently saw this sapling as a strategic asset for Apple. Houston cut Jobs' pitch short: He was determined to build a big company, he said, and wasn't selling, no matter the status of the bidder (Houston considered Jobs his hero) or the prospects of a nine-digit price (he and Ferdowsi drove to the meeting in a Zipcar Prius). Jobs smiled warmly as he told them he was going after their market.

 

The full story can be found here.

NEWS SOURCE
Techcrunch.com

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