Andre Yoskowitz
9 Sep 2011 13:33
According to BI, Apple tried to acquire cloud storage company Dropbox earlier this year.
The company, which is set to go public eventually, first went through an elaborate M&A process, and had Apple and Citrix as potential bidders.
Sources hear that Apple offered up $800 million for the company, after seeing revenues would reach $100 million in 2011.
Dropbox passed on the offer and instead accepted a new round of private investments that valued the company at $4 billion.
The purchase would have been notable for Apple, who has infamously sat on their $70 billion cash with very little acquisitions in the past five years.