TappIn Acquired for $9M, Price Could Grow
Seattle file-sharing startup TappIn, formerly known as Homepipe Networks, has been acquired by San Antonio, TX-based GlobalSCAPE (AMEX: GSB), a company that provides file transfer software.
GlobalSCAPE is paying $9 million up front for TappIn, with another $8 million in possible payments over the next three years if the new property hits revenue and development targets, the companies said in their announcement.
TappIn had raised about $2 million since its founding in 2009. It originally focused on a consumer service that would let users store their digital files on a home computer or drive and access them remotely, but changed the company’s name earlier this year after extending the service to businesses.
TappIn has distinguished itself from other file-storage companies, including big names like Dropbox and Box, by emphasizing that files remain on a user’s personal storage system rather than being uploaded to cloud storage. TappIn is, however, now adding some cloud-storage features to its offering.
GlobalSCAPE says TappIn will be a wholly owned subsidiary, with all of TappIn’s employees remaining in Seattle. TappIn executives Chris Hopen, Parvez Anandam, Doug Wheeler, and Andrew Tull will also remain on the job. The acquisition closed Dec. 2.