Dropbox chooses Austin for expansion, accepts government incentives

Feb 24, 2014
Austin Business Journal

Dropbox Inc. said Friday it will go ahead with the expansion of its Austin workforce by 170 employees, following City Council's approval of a $244,500 incentive package on Thursday. The city's offer enabled the state to offer an additional $1.5 million in incentives

The move will put a large portion of the San Fransisco-based company's sales and operations in downtown Austin. Dropbox currently employs 350 nationwide, including about 30 already in Austin. The company specializes in online file storage, and has grown to a massive valuation of $10 billion since it was founded in 2007

To house its local workers, the company says it is looking for 30,000 to 40,000 square feet downtown. In the summary of the deal, city staff suggest that the company is considering locating at its existing Congress Avenue address

The new jobs will pay an average annual wage of about $59,000. The breakdown provided by the company allows for 145 entry-level jobs at $52,5000, 24 managerial positions at $100,000 and one executive position at $155,000. The company has also proposed a $5.5 million investment

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