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Dropbox for Teams features the same security features as its standard offering, the company said. Dropbox files are stored encrypted on Amazon Simple Storage Service (S3) in secure data centers, and also remain on users' Dropbox-synced devices for added backup.
The addition of new administrative tools such as centralized billing, phone support and other controls that enable the addition or deletion of users takes the service deeper into business. Dropbox for Teams will cost $795 annually for five users and additional seats are available for $125 each, according to the company. The base plan includes 1,000 GB of shared cloud storage, and each additional seat adds 200 GB more.
Dropbox's launch of Dropbox for Teams comes on the heels of the company revealing that it has raised $250 million in Series B financing, funds the company will leverage to accelerate its growth, make acquisitions, pursue strategic partnerships and beef up its staff. The funding bump puts Dropbox's total funding at $257.2 million. It also was recently rumored that Apple attempted to acquire Dropbox two years ago with a nine-digit dollar figure, but founders Arash Ferdowsi and Drew Houston turned down Steve Jobs' offer.
Dropbox's road hasn’t been without a few bumps, however. Earlier this year, Dropbox faced public scrutiny and questions around security after an authentication bug opened a security hole that enabled Dropbox account access with any password, leaving Dropbox accounts open for the picking. The company said that no accounts or data were compromised in the security lapse.
Just weeks later, Dropbox stumbled again when it released a revised terms of service that some users believed was worded to indicate that Dropbox owned user content and data and could use it in any way it pleased. Dropbox quickly changed the wording of its terms of service and assured Dropbox users that users own their data in the cloud.