There have been some question marks around Dropbox's business recently, but the cloud file storage company is leading its peers in at least one significant area: acquisitions.
According to research firm CB Insights, Dropbox has led all pre-IPO companies in terms of acquisitions in the past five years, gobbling up 23 startups in total.
That's nine more than the second most active acquirer, German-based food delivery startup Foodpanda, and nearly triple of what the similarly-valued Pinterest bought over the same period. Dropbox was last valued at $10 billion, slightly less than Pinterest's $11 billion price tag.
Some of the startups Dropbox acquired include enterprise communications service Clementine, audio streaming service Umano, and cloud storage provider Cloud On.
It's unclear what impact these deals will have on Dropbox's overall business, as they're mostly small startups and these deals tend to be more geared towards acquiring talent than actual needle-moving businesses.
But CB Insights pointed out that it's part of a larger industry trend where more and more pre-IPO companies are acquiring private companies. In fact, 2015 is expected to see the highest number of deals between private companies, as nearly 700 startups are forecast to be acquired by year's end.
That's roughly 4.5X of the number of deals in 2010 and about double the amount in 2013.
"This trend could be due to several factors (or a combination of them): more startups being targeted for acquihires as their growth slows, capital availability leading to more ready cash on-hand, and a general consolidation of certain industries (e.g., food delivery companies acquiring each other)," CB Insights wrote in a blog post.
One encouraging sign for both Dropbox and its investors, though, is that some of the biggest tech companies were all active acquirers before going public: Twitter and Facebook both had 31 acquisitions before their IPOs, while Zynga and Groupon each had 20 and 19 deals, respectively, CB Insights noted.