Salesforce Challenges Office 365 With Acquisition of Quip
Quip is a mobile-first word processing and spreadsheet app that brings new competition to Microsoft Office 365 or OpenOffice and integrates directly with Slack.Salesforce, which has been as progressive a new-generation Silicon Valley establishment as there is during its 17-year lifetime, continues to add applications and services to its already impressive arsenal of tools. The San Francisco-based web services giant revealed Aug. 1 that it has acquired Quip, a cloud-based word processing app co-founded by former Facebook CTO Bret Taylor. While the official transaction details were not released, TechCrunch cited two sources close to the deal who said the total price is $750 million in cash and stock. The stock amounts to $582 million of the total, as noted in Salesforce's Aug. 1 8K filing with the Securities and Exchange Commission.
The legal document Salesforce filed on the deal says that "Quip capital stock [has] an aggregate value of approximately $582 million not including consideration attributable to Salesforce Ventures' existing investment in Quip." Mobile-First Productivity App
Quip, which integrates directly with the popular Slack collaboration app, is a mobile-first word-processing and spreadsheet app that brings new competition to Microsoft Office 365 and OpenOffice. It also has a desktop version and offers chat rooms to give it a social-network look and feel.