Subscribe

0

  • Sign in with Email

By clicking the button, I accept the Terms of Use of the service and its Privacy Policy, as well as consent to the processing of personal data.

Don’t have an account? Signup

  • Bookmarks
  • My Profile
  • Log Out
  • NEWS
  • POLICIES
  • MSME OPPORTUNITIES
  • BANKING & FINANCE
  • TECHNOLOGY FOR SMES
  • SECTORS
  • GLOBAL
  • Investment
  • LEGAL
  • KNOWLEDGE QUEST
  • Future Ready Forum 2025
  • Ek Nayi Udaan
  • Future Ready Summit 2024
  • ADVERTISE WITH US
ad_close_btn
  • News
  • Policies
  • Banking & Finance
  • MSME Opportunities
  • Web Stories
  • InFocus
  • Technology For SMEs
  • Sectors
  • Global
  • Fashion

Powered by :

You have successfully subscribed the newsletter.
Technology For SMEs Processes

Salesforce Acquired Quip for $750 Million

author-image
SMEStreet Desk
03 Aug 2016 04:00 IST

Follow Us

New Update
Salesforce,
Salesforce's Quip Acquisition is getting considered as an alarm to Microsoft.

Salesforce expands it's strength for cloud-based apps and services that it offers to its customers beyond basic CRM. The company has just announced that it is acquiring Quip, the cloud-based word processing app that was co-founded by Bret Taylor, formerly CTO of Facebook. We understand from two sources very close to the deal that the total price is $750 million.

That includes cash and shares, as Salesforce’s 8-K that it just filed on the deal notes “Quip capital stock with an aggregate value of approximately $582 million not including consideration attributable to Salesforce Ventures’ existing investment in Quip.”

Quip was founded in 2012 and had raised $45 million in funding, with other investors (in addition to Marc Benioff and Salesforce Ventures) including Peter Fenton and Benchmark, Greylock, and Yuri Milner. Quip already counts several key companies, including Taylor’s former company Facebook, among its customers.

In a blog post announcing the news, Quip notes that it will continue to operate its business, but now under Salesforce. We understand that Taylor and his co-founder, ex-Googler Kevin Gibbs, will both be staying on post-acquisition.

“We’re inspired by the possibilities ahead of us. As part of Salesforce, we will be able to expand our service more quickly and reach millions of people all over the world — which has been our mission since day one,” they write. “And, we’ll be able to extend the Salesforce Customer Success Platform in powerful new ways with our next-generation productivity capabilities. The possibilities of mixing data, content and communication are amazing.”

It’s not clear why Quip — which was growing and in the enviable position of being very selective about taking funding from VCs — decided to sell up to Salesforce. But it’s an interesting turn in the ongoing consolidation that we’ve seen in the enterprise market, and how that is transforming the bigger companies that are doing the buying.

 

Salesforce quip Micosoft Salesforce.com CRM
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news
logo

Related Articles
Read the Next Article
Latest Stories
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news

Latest Stories
Latest Stories
    Powered by


    Subscribe to our Newsletter!




    Powered by
    Select Language
    English

    Share this article

    If you liked this article share it with your friends.
    they will thank you later

    Facebook
    Twitter
    Whatsapp

    Copied!