Salesforce is taking the fight to Alphabet and Microsoft with the $582 million acquisition of Quip, a document collaboration firm that competes with Alphabet’s Google Docs and Microsoft's Office products.
The deal will be completed entirely in stock options and is Salesforce' third acquisition in the last few months, following the £2.8 billion purchase of enterprise cloud commerce solutions provider Demandware and the acquisition of deep learning company MetaMind.
The deal enables Salesforce to boost its document creation and collaboration offering, as well as taking advantage of Quip's mobile platform.
Quip said in a statement: "Salesforce and Quip share the same philosophy about software: it should be in the cloud, built for the mobile era, and be inherently social. Salesforce pioneered the shift to enterprise cloud computing - and Quip has been working since 2012 to re-imagine a productivity platform for teams that allows them to be more connected, more collaborative and get more work done.”
Co-founder Bret Taylor - former Facebook CTO and co-creator of Google Maps - looked to assure users that the future of the products is safe, saying: "I'm still running it and we're all working on it. This is going to genuinely improve Quip's future, and you can hold me to it."
"As part of Salesforce, we will be able to expand our service more quickly and reach millions of people all over the world."
Image source: Shutterstock/Melpomene