Quip Acquired by Salesforce for $ 582 Million

Quip Acquired by Salesforce for $ 582 Million
Image Source: Twitter

Quip, a word processing startup has been acquired by one of the leaders in CRM, Salesforce for an amount of $582 million excluding Salesforce Ventures’ investment in Quip.

Quip was established in 2012 by two highly successful names in the field of technology, Bret Taylor and Kevin Gibbs.

Bret is known as the co-creator of Google Maps and is ex-CTO Facebook. Kevin is known for bringing the Google App engine in market and led the engineering and product team at Google.

Quip had raised $45 million till end of 2015 of which $15 million was raised in Series A funding by Benchmark Capital and remaining $30 Million in Series B funding from Greylock.

Founders Bret and Kevin mentioned on their blog that Quip and Salesforce follow and believe in same philosophy when it comes to software which is: “it should be in the cloud, built for the mobile era, and be inherently social”.

Salesforce had earlier acquired Demandware for $2.8 billion, who are into cloud commerce solutions that enables retailers to engage their customers effectively with innovative solutions.

With these two major and high value acquisitions, Salesforce is expanding its wings in the cloud with cloud based apps and services which will ensure they can service their customers to highest level of expectations and beyond CRM tools.

Lot of things are happening on the cloud-tech front, Salesforce has acquired close to 40 companies and Quip’s co-founder Bret has joined board of directors of Twitter.

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