Salesforce.com on Monday announced it has agreed to acquire Quip, a productivity platform that will expand the CRM giant's offerings in word processing and collaborative communications. In effect, the acquisition gives Salesforce new tools that compete with Microsoft Word and Google Docs.
Salesforce said in an SEC filing that it values Quip's shares at $582 million, not including Salesforce Ventures' existing investment in the company. Following the acquisition, Quip will be a wholly owned subsidiary of Salesforce.
Quip's co-founders Bret Taylor and Kevin Gibbs wrote in a blog post that Quip will continue to grow.
"As part of Salesforce, we will be able to expand our service more quickly and reach millions of people all over the world," they wrote. "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."
The three-year-old startup already boasts more than a million users and "thousands" of teams that have adopted its services.