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Salesforce to buy document-editing startup Quip for about $582 million
August 1, 2016 / 9:35 PM / a year ago

Salesforce to buy document-editing startup Quip for about $582 million

(Reuters) - Cloud-based software maker Salesforce.com Inc (CRM.N) said on Monday it agreed to acquire document-editing startup Quip for about $582 million.

A woman stands near a Salesforce sign during the company's annual Dreamforce event, in San Francisco, California November 18, 2013. REUTERS/Robert Galbraith

Salesforce has an existing investment in Quip, whose word-processing platform is designed to be used by teams to edit documents or spreadsheets on mobile devices, wearables and desktops.

Quip will be a wholly owned subsidiary of Salesforce once the deal closes.

Quip Chief Executive Bret Taylor, former chief technology officer of Facebook Inc (FB.O), was appointed to Twitter Inc’s (TWTR.N) board last month.

Reporting by Anya George Tharakan in Bengaluru; Editing by Savio D'Souza

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