Salesforce surprised the tech industry on Monday by acquiring Quip, the productivity app founded by Facebook’s former CTO, Bret Taylor, for a reported $750 million.
In forms filed with the SEC, Salesforce reports that it is buying Quip with $582 million worth of stock, but TechCrunch’s Ingrid Lunden reports that there’s a cash component as well, which will bring the total up to about $750. (The SEC forms don’t specify that, mentioning only that, in addition to the stock, Salesforce will assume “other equity awards” as part of the deal.)
Make no mistake, this deal is Salesforce CEO Marc Benioff thumbing his nose at his rival-turned-partner-turned-rival-again, Microsoft. There’s a bonus nose-thumbing at Google, too.
That’s because Quip is on an express mission to replace Microsoft Office with a modern day version of a word processor and spreadsheet.
Quip’s big claim to fame is that it wants to kill email. Instead of creating a document and emailing it around or uploading it to Box and emailing a note about that around, Quip has chat built in to every document. And it integrates with Slack.
While Quip works with Microsoft Office and Google Apps, Quip was designed to be an alternative from the get-go and Taylor isn’t shy about saying so. Last month, he told Annie Gaus at San Francisco Business Times.
“Quip is a collaborative productivity suite intended to be the next generation of what Microsoft Office was in the previous generation.” (Source: Businessinsider)