Ex-Facebook CTO sells word processor Quip for $582 million to Salesforce

A young word processing app just found a new home — for a pretty hefty price tag. 

Salesforce, the cloud software giant, has acquired Quip for $582 million, according to the company's filings with the Securities and Exchange Commission Monday. 

Founded in 2012, Quip began as a mobile-oriented word processor and collaboration tool that competed with the likes of Microsoft Office and Google Docs. Quip works on PCs, yet the company said in blog post that it "shines on phones and tablets." Collaboration was also easier to visualize through a highlighted feed of updates.

The mobile focus is not surprising given the founder's history. Quip CEO Bret Taylor was the co-creator of Google Maps, founder of social network FriendFeed (which was acquired by Facebook in 2009) and later the chief technology officer of Facebook during its aggressive push to mobile. Read more...