Salesforce Just Acquired This Microsoft Word-Killer For $582 Million

August 1, 2016, 9:33 PM UTC
Former Facebook CTO And Quip CEO Bret Taylor Interview
Bret Taylor, co-founder and chief executive officer of Quip and former chief technology officer of Facebook Inc., stands for a photograph after a Bloomberg Television interview in San Francisco, California, U.S., on Thursday, March 20, 2014. Quip is a word processor that enables you to create documents on phones, tablets and desktops. Photographer: David Paul Morris/Bloomberg via Getty Images
Photograph by David Paul Morris — Bloomberg via Getty Images

Salesforce has just acquired a challenger to Google Drive and Microsoft’s Office 365.

The sales software company said in an SEC filing on Monday that it paid $582 million for Quip, an upstart online word processing service. Salesforce was previously an investor in the startup through its venture fund, Salesforce Ventures.

Quip, the brainchild of former Facebook chief technology officer and Google engineer Bret Taylor, is a built for mobile, which people are using increasingly for a wide range of work formally done on desktop computers. Launched in 2013, Quip’s cloud-based software let users create documents and work on them together.

Get Data Sheet, Fortune’s technology newsletter.

A column that appears next to documents shows all messages and comments made about it. The idea is to make it easier to edit and comment from a mobile phone or tablet.

Quip is free for individual users while small companies pay $12 per user per month. Larger enterprises pay $25 per user per month. Customers include Facebook, Electronic Arts, CNN, and New Relic. Quip has raised $45 million from Benchmark and Greylock.

For more, watch:

In a blog post, Taylor explained that Salesforce and Quip share the same philosophy about software—that it should be cloud-based, social and mobile-focused. As a side note, Taylor also sits on Twitter’s board of directors.

Salesforce has had a busy summer when it comes to acquisitions. The company recently bought e-commerce software company Demandware for $2.8 billion. Salesforce made a bid for LinkedIn earlier this year, but lost the deal to Microsoft. It also bought ExactTarget for $2.5 billion in 2013.

Read More

Artificial IntelligenceCryptocurrencyMetaverseCybersecurityTech Forward