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Salesforce.com buys Quip for $582 million

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Salesforce.com strikes a deal with Quip for $582M

Customer relationship management company Salesforce.com agreed to buy collaboration platform Quip for about $582 million in stock, the companies announced Monday.

The technology tie-up will help Salesforce extend its Customer Success platform and help Quip scale more quickly, Quip said in a blog post announcing the deal. The two will focus on cloud-based, mobile and social software, Quip said.

Saleforce's shares were down slightly in after-hours trading.

Venture-backed software company Quip was founded by Bret Taylor and Kevin Gibbs, well-known in the technology community for their work at companies like Facebook and Google. Taylor, Quip's CEO, had a hand in Google Maps and Facebook's "like" button, according to Quip's website. Quip lets workers chat, comment on and share documents.

Taylor tweeted that the deal would "genuinely improve Quip's future."

"@irace @quip I'm still running it and we're all working on it. This is going to genuinely improve Quip's future, and you can hold me to it."

Taylor, who is on Twitter's board alongside Quip investor and Benchmark general partner Peter Fenton, will continue to run Quip and work for Salesforce CEO Marc Benioff, Benioff tweeted.

The deal is expected to close in Salesforce's fiscal third quarter, which ends Oct. 31.

Tweet: @jordannovet @quip @btaylor Brett will work for me and run Quip directly with Kevin! We all love the future together.

Tweet: Remember the first meeting with @btaylor and @kevgibbs in a tiny shared office whee @quip born "do you think we're crazy to do this?!!!"

Tweet: From day 1 until today @btaylor and @kevgibbs @molly_g and team @quip brought grace, integrity, and passion for the product to everything