Tech buys Quip for $582 million

VIDEO0:3900:39 strikes a deal with Quip for $582M

Customer relationship management company 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."

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.