Why Salesforce just bought this ex-Facebook CTO’s startup

Hard on the heels of its Demandware acquisition in June, Salesforce confirmed on Monday that it’s acquiring cloud collaboration software maker Quip.

The purchase price is $582 million, plus the value of Salesforce’s previous investments in the company, according to a regulatory filing late last week. According to one estimate, the total value amounts to roughly $750 million.

“We can confirm Salesforce has signed a definitive agreement to acquire Quip,” the company said via email, but declined to provide further details.

Founded in 2012, Quip makes cloud-based software designed to make team collaboration easier through capabilities such as chat-enabled documents and spreadsheets.