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Salesforce Buys Word-Processing App Quip for $582 Million

  • Startup’s co-founder was former Facebook technology officer
  • Purchase expands Salesforce’s productivity software lineup Inc. said it agreed to buy startup Quip Inc., which provides word-processing tools, for about $582 million in stock, expanding its lineup of products to reach deeper into customer budgets.

Salesforce will issue stock valued at $73.81 to $90.22 in exchange for outstanding shares of Quip, the company said Monday in a regulatory filing. The sale price doesn’t include the stake in Quip owned by Salesforce Ventures. The agreement was signed on July 30 and is expected to close in the fiscal third quarter, according to the filing.

Chief Executive Officer Marc Benioff has been buying up companies to widen Salesforce’s product offerings and combat greater competition from Microsoft Corp., SAP SE and Oracle Corp. In June, Salesforce struck a...