Yahoo has reportedly acquired Bookpad, a tech startup based in Bangalore, India for $8.2 million (INR 50 crore) that provides services to edit, view and format documents online for developers.
The deal was estimated at $8.3 million, though some reports suggest a $15 million deal. The year-old startup was launched by three IIT graduates Niketh Sabbineni, Aditya Bandi and Ashwik Reddy. Bookpad became popular with it Docspad application that provides several services for documents ranging from cloud-based hosting, viewing, creating and more. The application also supports several formats like Word, Powerpoint, Excel, PDF, Epub 2.0 etc. and most image formats.
“We built Docspad for a single purpose: any app out there that deals with documents should be able to let users open, edit and collaborate on those documents, from right inside the app,” said Bandi, co-founder and CEO.
The talks for the deal started from May when Sabbineni met Yahoo officials and the staff of the Indian startup will move into Silicon Valley. IT and biotechnology secretary of Karnataka state Srivasta Krishna stated that getting acquired by Yahoo made Bangalore popular on the global startup map. Earlier, Facebook acquired Little Eye Labs, a startup based in Bangalore that provides performance and monitoring services for developers.
Bookpad was supported by a government-based startup in Bangalore. The acquisition also reveals the company’s move to develop office-based apps like Google and Microsoft. Yahoo has invested in more than 14 companies and has acquired about 100 companies including News Distribution Network Inc., Fullscreen, an online video service and many more. The company also failed to acquire companies like Dailymotion and TV streaming service HULU.
Check out the Docspad video:
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