Online document creation and collaboration software Bookpad has been acquired by Yahoo which makes it the first Indian tech startup to be bought by the U.S. giant. Though Yahoo didn’t disclose the purchase price, two people with direct knowledge of the development said it paid around Rs 50 crore ($8.3 million) for Bookpad.
Bookpad are the makers of Docspad, a service aimed at developers looking to add document viewing, annotations and editing features within their own applications. Just like Google Docs, it helps customers to create and format text documents online and also collaborate with other people in real time. But apart from that, it is also designed in a way that lets enterprises modify it as per their needs and can also be used for applicant-tracking systems, conferencing solutions, learning management solutions, and more. The startup has shown a phenomenal growth and in just a period of one year has jumped from the stage of creation to acquisition.
Bookpad was started last year by IIT Guwahati alumni Aditya Bandi, Niketh Sabbineni and Ashwik Reddy who came together to find a way through which documents could be edited or annotated which are shared on the cloud in real time. The startup was also backed by NASSCOM’s 10,000 Startups initiative and Microsoft Ventures.
Other juggernauts such as Autodesk and Dropbox were also vying for the acquisition of the Bangalore based startup. The Bookpad team will be soon moving to Silicon Valley. Bookpad has been competing against biggies like Google and Crocodoc in document viewing and will now help Yahoo to strengthen its free email service Yahoo mail.