After Facebook acquired Little Eye Labs and Google acquired Impermium, now another Indian startup has caught the eye of an international tech company. Yahoo has bought an Indian start-up, Bookpad for a deal amount of USD 8.3 million. Bookpad was launched by three IIT graduates Niketh Sabbineni, Aditya Bandi and Ashwik Reddy about a year ago.
Like Google Docs, Bookpad’s enterprise software product, DocsPad, allows users to create, view, edit and format text documents online or with in an app and collaborate with other people in real time. As per an ET report, “It (Bookpad) is like a baby born to us. We have been nurturing them. They have technology, talent and traction,” said Ravi Gururaj, chairman of the Nasscom Product Council.
“This acquisition validates that large companies are willing to do a deal, when the technology is useful for them,” said Nasscom senior manager Ashok Madaravally who has closely worked with Bookpad team from beginning.
“Getting acquired by Yahoo puts Bangalore on the global startup map,” said Karnataka state’s secretary for information technology and biotechnology, Srivatsa Krishna.
It is clear that Yahoo is also working towards having its own version of online office apps like Google and Microsoft.
Earlier this month, With Marissa Mayer in the board, Yahoo headed its 33rd acquisition – California based Luminate for an undisclosed amount. Yahoo last year failed in acquiring French video site DailyMotion as well as TV Portal HULU. This year, it has acquired News Distribution Network Inc. and online video services Fullscreen Inc.
Till date, Yahoo has acquired more than 100 companies and made investment in 14 companies. It is backed by 3 investors and has only raised a total capital of USD 6.8 million.