Salesforce to buy document-editing startup Quip for about $582 million

(Reuters) - Cloud-based software maker Salesforce.com Inc (NYSE: CRM) said on Monday it agreed to acquire document-editing startup Quip for about $582 million.

Salesforce has an existing investment in Quip, whose word-processing platform is designed to be used by teams to edit documents or spreadsheets on mobile devices, wearables and desktops.

Quip will be a wholly owned subsidiary of Salesforce once the deal closes.

Quip Chief Executive Bret Taylor, former chief technology officer of Facebook Inc (NASDAQ: FB), was appointed to Twitter Inc's (NYSE: TWTR) board last month.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Savio D'Souza)

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