Bookpad Inc, which enables customers to preview, edit and manage any documents on the cloud, has been acquired by internet giant Yahoo, as per separate media reports. The precise value of the deal could not be ascertained, but media reports pegged it between $10-15 million.
A formal announcement is still pending and may come at the end of the day as Yahoo discloses it in the US on Monday morning.
We shall update this post as we get further information.
Bookpad, which is incorporated in the US but its development centre is based in Bangalore, graduated from Microsoft Venture's fourth accelerator batch early this year. It was in in talks for angel funding but went ahead with a strategic sale instead.
Its flagship product is Docspad which can be deployed through cloud APIs (where it is installed on cloud servers and managed by the firm), through private cloud (saved on cloud servers managed by users) or on premise (installed on user's servers managed by them directly). It comes with white labelled viewer for each of the deployment options.
Early this year it had launched its second product called Slidepad, which is currently in beta. This product has to do with remote sharing of presentations. As of May this year, it had five paid customers for Slidepad and was in talks to rope in 11 more.
The venture was founded in early 2013 by three IIT graduates—Aditya Bandi, Ashwik Reddy and Niketh Sabbineni.
Bandi had brief stints at Microsoft, Cognizant and Symantec. While Sabbineni graduated in computer science in 2012, and worked briefly in Amazon, Battu, graduated as a chemical engineer just this year.
A few months ago, Yahoo had acquired mobile analytics firm Flurry, to strengthen mobile products.
The deal comes among a string of transactions where large international firms have acquired new generation tech startup born in India.
In June London-based Globo plc, a provider of enterprise mobility management solutions and software as a service, acquired Bangalore- and San Francisco-based Sourcebits Inc, a developer of mobile apps and proprietary products for enterprise customers, for an undisclosed sum.
Last year Naspers acquired online bus ticketing starup redBus.in; Facebook snapped Little Eye Labs, an app performance tools startup; Hitachi's bought payment solutions firm Prizm Payment; GSN acquired bingo game creator Bash Gaming.