Yahoo bought its first Indian startup for $8.3 million -- a company that embeds documents in apps -- and is moving the startup staff to its office in Bangalore, according to reports.
The company, Bookpad, is best known for Docspad, which allows users to embed all kinds of documents, from PowerPoint to Word in apps, the Next Web reported. Yahoo confirmed the news in a brief statement. From the statement:
We have acquired Bookpad, the company behind the Docspad product. The team will join our communications organization in Bangalore, where they will work on strengthening the Yahoo Mail experience. We’re excited for the expertise and knowledge that the team brings with them, and can’t wait to get to work collaborating with them.
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While the Economic Times reported Yahoo paid $8.3 million, the Times of India believed the price could be as high as $15 million. It's not the first Indian startup bought by Silicon Valley powerhouses -- Facebook previously bought Little Eye Labs for around $12 million and Google bought spam blocker Impermium for an undisclosed amount.