Yahoo has acquired Indian cloud startup Bookpad on Monday. Bookpad is known for its Docspad platform which allows developers to embed cloud-based documents in their applications. The terms of the deal have not been disclosed.
According to CNET, reports on the acquisition have estimated the deal to be in the $8.3 to $15 million dollars range, a nice sum for a company that is only a year old.
Based in Bangalore, Bookpad provides cloud-based services for developers to integrate editing and hosting of files into their applications. The flagship service, Docspad, allows developers to integrate a range of documents to edit in an app, including Microsoft Word, PowerPoint and Excel.
According to a video describing the Docspad service, once the Docspad APIs are integrated and developers can upload any document. At that point the document gets converted to HTML5 and is editable by the developer.
A report by ZDNet said that Bookpad was founded by three Indian Institute of Technology alumni, Niketh Sabbineni, Aditya Bandi and Ashwik Reddy, and that the 8 person team will move to Silicon Valley.
Yahoo also wasn’t the only company interested in acquiring Bookpad. According to the Economic Times, Autodesk and Dropbox were also in talks to acquire the company.
Bookpad is the first Indian company that Yahoo has acquired.
“Getting acquired by Yahoo puts Bangalore on the global startup map. We will do everything it takes to match Silicon Valley and become the world’s favorite startup hub,” IT secretary for the state of Karnataka Srivatsa Krishna said in a statement.
Under the direction of CEO Marissa Mayer, Yahoo has acquired dozens of startups, including Tumblr.