Yahoo has made its first Indian acquisition by buying Bookpad for Rs 50 crores. The one year old Bangalore based start-up specializes in hosting cloud based documents. It provides end-to-end document handling technology for cloud.
As a result of the acquisition, Bookpad team will join Yahoo’s team in the US. Founded by Niketh Sabbineni, Aditya Bandi and Ashwik Reddy, the start-up is best known for its Docspad product which enables easy viewing and editing content online. Bookpad’s Docspad is different from Google docs as it integrates with several other applications (via API). It works across devices, and does not require downloading of plug-ins or desktop software.
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The talks about the acquisition initiated in January this year. This is not the first time that a US based tech company has acquired an Indian based start-up. In January this year, Facebook acquired another Bangalore startup Little Eye Labs, which makes a testing and analytics tool for Android developers to improve app performance. Yahoo has not yet made the acquisition official.