by Wolf Richter
IPOs collapse to near-crisis levels even as stocks hover at record
It happens all the time now: On Monday, Salesforce, after trying to buy LinkedIn but getting outbid by Microsoft, bought the San Francisco startup Quip Inc., which has “about 40 people,” as the company says. Quip’s product is what it calls a “productivity platform for teams that allows them to be more connected, more collaborative and get more work done,” or what TechCrunch calls “a cloud-based word processing app.”
Quip was founded in 2012 by Bret Taylor (co-creator of Google Maps, CTO of Facebook, “responsible for the like button,” and now on the board of Twitter) and Kevin Gibbs (“led engineering and product at Google and brought Google’s App Engine to market”).