Yahoo's stream of
acquisitions doesn't appear to be slowing down any time soon, as a new pick up was reported today.
The Economic Times and the
Times of India are both reporting that the one-year-old startup Bookpad was purchased by the search company.
TechCrunch confirms that Yahoo purchased Bookpad after a spokesperson issued a statement to the publication.
Bookpad, which operates out of Bangalore, created Docspad as a way to for developers add the ability to view, annotate and edit documents in their applications. The company states the system could be deployed in a wide range of apps, like collaborative or productivity software, or on websites across multiple platforms. Docspad doesn't require the installation of plug-ins or separate software, as it's developed in HTML5.
The purchase of Bookpad is said to be between $8.3 and $15 million, based on the differing reports from the
Economic Times and the
Times of India. A person familiar with the deal also told
Economic Times that Dropbox and Autodesk had been "also eyeing Bookpad." While Bookpad has made no announcement of the acquisition,
TechCrunch points out that CEO Aditya Bandi has already changed his LinkedIn profile to position at Yahoo.
A Yahoo spokesperson said the team would be working on Yahoo Mail, while still residing in Bangalore. It's unknown if Docspad will continue to be offered, but most Yahoo acquisitions have seen the acquired company's projects shut down as a part of Yahoo obtaining the talent behind them.
Yahoo has money to burn to build its mobile business, a project that CEO Marissa Mayer has been pursuing aggressively. The company has been shedding non-core services, while witnessing a decline in search revenues, in order to focus on a simplified business approach in four areas. With the Alibaba IPO becoming the largest initial IPO on a global scale, Yahoo pulled in another $8.3 billion after selling off nearly 122 million shares of the Chinese company, a portion of which it could partially spend on further acquisitions.
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