Bookpad to Be Acquired by Yahoo in an M&A Transaction
Bookpad, the cloud-based document editing app, is an acquisition by Yahoo. The startup was founded by three IIT-Guwahati graduates who saw a need for an app that allowed people to view and edit documents. Unlike conventional software programs, users can now edit a document on the web. The new tool allows users to collaborate with others, even if they're far apart. Its founders also intend to move to Silicon Valley to continue their growth.
The company is based in Bangalore, where it has offices and an incubator. Founded in 2013, Bookpad was supported by NASSCOM, as well as by Microsoft Ventures, which backed the startup. The book viewing app competes with large tech companies like Microsoft and Adobe. The company's employees met Yahoo representatives during an InnoTrek trip to Silicon Valley. The startup did not have a visa for the trip, but the founder got one at the last minute.
With its cloud-based technology, Bookpad works across all devices, doesn't require desktop software, and is compatible with nearly 15 document formats. It supports a wide range of file types, including PDF and HTML, and allows users to add annotations and edit documents within the app. It is cross-platform, so there are no extra plug-ins or additional software. Rob Schram, an M&A consultant, developed the service and is a major investor.
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