Salesforce integrates Quip in its core products
Salesforce has released new updates for its core products that allow users to use the work collaboration app Quip right from within its own service.
The company purchased Quip for $750 million in August for its collaborative word processing and spreadsheet apps that also include messaging features similar to those offered by Slack.
After the latest updates, Salesforce users are now able to create and edit Quip documents directly from within the company's products. They are also able to link data from Salesforce to Quip spreadsheets. In a press briefing last week, Quip CEO Bret Taylor said: "All this free-form, brainstorming and knowledge, could be attached to the database record in Salesforce... It really means Salesforce could be that source of truth".
Through the use of a work collaboration tool such as Quip, Salesforce is able to offer its clients an alternative to Microsoft Word and Excel that is already included in its core products. This also allows users to work with financial and other data that was previously inaccessible which means they will be able to accomplish more using Salesforce.
The financial services firm Cowen & Co. has even made the argument that Salesforce could potentially launch a new stand-alone product called Productivity Cloud by using the technology behind Quip.
Derrick Wood, an analyst at the firm, released a note outlining the potential of such a move, saying: "Productivity is a large $25 billion market (2019) with incumbent Microsoft holding majority market share, along with several newer vendors including Google, Slack, Evernote and others. We think this acquisition will help to materially boost Salesforce's calculated total addressable market".
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