Salesforce is buying a startup by Facebook's former CTO for $750 million

Salesforce is buying Quip, the productivity app founded by Facebook's former CTO, Bret Taylor.

TechCrunch is reporting the acquisition price at $750 million.

In the four years since founding Quip, Taylor had raised $45 million. The app allows users to create and edit documents online with a real-time commenting system.

Salesforce Ventures, the company's invesment arm, had already poured money into Quip during a prior round of funding, and a Salesforce filing noting that " the Company expects to issue shares of Company common stock in exchange for all of the outstanding shares of Quip capital stock with an aggregate value of approximately $582 million not including consideration attributable to Salesforce Ventures' existing investment in Quip, subject to customary purchase price adjustment."

Quip will remain a standalone app after the acquisition and the company says that getting bought will help it "expand our service more quickly and reach millions of people all over the world - which has been our mission since day one."

Besides being Facebook CTO between 2009 and 2012, Taylor had previously co-created Google Maps. He recently joined Twitter's board.