Alibaba buys Chinese project management software startup
Alibaba Group has acquired Teambition, a Shanghai-based startup that has developed a project collaboration management platform that can be used across office departments and business units, TechCrunch reports.
In addition to the cloud-based team collaboration tool, Teambition has two flagship products, enterprise knowledge base software “Thoughts” and collaborative customer relationship management (CRM) software “Bingo”.
Claiming over 3 million users including corporations like Huawei and Xiaomi (01810.HK), Teambition is backed by Gobi Partners, IDG Capital Partners, Microsoft Ventures, Vangoo Investment Partners, and Alibaba’s domestic Internet rival Tencent Holdings (00700.HK).
Since its founding by then university student Qi Junyuan in 2013, the startup raised about US$17 million in funding over five rounds, according to Crunchbase.
The financial terms of the Alibaba deal are not known.
Alibaba previously entered the project collaboration software field with its Slack-like enterprise chat app DingTalk.
The latest deal suggests that the group is stepping up efforts to build a significant position in enterprise services in China. Earlier this year, the Chinese tech giant launched the “A100” business transformation initiative that aims to help companies digitise and modernize their IT backends.
In January this year, Alibaba acquired German big data startup Data Artisans in a deal worth US$103 million.
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