Microsoft Corporation (NASDAQ:MSFT) Buys Out SwiftKey In A $250 Million Deal
Microsoft Corporation (NASDAQ:MSFT) has acquired SwiftKey, the company that offers the SwiftKey smart keyboard app for Android and iOS devices in a deal that cost $250 million.
The keyboard app maker is based in the UK. The firm offers its keyboard to both Android and iOS users but does not make any version compatible with Windows. However, Microsoft seeks to change the situation for itself through the acquisition. Financial Times announced the value of the acquisition at $250 million. The software and tech giant is set to make the announcement this week.
The Swiftkey app has become increasingly popular with users. The company reported that users have logged in more than 23,000 years of typing and almost 2 trillion keystrokes. The keyboard app has been installed on more than 300 million devices and supports 89 languages. The SwiftKey acquisition also follows the acquisition of a few other modern apps by Microsoft including Wunderlist, Sunrise, MileIQ and Acompli.
The UK-based keyboard company was launched in 2008, with major offices in Seoul, London and San Francisco. In 2013, the firm received $17.5 million in funding from various investors including Octopus Investments, Index Ventures and Accel Partners. SwiftKey has also teamed up with mobile companies in the past including Xiaomi, Samsung and OnePlus.
The $250 million value of the deal is one of the biggest price deals in the tech industry in the United Kingdom. SwiftKey reported sales worth $12 million during the annual filing for 2014. The good numbers are also a good incentive for Microsoft to the acquisition.
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The keyboard app maker will become part of Microsoft’s software acquisition solutions under the company’s CEO, Satya Nadella. SwiftKey had more than 150 employees who will be absorbed by Microsoft’s research division where they will continue to work on the future of the keyboard app. So far Microsoft has not released any statement regarding the acquisitions and the plans including whether or not the app will continue to offer its services to Android and iOS devices.