Internet group Tencent and software provider Microsoft have exited China-based collaboration software tool developer Teambition in an acquisition of undisclosed size by e-commerce firm Alibaba, Sina Tech has reported.
Founded in 2011, Teambition has created a range of cloud-based collaboration and project management tools with features including a group-wide chat forum and the ability to collectively edit documents.
The company had received an undisclosed amount of funding from Tencent in 2016, after securing $12m in series B financing from investors including M12, the Microsoft subsidiary now known as M12, the previous year.
Northern Light Venture Capital led the 2015 round, investing alongside Vangoo Investments and IDG Capital, the latter of which had led a $5m series A for the company in 2014 that also featured Vangoo.
Teambition graduated from the Microsoft-run Microsoft Ventures Accelerator in early 2015. Its investors also include VC firm Gobi Partners, which backed it at seed stage.