Alibaba buys Chinese project management platform Teambition

Alibaba has acquired China-based Tencent-backed 'Teambition', a platform for co-workers to plan and collaborate on projects, for an undisclosed amount. As per Crunchbase, Teambition has raised $17 million in funding till date from investors including IDG Capital, Northern Light Venture Capital and Gobi Partners. Founded in 2011 it graduated from the 5th class of Microsoft Ventures Accelerator.