Solidifying their already solid mobile word processing chops, Google has bought QuickOffice, the leading developers of on-the-go word processing, spreadsheets and presentations. QuickOffice is known as being way better than Google Docs or Microsoft Office on Android. Both QuickOffice and Google Docs are able to work on documents created in Microsoft's Word, Excel and Powerpoint, which could mean trouble for Microsoft in the future as they attempt to break into the mobile apps environment.
Quickoffice makes devices compatible with Microsoft Office even if the software isn't installed on the device and it's expected that the features of QuickOffice will make their way to Google Apps, Google's paid app suite for businesses.
Hopefully this acquisition will lead to even better versions of Google Drive on Android, as well as better compatibility for Android tablets. At the very least, it was a strategically smart acquisition given the looming release of Windows 8. Hooray!
Source: Google Blog