Google adds presentation functionality to Google Docs & Spreadsheets through the acquisition of Tonic Systems.

Google says to release the presentation functionality this summer. In a Reuters story Google's CEO Schmidt says that they are not competing against Microsoft's Powerpoint with this addition to the Google web office suite. Tonic Systems is a San Francisco-based company that provides Java presentation automation products and solutions for document management - Tonic Systems Builder, Tonic Systems Filter, Tonic Systems Transformer, Tonic Systems Viewer, and JarJar Links. Features of their products included text extraction for indexing documents, presentation creation capabilities and document conversion tools.
Via the Google Blog.