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If you read my post again you will see that I made two points, the first being that google spreadsheet sucks and the second that Zoho is "a remarkable company". Neither of those claims depends on the supposed GE deal.
Zoho, IMO, is the leader in this category because of the portfolio and quality of products they have delivered and the success they have had growing a user base without the name "Google" or "Microsoft" in front of them. Users have declared this company a winner, not good PR.
As for GE and Webguild, I don't know where the truth is but suspect it is somewhere in the middle as you suggest.