The verb phrase touch base is in general business jargon use, but it's quite popular at Microsoft.
To touch base with someone is to contact someone in a lightweight and mostly-informal sort of way. In other words, it takes the form of a piece of email or a brief office visit rather than a formal meeting with an agenda.
Bob, can you touch base with the Nosebleed team to verify that this design change won't affect them?
Bob is expected to contact a representative from the Nosebleed team, either by sending email, or by telephone, or by stopping by their office for a quick chat. If Bob sets up a one-hour meeting with a dozen engineers from both sides, then he's blowing the issue out of proportion.