Alphabet has reportedly dropped its bid to acquire HubSpot -- news that sent shares of the latter tumbling. While HubSpot has no trouble winning new customers, existing customers aren't expanding their spending.
HubSpot had been rumored to be in acquisition talks with Google parent Alphabet this year. However, this week a report said that deal is off the table.
For months, rumors persisted that Google, and perhaps others, were interested in buying HubSpot, a Boston-based CRM and marketing software company. HubSpot's market cap ballooned as the rumors persisted, eventually reaching over $30 billion.
Although company spokespersons have refused to comment on the market speculation, sources familiar with the proceedings have confirmed that Alphabet has shelved buyout plans for HubSpot (HUBS).
A media report said that Alphabet is abandoning efforts to acquire the customer relationship specialist. The takeover effort apparently fell apart in a fairly early stage of discussions.
HubSpot (HUBS) shares tumbled after reports that Google parent Alphabet (GOOGL) is no longer pursuing an acquisition of the customer relationship management (CRM) company.
HubSpot (NYSE: HUBS ) stock closed down more than 12% today on reports that Alphabet (NASDAQ: GOOG , NASDAQ: GOOGL ) will not go through with a plan to buy the software company. Despite talks of an acquisition earlier in the year, “the sides didn't reach a point of detailed discussions about due diligence,” according to anonymous sources familiar with the matter.
Google parent Alphabet Inc (NASDAQ:GOOG) has abandoned its attempt to acquire HubSpot Inc, a move that would have marked one of the largest tech takeovers of the year, Bloomberg reported. HubSpot's shares dropped by as much as 19% on Wednesday, bringing the company's market value to around $25 billion.
Shares in HubSpot tumbled as Alphabet ended acquisition talks. Google stock hit a new all-time high in intraday trading.
HubSpot Inc (NYSE: HUBS) lost more than 15% on Wednesday following a report that Alphabet Inc (NASDAQ: GOOGL) is no longer interested in buying the software firm. A potential takeover would have been one of the largest in 2024.
Alphabet has reportedly shelved its interest in acquiring HubSpot months after the companies were reportedly in talks.
Software firm HubSpot is investigating a cybersecurity incident, TechCrunch reported on Friday citing a company spokesperson.