HubSpot CEO Yamini Rangan speaks at the company’s Inbound conference on September 6, 2023 in Boston.
Ye Chen | Hub Point | Getty Images
pivot point Shares plummeted 12% on Wednesday, according to the report letter Plans to acquire the software company will not proceed.
According to Bloomberg, Alphabet was in talks with HubSpot earlier this year “but the two sides have not yet held detailed discussions on due diligence,” the report said, citing people familiar with the matter.
Representatives for HubSpot and Google parent Alphabet did not immediately respond to requests for comment.
Regulators in the U.S. and abroad have delayed recent proposed deals by big tech companies. Amazon gave up its planned acquisition robot vacuum cleaner I am a robotit took Microsoft 20 months to End purchase Game publisher Activision Blizzard.
HubSpot develops software that companies, primarily small and medium-sized businesses, can use to automate marketing and attract potential customers. The acquisition of HubSpot will help Google increase revenue from business software, cloud infrastructure and other non-cloud businesses of Alphabet.
Google’s cloud division achieve profit It will be realized in 2023 after years of huge investments.
HubSpot has been growing faster than Google recently, with the company reporting revenue growth of more than 20% over the past six quarters and more than 30% before that. First-quarter sales grew 23% to $617.4 million.
Yamini Rangan, a former Dropbox and Workday executive, has been running HubSpot since 2021.
Since the beginning of 2022, Alphabet’s growth rate has never exceeded 20%. latest issue It increased by 15% year-on-year to US$80.54 billion.
Google already faces regulatory scrutiny. The U.S. Department of Justice and several state attorneys general have accused Google of violating antitrust laws by reaching exclusive agreements with mobile phone manufacturers and browser companies to make its search engine the default search engine for consumers.
Even after Wednesday’s share price decline, HubSpot still has a market capitalization of $25 billion, twice the size of Google’s largest deal, its $12.5 billion acquisition of Motorola in 2011.
