HubSpot shares plunge on report that Alphabet is shelving interest in acquiring software company

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Alphabet has reportedly shelved its interest in acquiring HubSpot months after the companies were reportedly in talks.

AlphabetAccording to Bloomberg, Alphabet was in talks with HubSpot earlier this year,"but the sides didn't reach a point of detailed discussions about due diligence," the report said, citing people with knowledge of the matter.

Representatives of HubSpot and Google's parent company didn't immediately respond to a request for comment.HubSpot develops software that companies, largely small and medium-sized businesses, use to automate marketing and reach prospective customers. Buying HubSpot would have helped Google grow revenue from business software, alongside cloud infrastructure, as well as other non-cloud businesses under the Alphabet umbrella.

Even after Wednesday's drop, HubSpot has a market cap of $25 billion, making it twice the size of Google's largest deal, which was the $12.5 billion Motorola Mobility acquisition in 2011.Election deepfakes could undermine institutional credibility, Moody's warns

 

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