Sundar Pichai, CEO, Alphabet
Source: Google
Shares of HubSpot popped 7% on Thursday morning after Reuters reported that Alphabet is in talks with its advisers to make an offer for the marketing software company.
Alphabet has in recent days discussed how much it should offer and whether antitrust officials would greenlight the deal, Reuters reported, citing people familiar with the matter.
Big tech companies have been under increased antitrust scrutiny. The Department of Justice in January filed its second antitrust suit against Google, seeking to break up its ad business. The department’s earlier antitrust suit, filed in October 2020, accused Google of unlawfully maintaining a monopoly in search.
It could be a significant purchase for Google’s parent company. HubSpot, based in Cambridge, Massachusetts, had a market cap of around $32 billion before Reuters reported on Alphabet’s interest. The company provides businesses with marketing, sales and customer service software.
Alphabet has yet to submit an offer for HubSpot and it’s uncertain if it will, according to the report.
Alphabet and HubSpot did not immediately respond to requests for comment.