Shares of HubSpot — a marketing and customer service software company — jumped 5% after reports that it could be acquired by Google parent Alphabet.
Alphabet is reportedly weighing making a bid for HubSpot, Reuters reported Thursday. Alphabet did not immediately respond to Quartz’s request for comment. A HubSpot spokesperson told Quartz it “does not comment on rumors or speculation.” HubSpot’s stock rose as much as 11% to $693 following the news before dipping back down to $660 toward the end of the trading day.
The company valued at $35 billion would be Alphabet’s largest acquisition to date, but there is no certainty that Alphabet will make the offer, according to Reuters. Reports of Alphabet’s potential bid for HubSpot come just as the company and its Big Tech peers are under fire from antitrust regulators. Google is facing two lawsuits from the Department of Justice for allegedly creating monopolies in the digital advertising and search engine markets.
Meanwhile, Apple is being sued by the DOJ for anti-competitive practices in the smartphone market, and Facebook and Amazon are fighting suits from the FTC claiming they created monopolies in the personal networking and online retail arenas.
Watch: It’s not just Apple: Google and Facebook are also facing DOJ and FTC scrutiny
By the numbers
2: Number of major antitrust lawsuits from the DOJ that Alphabet’s company Google is facing
$35 billion: Hubspot market value, according to Reuters
11%: How much Hubspot shares jumped after reports that Alphabet may offer to buy it
$73.8 billion: Alphabet’s profits for the year ended Dec. 31, 2023
More Google news
Going premium: Google might charge for AI-powered search
AI talent show: Google just hired former a OpenAI executive to help boost its AI efforts
Crypto scam drama: Google sued scammers who put a bunch of fake investing apps on Google Play