Google parent company Alphabet has reportedly abandoned plans to acquire publicly traded marketing software HubSpot. According to Bloomberg, based on people familiar with the matter, the agreement talks, which have been ongoing since April, have now been cancelled. After the news HubSpot shares fell more than 11 percent.
Bloomberg said the parties were unable to reach a detailed discussion on due diligence, but no reason was given for the break in talks.
HubSpot has software that allows companies to automate their marketing operations and reach potential customers. The company’s standout product is cloud-based technology that can be used by marketers to create advertising campaigns, distribute promotional content such as emails and newsletters, and perform other marketing tasks. Marketing Hub software.
HubSpot has recently integrated several AI tools into its platform to help marketers automate tasks like creating new websites and social media content. For sales teams, HubSpot offers a customer relationship management platform that rivals companies like Salesforce and Freshworks. For customer service departments, HubSpot’s Service Hub helps manage daily business.
By acquiring HubSpot, Alphabet would also find a way to compete with CRM giants such as Salesforce, Microsoft and Oracle. The cessation of talks was therefore surprising, as it was thought that talks had progressed to the point where the two sides were negotiating the exact terms of the acquisition.
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